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Japan Open Chain Transaction Fee Mechanism

1. Gas​

Gas is used for transaction payments on the Japan Open Chain blockchain. The amount of gas required for each transaction varies depending on the complexity of the transaction. Simple token transfers require 21,000 gas, but more complex transactions (such as those used in decentralized finance, DeFi) may require over 1,000,000 gas.

Gas has a price, referred to as the "gas price." The gas price is denoted in gwei, where 1 token equals 1×10^9 (1,000,000,000) gwei. If the gas price is 100 gwei, a transaction requiring 21,000 gas will cost 21,000 × 100 = 2,100,000 gwei (0.0021 tokens) in gas fees.

2. Gas Price​

The amount of gas required for a transaction is fixed, but the gas price fluctuates. Users set the gas price when sending a transaction (often done automatically by wallet software). The transaction is then approved by validators, who receive the gas fees as transaction fees for their approval.

Important Notes​

  • This token is not guaranteed for redemption or exchange by Japan Blockchain Foundation Co., Ltd., the issuer. It is a transaction fee token usable only for the purposes mentioned above.
  • Plans are underway for an IEO (Initial Exchange Offering) on a Japanese cryptocurrency exchange, allowing the token to be purchased by residents of Japan. Until then, it is not available for purchase by Japanese residents. For more details, please see here.