Before we tell you how gas works in the PLCUX network, let's figure out what the concept of gas in the crypto world is. In simple words, this is the commission for transactions on blockchain platforms for smart contracts. Gas is charged for all transactions in the PLCUX network, it is not distributed for service transactions. Gas is the fuel for the network, just like gasoline is fuel for an engine. Currently, the gas commission is 1%, but not less than 0.0002 PLCU.
In order to better understand the principle of calculating gas for transactions in the PLCUX network, we will look at an example right away. Let's say that we want to make a transaction on the PLCUX network, for example, send 1 PLCUX from wallet A to wallet B. Before such a transaction goes online, the system will calculate the amount of gas in the PLCU, and only after the commission is paid, the transaction will be signed and accepted by the network. Gas in the PLCUX network works similarly to how a bank charges a commission for transfers.
How is the gas commission calculated?
The gas commission is calculated in three steps:
1) First, the PLCUX is converted into euros;
2) Then 1% is calculated from the amount in euros;
3) After that, the amount in euros is transferred to the PLCU.
Let's go back to our example:
So, we want to transfer 1 PLCUX. Suppose that at the time of the transaction 1 PLCUX is equal to 10,000 EUR, in this case 1% of this amount will be 100 EUR — this is the amount of the gas commission, which is paid in PLCU. To calculate the total cost in PLCU, you need to transfer the amount in euros to PLCU at the current exchange rate. Let's assume that the PLCU rate at the time of our transaction is also equal to 10,000 EUR, which means, based on our example, 100 EUR = 0.01 PLCU — this will be the amount that needs to be paid as gas.
So, at the exchange rate from the example, in order to transfer 1 PLCUX, we will need to pay 0.01 PLCU of gas commission.
The gas commission is paid in all transactions with PLCUX — both when sending coins and when concluding smart contracts. Therefore, to work with the PLCUX coin and to mine it, you always need to have a PLCU balance in your wallet.
What happens to the PLCU after the gas transaction?
All coins are "burned", thereby reducing the total number of PLCU coins on the market. This strategy allows you to make transactions, conclude smart contracts in the PLCUX network and at the same time create a shortage of PLCUS in the market. This is the anti-inflation mechanism that we have repeatedly told you about at webinars and in videos. After all, we know very well that the price rises when demand exceeds supply. This approach makes PLCU and PLCUX prices resistant to any market sentiment.
We hope that after reading this instruction, you will not have any questions about the operation of gas in our blockchain networks. We wish you a successful mining and high profit!