Fuel

KIRO is the utility token that is used within the ecosystem.

Fuel refers to the cost of executing a transaction on the blockchain network. In our ecosystem, users can pay for gas fees using either KIRO or ETH (Ether, the native cryptocurrency of the Ethereum network). However, if a user has a compliance issue (such as origin country's restrictions etc.), they may be required to pay a higher fee should they use ETH instead of KIRO.

The Activator is a participant that is incentivized to help users save on gas fees. By doing so, he can generate higher revenue (by charging users a fee).

When running an FCT, the user publishes and signs the transaction, allowing the Activator to spend the funds the FCT aims to use. Once the FCT executes, the Activator pays for the transaction gas fees, subjected to the limits the user defined prior. After the Activator successfully executed the FCT, the user automatically pays back the gas fees to the activator, plus a minor fee as a compensation for monitoring and executing. The Activator may earn additional fees should he execute the transaction using less gas fees than the user expected to spend.

When a user initiates a transaction on the blockchain, they can specify the maximum amount they are willing to pay for gas fees (i.e., the max_gas_price). Additionally, there may be a small service fee charged by the ecosystem's Activators for processing the transaction. This fee is calculated as a percentage of the overall transaction cost.

Fuel can also be paid at any given time by other participants.

More info and the math can be found in our Whitepaper.