The Fee Mechanism
The protocol determines the transaction fee mechanism, similar the structure of the Ethereum mainnet. The gas needed for a transaction is determined based on its complexity. For instance, a simple JOC token transfer requires 21,000 gas, while more complicated transactions, like those in DeFi, could require over 1,000,000 gas. Gas has a price referred to as gas price, and it’s measured in gwei. 1 JOC is equivalent to 1 × 10^9 (1,000,000,000) gwei. So for example, if the gas price is 100 gwei, a transaction that uses 21,000 gas would have a gas fee of 21,000 × 100 = 2,100,000 gwei (0.0021 JOC.)
