How much may cost PoS transactions in such networks as future Ethereum mainnet or already existing BSC?

Why do BSC transfers cost $0.05?

Why doesn't gas cost about the cost of electricity used for the transaction by one node? There is only one validator per transaction in PoS. So the amount of electricity used is negligible. $0.05 seems very high and this confuses me.

  • Because the transaction fee is payed with BNB tokens and it's current value is pretty high... around 230$ (25-03-2021) – Paulus Mar 25 at 20:34
  • @Paulus That's nonsense: in fact, transaction fees are paid in BNB / 10^18. It is small. – porton Mar 25 at 20:36
  • check this out docs.binance.org/guides/concepts/fees.html -> 'The difference between Binance Chain and Ethereum is that there is no notion of gas. As a result, fees for the rest transactions are fixed.' – Paulus Mar 25 at 20:41
  • @Paulus I see no contract execution fees at docs.binance.org/guides/concepts/fees.html - how so? – porton Mar 25 at 21:44
  • Calling a contract function with .send() or deploying a contract falls under the same point: transfer -> Simple transfer costs 0.000375 BNB -> 0.000375 * $230 = $0.08625 – Paulus Mar 25 at 22:35

The main difference between Ethereum and BSC is the POS mechanism. To be a validator (miner) of blocks in BSC, you have to stake a big amount of BNB (ETH). It means committing a huge amount of capital just to be allowed to validate (mine) blocks. This is a security reason, so that validator have an incentive in the health of the network.

Committing a lot of capital means that you should expect a return on that capital, hence the "high" fees (still a fraction of Ethereum). If there was no fees, no one would commit capital to become a validator.

Otherwise, transaction fees are calculating the same as Ethereum: gas * gas price

  • It is quite clear. But what prevents somebody to fork the chain and create a chain with gas cost about the cost of electricity used for transaction by one node? – porton Mar 26 at 7:19
  • Nothing! In fact, other chains have even lower costs. Check EOS, Solana and Tezos, for instance. – Undead8 Mar 26 at 19:29

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