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Gas and Fees
Gas is essential to the Gitshock Network. It is the fuel that allows it to operate, in the same way that a car needs gasoline to run.
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Let's say Jordan has to pay Taylor 1 GTFX. In the transaction, the gas limit is 21,000 units and the base fee is 20 gwei.
The total fee would now be:
units of gas used * (base fee + priority fee) where the base fee is a value set by the protocol and the priority fee is a value set by the user as a tip to the validator.i.e
21,000 * 20 = 420,000 gwei or 0.00420 GTFX.When Jordan sends the money, 1.00420 GTFX will be deducted from Jordan's account. Taylor will be credited 1.0000 ETH. Validator receives the tip of 0.00420 GTFX.
Additionally, Jordan can also set a max fee (
maxFeePerGas) for the transaction. The difference between the max fee and the actual fee is refunded to Jordan, i.e. refund = max fee - (base fee + priority fee). Jordan can set a maximum amount to pay for the transaction to execute and not worry about overpaying "beyond" the base fee when the transaction is executed.
TBU [TO BE UPDATE]
Last modified 1yr ago