Utility in the digital payments is the life-blood of any business or payment solution.
Blockchain networks are distributed and provide access to lots of users. This means that the network must be able to process a high amount of transactions per second. The main factor that influences network efficiency is the consensus algorithm. Generally, there are slow consensus algorithms like Proof of Work in Bitcoin and Ethereum which can only process a few transactions per second. Or faster algorithms like Proof of Stake, DPoS, BFT and others can process hundreds or thousands of transactions per second. Under perfect conditions, OnyxChain is capable of processing more than 3000 transactions per second. However, this amount is not unlimited. That’s why it is important to prevent creation of unnecessary load on the network, so that user transactions are processed as fast as possible.
One of the most important aspects of the OnyxChain ecosystem is control. Each transaction takes some time and processing power from each validator of the network. Currently there are seven validators in OnyxChain mainnet. Each node has to perform several actions to confirm even to the most basic transaction.
Since validators are so busy processing transactions, malicious users can abuse validators by sending lots of “fake” transactions that have no real effect. This type of attack is called Denial of Service or DoS. The goal of such an attack is to make the network unavailable to its users by disrupting services of the nodes. This is typically accomplished by flooding the network with superfluous transactions in an attempt to overload systems and prevent legitimate transactions from being fulfilled. OnyxChain has a robust and transparent solution with regards to system security. To solve the problem of DoS attacks is usage fees. The idea of the fee system extremely simple: every transaction on the blockchain requires a small upfront payment. These fees are sent to the validator, which processed the transaction as payment. A fee-based system has lots of benefits. The first is it provides a fair and transparent system. Every user pays the same fees and there is no chance of false-positives like with other approaches. Another advantage is that performing an attack will actually cost money. Lastly the system will reward honest nodes who are performing useful work for the network..
The only downside of a fee-based system is that transactions cannot be free. This can be inconvenient for users. But, overall, it is a fair price to pay for the security of the whole network. That’s the reason why OnyxChain uses a fee-based system.
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The main benefit of GAS compensation is that you don’t have to be an investor and have OnyxGAS in order to use OnyxPay. The future for this unique technology is limitless, OnyxGas is at the fore-front of digital payments not only in Africa but the world.
Step 1: OnyxGas Logic
In OnyxChain, a small fee is paid for each transaction. The fee is paid using Onyx GAS tokens. GAS tokens must be paid upfront to start the transaction. These tokens will be used while processing the transaction (like a car that uses gasoline while driving). Depending on the complexity of the transaction, it may require less GAS than was initially provided. In this case unused GAS will be returned back to the user’s account.
Step 2: Recieving Onyx GAs
Getting OXG: There are several ways to receive OXG:
1. All investors will receive some OXG when they claim their OnyxCoin for the first time.
2. You can receive OXG from other people.
3. You can exchange ONYX to OXG. Onyx Coin can be exchanged for Onyx GAS using the wallet.
4. All users will receive some OXG every few blocks, depending on the amount of OnyxCoin they are holding.
System Logic:This OXG cannot be used right away. It will accumulate as “unclaimed” and it has to be “claimed” in order to use it. Using the wallet you can see the amount of unclaimed OXG and claim it. Regardless of how you acquire Onyx GAS, you can use it to pay for transactions in the OnyxChain network.
Step 3: System Sustainability
Keeping things Running:
Base transaction fee in Onyx Chain is 0.01 OXG. This means, to send any number of tokens to another address you have to provide at least 0.01 Onyx GAS. The cost of smart contract deployment and calling custom smart contracts depends on the smart contract itself. If the smart contract is complicated, then deploying and calling it will cost more GAS as it requires more computation form the validators.