ETH and GAS Exam Prep Questions

I have a Grad final exam in 2 days and unfortunately, I am still struggling with the ETH and GAS concept when it comes to developing smart contracts. Really appreciate input on some questions:

  • When I am developing a smart contract, do I set the ETH / Gas ratio?
  • Do users/callers of the contact's methods also set their own ETH / GAS ratio?
  • Do miners pick and execute the highest ETH / Gas bidder Tx?

Let's think of this example that I just made up:

  • 1 ETH = $100 Today
  • I set my contract with the ratio 1 ETH = 100 Gas
  • so to run fun1 assume it costs 100 Gas .. so today it costs $100
  • Assume 1 ETH is $1000 tomorrow .. this means that to run fun1 tomorrow it costs $1000??

How did Gas help solve the ETH price volatility? Correct me if I am wrong, but wasn't this the reason behind the Gas concept?

Submitted December 03, 2018 at 08:09PM }
via reddit https://ift.tt/2FVgbNa

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