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I am new to ethereum and trying to wrap my head around how it works and how I can get involved. I have been keeping an eye on ethstats.net and trying hard to understand what all of it means. Could you help me out ?

What does "Last Block" mean ?

What are "Gas Limits" ?

What is "Best Block" ?

What is "Difficulty" ?

Also, where do these stats come from ?

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Last Block

This is the last block that was mined. On ethstats, it shows the time since something was mined.

A block is a collection of transactions. At time of writing, the last block is 3716787

Gas Limits

Gas is a measure of computational effort. It is the internal pricing for running a transaction or contract in Ethereum.

The gas system is not very different from the use of Kw for measuring electricity home use. One difference from actual energy market is that the originator of the transaction sets the price of gas, to which the miner can or not accept, this causes an emergence of a market around gas.

Best Block

This is a valid block with a chain that has the highest sum of work.

Difficulty

Difficulty is a measure of how difficult it is to find a hash below a given target. The difficulty dynamically adjusts so that on average one block is produced by the entire network every 12 seconds.

More information on the glossary.

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