Qitmeer Network: Experience low-cost and high-speed blockchain trading experience
🌏🏦Amidst the dynamic growth of the Ethereum application ecosystem, transaction fees on the Ethereum mainnet persist in escalating, resulting in a suboptimal user experience. The new public chain Qitmeer Network has risen rapidly and received widespread attention by balancing the impossible triangle problem of blockchain.
Qitmeer Network, as a BlockDAG-based public blockchain, is recognized for its efficient transaction speed and low fees. Even during peak traffic, contract transactions on Qitmeer Network typically incur fees of less than 0.01 USD, providing a competitive edge in supporting Ethereum and other EVM-compatible chain ecosystems.
💥The subsequent discussion will explore the topic of network fees, focusing on two key aspects:
Gas Fees and Transaction Fees
The determination mechanism of network fees and the reasons for fluctuations
What is a transaction fee?
🚢Transaction fees are fees paid when using a blockchain network for transactions, These fees serve as compensation for validators who dedicate computational power to verify transactions. Who confirm transactions on the Qitmeer Network by consuming computing processing power. Through the distribution of network fees, validators and network participants achieve economic win-win results.
As processing power correlates directly with energy consumption, Qitmeer Network’s pioneering MeerDAG consensus protocol emerges as a low-energy solution, contributing to the reduction of network transaction costs.
What are gas fees?
⛵️Gas fees refer to the computing resources necessary for executable code programs within the Qitmeer (QNG) network. In the QNG network, each transaction entails a specific consumption of processing power, quantified and measured in Gas.
Gas is used only as a measure of participating in network computing efforts, and its rates are adjusted according to the dynamics of supply and demand for network computing power.
Gas consists of two elements: Gas Limit and Gas Price
The user sets a Gas Limit, which represents the maximum amount of Gas (at least 21,000) that they are willing to pay for performing a specific operation or confirming a transaction, while the Gas Price represents the amount of Meer per unit of Gas that they are willing to pay.
Gas fee calculation: Gas expenditure = Gas price per unit * Gas quantity used = Gas Price * Gas Limit
This calculation method is similar to the consumption of car fuel, where cars always need fuel to provide stable power for the engine, but the price of fuel will change according to market fluctuations.
Gas unit of measurement
Gas is measured in “Gwei” (QNG network unit)
🚁1 MEER = 1 x 10 ^ 18 wei = 1 x 10 ^ 9 Gwei. Therefore, in Qitmeer Network, 1 Gwei = 0.000000001 Meer
Below is showcasing metrics of gas measurements (Quantities):
What Determines Gas Prices?
We can track the Gas Price over a period of time through MeerScan to observe the continuous changes in Gas Price. Gas prices are dynamic and depend on the supply and demand of network computing power.
The QNG network adjusts gas rates through a combination of different base fees and block sizes.
Various transactions possess distinct gas limits determined by their complexity. Simple fund transfers, like wallet transactions, have lower gas limits compared to transactions involving intricate smart contracts. While the gas amount for payment and pledge operations remains constant, the gas price varies with shifts in network traffic. Both scenarios contribute to fluctuations in gas rates.
The gas limit is typically dictated by the complexity of the QNG network smart contract. Therefore, the higher the gas price set by the initiator, the faster the initiated transaction can be packaged.
🗼To grasp gas rate fluctuations, focus on the following two aspects:
Qitmeer Network sets a base fee for network transactions, representing the minimum network fee. The gas limit value for the lowest transfer transaction is 21,000, and the gas price is set at 20 Gwei.
Track the average gas usage consumed by the network per second over a period of time. As network traffic rises, surpassing a predefined threshold for gas expenditure per second, the system adjusts the base rate to accommodate the heightened demand.
Increasing gas prices may deter demand, prompting some users to delay transactions until network traffic and gas prices decrease.
Why raise prices to limit gas supply?
Why does Qitmeer Network, a high-performance, EVM-compatible blockchain, need to limit gas supply at a higher rate? The reason is to ensure the effectiveness of synchronous storage of network blocks.
If the DAG network grows rapidly, new nodes will struggle to synchronize with the network due to the imbalance between chain growth rate and node synchronization speed. However, by increasing the gas price and reducing demand, the network synchronization can be normalized, thereby guaranteeing the storage of transactions on the blockchain.
🚥This synchronization matter pertains to a broader blockchain issue：
Node storage requirements increase with each added block, causing “storage inflation”. As blockchain expands, nodes demand more storage, potentially elongating read/write times. Hence, gas rate limitations consider node synchronization time as a crucial factor.
Pay More Gas Experience Fast Transactions
Upon transaction initiation, the MetaMask wallet will set the Gas fee based on the history of the previous block. Similar to Ethereum, Qitmeer users can manually adjust the fee as needed.
Users can increase the Gas limit and Gas Price by clicking Edit and selecting the Edit Gas Fee option to incentivize validators to process their transactions faster. However, due to Qitmeer’s generally high throughput and low fees, even in high network traffic situations, we do not need to bid too high for gas prices.
🎇🏗 Hence, the cost-effective and swift blockchain transactions on Qitmeer Network stand out as a key allure for users. As more and more users choose Qitmeer Network, this public chain will continue to grow and provide users with a better blockchain transaction experience.
