Wikiwoop Documentations

15 - TRANSACTION FEE COST

A transaction fee is required for any successful transaction on the network. Priced in small fractions of the WoopCoin (WOOC), the fees are used to allocate resources. The concept of transaction fee is introduced to maintain a distinct value layer that solely indicates the consumption toward computational expenses on the network. Transaction fees are automatically paid by the member transaction activity, to compensate for the computing energy required to process and validate transactions on the WoopChain network.

"Fee limit" refers to the amount of the transaction size that will be spent to execute such particular transaction. A higher fee limit means that the transaction need higher amount of computing energy on the network to be executed. WoopChain miners, who perform such important tasks of verifying and processing transactions on the network, are awarded this particular transaction fee in return for their computational services.The exact transaction fee is determined by supply and demand between the network's miners, who can decline to process a transaction if the fee limit does not meet their threshold.