GoChain uses the same fee structure as Ethereum to make things easy for everyone to use and so the tools people use can make good guesses. A standard Ethereum transaction (assuming the network isn’t bogged down which is pretty rare these days) looks like the following:
- Gas price: 2 gwei (2,000,000,000 wei) — for reference, 1 ETH/GO is 10¹⁸ wei
- Gas limit: 21,000 — gas limit is how much of the gas price you’re willing to pay.
So a typical transaction would cost:
21,000 * 2,000,000,000 = 42,000,000,000,000 wei = 0.000042 ETH
If ETH is at $750, then:
0.000042 * $750 = $0.0315
So 3 cents per transaction when volume’s are low and the Ethereum network isn’t bogged down, which is almost never nowadays, so you’re probably paying 2–3 times that the majority of the time, and potentially a lot more during busy times.
On GoChain, all the math would be the same, but since each token is worth a lot less, the fees are much, much cheaper. The GO tokens are cheaper for two reasons: 1) our market cap is a lot lower than Ethereum and 2) we have one billion tokens outstanding vs Ethereum’s 100 million tokens.
If GoChain’s market cap were at $100M then each token would be worth $0.10, so the fee for a regular transaction would be:
0.000042 * $0.10 = $0.0000042
So each transaction would cost 4/10,000 of a penny, 7500x cheaper than Ethereum.
In addition, since GoChain can handle 100x the volume of Ethereum you won’t have to raise the gas price very often (if ever). So most days, GoChain is more likely 15,000–30,000x cheaper.