Blockchain technology is a fascinating and complex field that offers many possibilities and challenges for the future of digital currencies.
One of the aspects that often puzzles and intrigues users is the concept of gas fees, which are the charges incurred for executing transactions on a blockchain network.
Gas fees vary depending on the network, the type of transaction, and the demand for processing power.
One of the emerging blockchain platforms that aims to make cryptocurrency more accessible and user-friendly is the Pi Network, which allows users to mine Pi coins on their mobile devices without draining their battery or data.
The Pi Network also leverages the Soroban smart contract, a platform that enables users to create and execute smart contracts on the Stellar blockchain, which is known for its fast and low-cost transactions.
In order to shed more light on the inner workings of its blockchain network and the calculation of its gas fees, the Pi Network recently conducted a test run using the Soroban smart contract.
This test was designed to show how Pi’s gas fees are determined, especially in relation to Soroban’s native token, Stroop.
In this blogpost, we will explain the main findings and implications of this test, and how it can help Pi Network users and enthusiasts to better understand and appreciate the intricacies of blockchain transactions.
Pi’s Gas Fee Calculation Explained
The first step to understand Pi’s gas fee calculation is to know what Stroop is and how it relates to Pi and Stellar.
Stroop is the native token of the Soroban smart contract platform, and it has a fixed value of 1 stroop = 0.0000001 XLM (Stellar Lumens), which is the native currency of the Stellar blockchain.
Stroop is used to pay for the execution of smart contracts on Soroban, and it is also the unit of measurement for Pi’s gas fees.
To illustrate how Pi’s gas fees are calculated, the Pi Network team performed a test run using the Soroban smart contract, which involved sending 1 Pi coin from one account to another.
The test run showed the following information:
- Base fee: 100,000
- Default value: 100
- False statement: False
- Gas fee: 0.00001 Pi
To decipher what these numbers mean, we need to apply some simple arithmetic.
The base fee is the minimum amount of Stroop required to execute a transaction on the Stellar blockchain, and it is usually set by the validators of the network.
The default value is the amount of Stroop that the Soroban smart contract assigns to each transaction, unless specified otherwise.
The false statement is a boolean value that indicates whether the transaction has any additional conditions or requirements that might affect the gas fee.
To calculate the gas fee in Pi, we need to multiply the base fee by the default value, and then multiply the result by the value of Stroop in XLM.
This gives us the following formula:
Gas fee (in Pi) = Base fee x Default value x 0.0000001 XLM
Plugging in the numbers from the test run, we get:
Gas fee (in Pi) = 100,000 x 100 x 0.0000001 XLM
Gas fee (in Pi) = 0.01 XLM
This means that the gas fee for sending 1 Pi coin from one account to another is 0.01 XLM, which is equivalent to 0.00001 Pi, based on the current exchange rate of 1 Pi = 1 XLM.
However, this gas fee is not fixed, and it might change depending on the updates and modifications on the Soroban platform.
For instance, if the Soroban team decides to change the default value from 100 to 200, the gas fee would double to 0.02 XLM, or 0.00002 Pi.
Moreover, the false statement might also affect the gas fee, depending on the nature and complexity of the transaction.
For example, if the transaction involves a conditional smart contract that requires a certain amount of Pi to be locked or unlocked, the false statement would change to true, and the gas fee would increase accordingly.
Therefore, to determine the exact gas fee for Pi, we need to have more specific information about the transaction and the Soroban smart contract.
As of now, we can conclude that the minimum gas fee for Pi is 0.00001 Pi, or possibly higher, depending on the changes and updates in its interaction with the Soroban smart contract.
This discovery is very important for the Pi Network community, as it gives them a tool to monitor and evaluate gas fees accurately in the future.
Conclusion
The successful completion of the Proof of Pi test run marks a significant moment for Pi Network fans and the wider cryptocurrency community.
It not only provides a glimpse into the intricate mechanics of blockchain transactions, but also highlights the importance of adaptability and understanding in the ever-changing world of digital currencies.
As the Pi Network continues to explore new horizons, this newfound knowledge about gas fees serves as a basis for informed decision-making and fosters a deeper comprehension of the complexities within the cryptocurrency realm.
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