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Gas Fee Calculation in P-20
P-20, as a cutting-edge DAG-based blockchain, introduces a unique gas fee calculation method that differs from traditional miner-based blockchain networks. In P-20, transactions are processed by the consensus algorithm itself, eliminating the need for miners. The gas fee calculation in P-20 involves two essential components: gas limit and gas price.
P-20 sets a gas limit, representing the maximum computational effort allocated to a transaction. This limit ensures the availability of computational resources and prevents potential infinite loops. Each operation within a smart contract consumes a specific amount of gas, and the gas limit restricts the overall computational effort allowed for P-20 transactions.
The gas price in P-20 signifies the cost per unit of gas, denominated in P-20 tokens. It represents the fee users are willing to pay to prioritize their transactions within the DAG-based consensus. Higher gas prices incentivize faster inclusion of transactions in P-20 blocks.
The total transaction fee on P-20 is calculated by multiplying the gas limit by the gas price:
Total Fee = Gas Limit * Gas Price
By customizing the gas limit and gas price, users can optimize their transaction fees according to their preferences and network conditions. This flexibility enables cost-effective transactions while leveraging the benefits of the DAG-based consensus algorithm in the P-20 blockchain.
Additionally, P-20 boasts an impressive transaction speed of up to 300,000 transactions per second (TPS), ensuring swift and efficient processing of transactions within the network.
Understanding the distinctive gas fee calculation mechanism in P-20, coupled with its high TPS capability, empowers users to make informed decisions and ensures efficient and tailored transactions within the DAG-based ecosystem.