Does NGK transfer need handling fee?

Recently, with the DeFi ecological boom, Ethernet Square transaction fees hit a new high, which further pushed up network congestion. For faster processing, traders have to pay more gas fees to get priority packing rights. This seems to have created a vicious circle in which the rapid development of a project in ETH, resulting in near-saturation of network utilization and congestion. Some traders pay more Gas fees for quick processing, an increase in the number of unconfirmed transactions, more congestion on the network, further driving up fees, network congestion comes again, gas fees increase again, and the number of unconfirmed transactions increases again. This cycle, which has left the ETH network exhausted and unable to give users a good experience, may also encourage selfish mining practices, and miners may undermine the way transactions are handled in order to make greater profits.

NGK digital

As a way to improve this, there are rumors that V-God has proposed a proposal to advocate the reform of the ETH fee system, which involves reducing the base cost to reduce the miners’ dependence on fees, thus protecting the security of the network. In fact, in the blockchain, the transfer fee seems to be an unwritten consensus, not only Ethernet, Bitcoin transfer is also charged.

The earliest bitcoin network transfer was charged by byte. the bitcoin transfer is transferred from one bitcoin address to another. In the actual transaction process, if A is to transfer to B, the block containing this transaction publishes a broadcast to all users in the blockchain, the miners pack unrecorded transactions in the bitcoin network into one block every 10 minutes on average, which completes a confirmation, and after 6 times of confirmation, the transfer is considered irreversible.

NGK

The handling fee for the transfer is actually the remuneration paid to the miners. According to a bitcoin block can only handle about seven transactions per second, bitcoin transactions are slow in congestion, in order to obtain priority accounting rights, users can only pay more fees.

As mentioned above, the transfer of ethernet is also charged. the transfer of ethernet is based on consumption Gas (ETH miner fees =Gas Limit *Gas Price). Like bitcoin, etheric transfer is also required to pay for blockchain mining. The difference is, the transfer from etheric workshop we said consumed Gas. This value is determined by the Gas unit price and the amount of Gas consumed, and the amount of Gas limit is generally determined by the content of the ETH smart contract, so the higher the price of the Gas Price set by the initiator, the faster the transaction it initiates can be packaged. Nevertheless, ETH Gas can be returned if not fully consumed.

NGK

Different from the traditional blockchains of bitcoin and ETH, NGK transfers are free. NGK transfer process will consume a certain NET, CPU. NET and CPU are renewable resources, users can get it by the mortgage of NGK token, NGK account information and smart contract execution information storage need to consume RAM, which is consumable resources and need to be bought. Hence, the transfer is free, but still require consumption the RAM purchased with NGK.

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NGK blockchain

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