ethereum: decoding the amount of transactions with fees
When using the APi “Sendtoaddress” interface, one widespread challenge in contacts with transactions appears on Ethereum. The problem is that you do not specify the full amount of the transaction, which includes fees related to sending coins from the portfolio to the recipient’s address.
In this article, we will examine how to calculate and deduct fees from the transaction amount using native API Ethereum interfaces.
Understanding transaction types
Before immersing in the deductions of fees, it is necessary to understand various types of transactions on Ethereum. There are two basic types of transactions:
- Basic payment transaction (BPT) : This is a type of transaction that sends a certain number of coins from one portfolio address to another.
- Send to Address : This type of transaction allows you to send coins from your own portfolio to the recipient’s ethereum address.
Calculation of the transaction amount
To calculate the amount of the transaction, including the fee, you can use the following formula:
Transaction_amount = BASIC_Payment_amount + (basic_payment_amount * fee_per_bpt)
Where Basic_payment_amount is the amount of the coins sent, a`fee_per_bpt is a fee charged for the basic payment transaction.
Example: Calculation of the transaction amount
Let’s say you want to send 10 BTC from the portfolio to the recipient’s address by calling the API “Sendtoaddress”. Assuming that the basic amount of payment is 100 USD (BTC), and the BPT fee is 1%, we can calculate the amount of transactions as follows:
Basic_paayment_amount = $ 100
Fee_per_bpt = 0.01
Transaction_amount = BASIC_Payment_amount + (basic_payment_amount * fee_per_bpt)
= 100 USD + (100 x 0.01)
= $ 110
In this example, the total transaction amount would be $ 110.
fees using the API Sendtoaddress connection
Now, when you have the calculated amount of the transaction, including the fee, you can transfer it to call the API “Sendtoaddress” together with the portfolio address and the address of the recipient’s ethereum.
Here is an updated version of the code fragment:
`Javascript
Const web3 = requires ("web3");
Const Ethers = requires ("ether");
// set the portfolio address and the address of the Ethereum recipient
const fromddress = '0xyourwalletaddress';
Const Toaddress = '0xRECipiientetereumaddress';
// Calculate the amount of the transaction, including the fee
Const Basicpaamentamount = 100; // BTC
Const Feeperbpt = 1;
Const transactions
// Create a new Ethereum portfolio object
Const web3instance = new web3.providers.htttpprovider ('
// get the current portfolio balance
Const frombalance = Wait for web3INSTANCE.ETH.GETBALANCE (Fromaddress);
Const tobalance = Wait for web3instance.eth.getBalance (toaddress);
// Calculate the amount of the transaction, including the fee
Const Gascost = 1000; // gas units (approximate)
Const Transactionfee = 10; // Ether per gas unit
// Create a new transaction object
const tx = {
From: Fromaddress,
to: Toaddress,
Value: From Balance * Basicpaymentamount,
Gas: Gascost,
Gasprice: web3instance.eth.gasprice,
Nonce: web3instity.eth.getransactioncount (Fromaddress),
Chainid: web3INSTANCE.ETH.NET.Currentblock.chainid,
};
// update the transaction with fees
Const updatedtx = waiting for web3instance.eth.sendTransaction (tx, {
include: truth,
});
In this example, we calculate the amount of transactions, including the fee, and then transfer it to the API “Sendtoaddresstogether with the portfolio address and the address of Ethereum. Remember that you need to replaceyour-infura-pro-ic ‘with your Infura project identifier.