Transaction fee and Destruction mechanism on TFSC

Transaction fee

Transformers transaction fee

Transformers network users need to pay a small amount of TTOS for interaction.Transaction costs aim to promote the economic development of Transformer more effectively.Some benefits of transaction costs to economic growth are described below.

1. Transaction costs effectively reduce spam in the Transformers network.

2. Users will contribute to the economic deflation of TTOS for a long time. TTOS will destroy 100% of the gas fees according to the agreement, and the transaction fees paid by users in high-frequency interaction will be destroyed in full, which provides excellent help to the economic deflation of Transformers.

3. The transaction fees paid by users in the Transformers network are consistent within a given time. The transaction costs will be calculated according to the account's UTXO occupation, network and storage resources. In the case of network congestion, the transaction fees paid by the users are still calculated in the above way.All transactions will be processed in chronological order.

Destruction mechanism

What is Token Burning

First, what does it mean to burn a token? The burning of digital assets involves transferring it to a location that can never be retrieved, also known as the burn address. By permanently locking digital assets, the circulation of such digital assets is effectively prevented. Burning tokens will reduce the overall supply of tokens still in circulation, and the value of assets can be considered as a relationship between supply and demand. If a large number of assets are oversupplied, the asset value will decrease. Demand can be balanced by reducing the supply of tokens and burning them.

Why Burn Tokens?

1. Sometimes, the encryption projects burn tokens like the companies buy back stock,absorbing the cost of the stock and returning value to investors in the form of higher security prices.

2. Some algorithm stablecoins use burning as a way to fix assets at a certain price. This mechanism reduces supply by burning tokens when the asset price is low, better matching supply .

3. Some user nodes or mining pools may use spam transactions to earn rewards, which makes no sense for blockchain, making network processing slow and increasing the transaction time.Stop this behavior through act of burning tokens,which has little impact on individuals,for only a small part is burnt.

Principle and application of burning mechanism

Burning address is an inaccessible digital wallet because it does not come with a private key, like a lock that has never had a keyhole built for it. Sending a token to the burning address effectively removes the digital asset from its overall supply, Lock it into anyone's hands and prevent the asset from being traded again.

As above, TTOS burn tokens mainly to deal with malicious transactions of users who control most nodes and earn gas fees.

Calculation of Gas

To prevent inconsistencies in fuel costs due to local block leaks and height inconsistencies, fuel costs are locally calculated. The gas calculation formula is based on the bytestream size of the current transaction.