Gas and transaction fees in Blockchain / Solidity - Mini Project: Build & Apply

Gas and Transaction Fees Calculation

📖 Scenario: You are working with a blockchain network where each transaction requires a certain amount of gas. Gas is the unit that measures the amount of computational effort needed to execute operations. Each unit of gas costs a certain price in the network's currency. You want to calculate the total transaction fee for multiple transactions.

🎯 Goal: Build a simple Python program that calculates the total transaction fees for a list of transactions based on their gas used and the gas price.

📋 What You'll Learn

Create a dictionary called transactions with transaction IDs as keys and gas used as values.

Create a variable called gas_price that holds the price per unit of gas.

Use a for loop with variables tx_id and gas_used to iterate over transactions.items() and calculate each transaction fee.

Store the fees in a new dictionary called transaction_fees with the same transaction IDs as keys.

Print the transaction_fees dictionary.

💡 Why This Matters

🌍 Real World

Blockchain developers and users need to understand how transaction fees are calculated to manage costs and optimize transactions.

💼 Career

This knowledge is important for blockchain engineers, smart contract developers, and anyone working with decentralized applications to estimate and control transaction expenses.

1

Create the transactions data

Create a dictionary called transactions with these exact entries: 'tx1': 21000, 'tx2': 35000, 'tx3': 50000 representing gas used by each transaction.

Blockchain / Solidity

# Create the transactions dictionary with gas used values
# Your code here

Need a hint?

Use curly braces {} to create a dictionary with keys and values separated by colons.

2

Set the gas price

Create a variable called gas_price and set it to 50 representing the price per unit of gas.

Blockchain / Solidity

transactions = {'tx1': 21000, 'tx2': 35000, 'tx3': 50000}
# Set the gas price variable
# Your code here

Need a hint?

Assign the number 50 to the variable gas_price using the equals sign.

3

Calculate transaction fees

Use a for loop with variables tx_id and gas_used to iterate over transactions.items(). Inside the loop, calculate the fee by multiplying gas_used by gas_price. Store each fee in a dictionary called transaction_fees with tx_id as the key.

Blockchain / Solidity

transactions = {'tx1': 21000, 'tx2': 35000, 'tx3': 50000}
gas_price = 50
# Calculate transaction fees and store in transaction_fees dictionary
# Your code here

Need a hint?

Start with an empty dictionary transaction_fees = {}. Use a for loop to go through each transaction and multiply gas used by gas price.

4

Print the transaction fees

Write a print statement to display the transaction_fees dictionary.

Blockchain / Solidity

transactions = {'tx1': 21000, 'tx2': 35000, 'tx3': 50000}
gas_price = 50
transaction_fees = {}
for tx_id, gas_used in transactions.items():
    transaction_fees[tx_id] = gas_used * gas_price
# Print the transaction_fees dictionary
# Your code here

Need a hint?

Use print(transaction_fees) to show the dictionary with calculated fees.