ChainX Currently Charges Only 0.0001PCX as Transaction Fee

In order to prevent DDOS, users need to pay transactions fees to miners, and the system will charge the corresponding fees according to the complexity of different operations.

Users also have different acceleration options according to network congestion to achieve flexible control. It seems that users need to pay fees, but they can balance out by obtaining a large amount of mining revenue which is enough to meet the trading needs of non-frequent users in the early stage of network development as long as they participate in voting or own assets on the chain. And when some block is packed, the fees will be collected into the validator’s reward pool and replenished to voting users. Therefore, voting users can still use the blockchain “free” in this closed system, and most of the mining users will be profiting with only some high-frequent users needing to pay additional fees. Traditional miner fees are criticized because they are too expensive, not for the sake of the cost, but because of the low throughput of the chain. EOS does not require miner fees, but the actual capital cost is higher, and the risk of being attacked is also higher

ChainX currently charges only 0.0001PCX as transaction fee. As ChainX’s performance and throughput gradually improves, the fee for each transaction can be neglected. In the late stage of development, the chain’s additional issuance will gradually slow down and the main source of users’ mining revenue is all sorts of service fees and various types of punishment fines.

PCX is used in the following ways:

How does the Multi-chain Assets Enjoy the Same Smart Contract Services on ChainX

About ChainX

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
ChainX

ChainX

ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.