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3.0 Blink Gas Intro.pptx

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3.0 Blink Gas Intro.pptx

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Blink Gas, the fee determination algorithm based on the number of computation steps carried by an individual UTXO is proposed here. Gas fees in blinkchain involve Computation Fees with Value fees i.e., the transfer fees which will bring cheaper logic contracts on blinkchain

Blink Gas, the fee determination algorithm based on the number of computation steps carried by an individual UTXO is proposed here. Gas fees in blinkchain involve Computation Fees with Value fees i.e., the transfer fees which will bring cheaper logic contracts on blinkchain

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3.0 Blink Gas Intro.pptx

  1. 1. Project Blink Blink Gas & Script 3.0 Blink Gas Intro
  2. 2. Transaction fees ● Bitcoin fees works like tip to miner to get attested to a block ● Ethereum, maps each computation to a gas unit in which the fees are calculated ● Blinkchain, needs a gas based fee determination algorithm to limit computation per UTXO ● Since taxes and fees are included in the input output difference, gas costs should be determinable to separate gas from taxes ● Bringing computation limit per UTXO shall pave way for complex arbitrary smart contracts in future
  3. 3. Objectives ● The objectives for a blink-gas-based transaction fee are, ○ Should be compatible with UTXO-based transactions ○ Should be suitable for any tokens paid for fees ○ Should not encourage inflation of gas-prices ○ Should vary in price according to the computation required ○ Should include a predictable system ○ Should be compatible with a Turing-complete and incomplete script ○ Should halt a transaction at a necessary interval
  4. 4. Fees ● In Ethereum Gas works based on computation, not aware of the transaction, thus way deploying 1Kb contract costs higher than millions of ether transferred. ● Users are attracted to traditional banking due to its simple per transaction weight based fee ● Blinkchain employs a transaction fee composed of computation and value
  5. 5. Next : 3.1 Gas Base Fee

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