Gas Costs

Gas price defines how much one unit of computation costs in an EVM compatible network like Ethereum Mainnet or POA Systems like C-Foot. Gas price is denominated in fractions of the native token, known as Wei. For example, a simple transaction consumes 21,000 units of gas. It equals one GWei (1,000,000,000 Wei) per a unit of gas. One GWei is 1/1,000,000,000 of one C-FootToken. Thus, a simple transaction consumes 21,000 GWei. depending on the complexity of transactions, the fees may vary. If you’re sending ERC20 to your friend, you’ll need around 65,000 gas (and 21000 for ETH) for the transaction at the moment. But if you want to seal the deal on the NFT Marketplace or the DeFi, your estimated gas limit would go up to 200,000.

How many transaction users can put into a block? It depends on types of transactions and the amount of gas they consume. Per any given block all transactions have the same gas limit per block. The gas limit is set in the genesisfile.

The gas price is set on nodes of validators. There is an agreement taken from VIRFA member / between validators to keep the gas price at 1 GWei or to make it higher. Although, there are no technical limits to stop them from modifying the gas price.

We expect to see a form of voting by validators on VIRFA to increase the gas price on nodes

The gasLimit is configured in your genesis block json file, but it can be set as a dynamic value that depends on the volume of transactions with the minimal value set by node operators.

Note that the initial amount of c-foot is redistributed to node operators that validate transactions. There are no new C-Foot native tokens mined and none burned