All gas fees will be paid in BCX, the governance token of the BlockX ecosystem. They will then be sent as rewards to the Validators for operating notes and keeping the blockchain running.
Gas stands for the compute power required to run programs associated with a blockchain. Without gas, EVMs would have no way of knowing when to stop transaction loops from running forever and overloading a network, therefore the importance of participants’ operations is often rated by how much they are paying in fees.
Smart contracts help set the parameters of a transaction which are agreed by the parties involved. No matter if you are using a multi-chain or single-chain network, gas works to ensure that excessive computational effort is not being used in conducting and finalizing transactions on-chain.
A small amount (around 1%) of gas is to be burned per each transaction.
BlockX tracks and manages its ecosystem's gas the exact same way Ethereum does to ensure proper execution. Oxygen Network operations on the chain's store are represented as reads/writes.
Gas fees are calculated using the sum of all gas in a from the sum of all gas consumed in a message execution. So, the fee is equivalent to the gas multiplied by the gas price.
BlockGasMeterare the primary interfaces for managing gas using the Cosmos SDK:
GasMetertracks the gas consumed per executions during executions that lead to state transitions, and gets reset on every transaction execution.
BlockGasMetertracks the gas consumed per block, as well as prevents it from going over the limit pre-defined in the Tedermint consensus parameters.