What is TXPLL?
TXPLL is token, the currency used within ParallelChain Testnet ecosystem.
The lowest denomination of the TXPLL token is named as Gray. Users will have to buy TXPLL tokens to indirectly pay for computation and storage costs within the ParallelChain Testnet Virtual Machine (VM).
The goal of defining a denomination for the TXPLL token is to standardize its scale with all currencies in the financial system. The denomination table, and its relationship with gas costs are defined in the upcoming sections.
ParallelChain Testnet implements denomination of TXPLL down to the 8-th place of decimal, the base or the smallest unit being Gray. The name of the denominations, their abbreviation and their value in TXPLL , have been defined below in the following table.
|Denomination||Abbreviation||Value in TXPLL|
Gas Costs and TXPLL
Transactions on ParallelChain Testnet require some cost for utilization of computational resources. To charge for these costs, ParallelChain Testnet implements gas price units in terms of TXPLL (i.e. 1 TXPLL equals to 1 gas). This is done to dynamically balance the actual cost of gas consumed during transactions when the price of the token increases or decreases due to economic factors. Based on the conversion factor between TXPLL and gas units, it is assumed that 1 CPU execution cycle is equal to 1 Gray or 1 second of CPU execution is equal to 10^8 gas.