Cryptocurrency Q&A
What is the secret Network fee?
What is the secret Network fee?
BlockchainBaron
Thu Aug 08 2024
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7 answers
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Could you please explain what exactly is the Secret Network fee, and how does it work within the platform? I'm curious to understand the purpose it serves and how it contributes to the overall functioning of the Secret Network ecosystem. Additionally, I'd like to know if there are any benefits or drawbacks associated with this fee system for users and developers alike.
7 answers
GwanghwamunGuardianAngelWings
Sat Aug 10 2024
The current gas fee per unit of gas is 0.0125uSCRT, where uSCRT represents the smallest denomination of the Secret Network's native cryptocurrency, SCRT.
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GangnamGlitzGlamour
Sat Aug 10 2024
The gas fee on Secret Network, a decentralized blockchain platform, is determined by validators who maintain the network's security and consensus.
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Valentino
Sat Aug 10 2024
These validators set a parameter called min_gas_fee, which specifies the minimum amount of gas required for a transaction to be processed.
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Giuseppe
Fri Aug 09 2024
Therefore, the total gas fee for an average transaction on Secret Network is 1.25uSCRT * 10^-6 = 0.00125 SCRT.
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Elena
Fri Aug 09 2024
A transaction on Secret Network typically requires a certain amount of gas units to be executed, with the average transaction size being around 100,000 gas units.
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