Transaction Fee
By CoinGecko | Updated on Mar 03, 2020
Time and resources are required in order for miners and validators to hash and sign a block on the blockchain, a transaction fee the the blockchain users is an incentive mechanism for the miners and validators to contine playing their role and securing the network with computational powers.
Transaction fees are usually nominal and free-market based, where users can set the amount of fee they are willing to pay and the miners able to set the preference for which transaction to mine and reward from until an equilibrium is met.
Related Terms
Hybrid PoW/PoS
It is the allowance for both Proof-of-Stake and Proof-of-Work distribution consensus to work on the same network.
Solo Staker
A Qtum PoS miner using their own coins for staking. Qtum blockchain launched with Solo Stakers and will continue to have this available after offline staking launches.
Block Height
A number that is used to indicated the position of a particular block within a blockchain
BitLicense
Refers to the business license issued by the New York State Department of Financial Services (NYSDFS) to companies dealing with Cryptocurrencies (subject to certain exceptions) in New York.
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