Cryptoasset Anti-Financial Crime Specialist (CCAS) Certification Practice Test

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In blockchain technology, what does the term "gas" refer to?

Storage space required for a smart contract
The cost of processing a transaction
A type of cryptocurrency
Data encryption method used

The correct answer is: The cost of processing a transaction

In blockchain technology, "gas" specifically refers to the cost of processing a transaction or executing a smart contract on platforms like Ethereum. It is a unit that measures the computational work required to perform operations such as sending tokens or executing a smart contract. Each operation on the blockchain consumes a certain amount of gas, and users must pay this gas in the native cryptocurrency (like Ether for Ethereum transactions) to incentivize miners or validators to include their transaction in the blockchain. This concept is essential for understanding how transactions are prioritized and how network congestion can affect costs. When the network is busy, the price of gas typically increases, which means users may need to pay more to have their transactions processed quickly. This economic model ensures that the network remains efficient by allocating resources based on demand. The other options, such as storage space, a type of cryptocurrency, or a data encryption method, do not accurately capture the meaning of gas within the blockchain context. While storage can indeed relate to smart contracts, it is a distinct concept from transaction processing costs.