Gas and Fees

On BitSong mainnet, the accepted denom is ubtsg, where 1btsg = 1.000.000ubtsg

Transactions on the BitSong network need to include a transaction fee in order to be processed. This fee pays for the gas required to run the transaction. The formula is the following:

$$fees = ceil(gas * gasPrices)$$

The gas is dependent on the transaction. Different transaction require different amount of gas. The gas amount for a transaction is calculated as it is being processed, but there is a way to estimate it beforehand by using the auto value for the gas flag. Of course, this only gives an estimate. You can adjust this estimate with the flag --gas-adjustment (default 1.0) if you want to be sure you provide enough gas for the transaction.

The gasPrice is the price of each unit of gas. Each validator sets a min-gas-price value, and will only include transactions that have a gasPrice greater than their min-gas-price.

The transaction fees are the product of gas and gasPrice. As a user, you have to input 2 out of 3. The higher the gasPrice/fees, the higher the chance that your transaction will get included in a block.

For mainnet, the recommended gas-prices is 0.0025ubtsg.

Set minimum-gas-prices

Your full-node keeps unconfirmed transactions in its mempool. In order to protect it from spam, it is better to set a minimum-gas-prices that the transaction must meet in order to be accepted in your node's mempool. This parameter can be set in the following file ~/.bitsongd/config/app.toml.

The initial recommended min-gas-prices is 0.0025ubtsg, but you might want to change it later.

# This is a TOML config file.
# For more information, see https://github.com/toml-lang/toml

###############################################################################
###                           Base Configuration                            ###
###############################################################################

# The minimum gas prices a validator is willing to accept for processing a
# transaction. A transaction's fees must meet the minimum of any denomination
# specified in this config (e.g. 0.25token1;0.0001token2).

minimum-gas-prices = "0.0025ubtsg"