Ethereum: decoding the value of the transaction with rates
When using the API call Sendtoadddress, there is a common challenge when dealing with transactions. The point is that you are not specifying the complete value of the transaction, which includes the rates associated with sending your wallet currencies to a recipient’s address.
In this article, we will explore how to calculate and deduct rates of the transaction value using Ethereum native APIs.
Understanding the types of transaction
Before diving into fee deductions, it is essential to understand the different types of transactions in Ethereum. There are two types of primary transactions:
- Basic Payment Transaction (BPT) : This is a type of transaction that sends a specific amount of currencies from one wallet to another.
2.
Calculation of the amount of transaction
To calculate the transaction value, including rates, you can use the following formula:
transaction_amount = basic_payment_ammount + (basic_payment_ammount * fee_per_bpt)
Where Basic_Payment_amunt is the value of currencies being sent, EFee_PER_BPT It is the fee charged by basic payment transaction.
Example: Calculating the value of the transaction
Let’s say you want to send 10 BTC from your wallet to a recipient’s address using the API call Sendtoaddress. Assuming that the basic payment amount is $ 100 (BTC) and the BPT rate is 1%, we can calculate the transaction value as follows:
Basic_Payment_amount = $ 100
Fee_per_bpt = 0.01
transaction_amount = basic_payment_ammount + (basic_payment_ammount * fee_per_bpt)
= $ 100 + (US $ 100 x 0.01)
= $ 110
In this example, the total value of the transaction would be $ 110.
Deduction of rates with sendtoaddress API Call
Now that you have the calculated transaction value, including rates, you can move to the API call Sendtoaddress along with the portfolio address and the recipient’s Ethereum address.
Here is an updated version of the code snippet:
`JavaScript
CONST Web3 = Requires (‘Web3’);
Constte Ethers = Requires (‘Éters’);
// Define the address of your portfolio and the Ethereum address of the recipient
Consta Fromaddress = ‘0xyourwalletaddress’;
constra toaddress = ‘0xrecipienthereumaumaddress’;
// Calculate the value of the transaction, including rates
CONST BASICPAYMENTOUNT = 100; // btc
Constt Feeperbpt = 1;
CONST TRANSACTOUNOUNT = BASICPAYMENTOUNT + (BASICPAYMENTOUNT * FEEPERBPT);
// Create a new Ethereum portfolio object
CONST Web3instance = new web3.providers.httpprovider (‘
// Get the balance of the current wallet
CONST FROMABALANCE = Web3instance.eth.ethalance (Fromaddress);
Const Tobalance = Web3instance.eth.getBalance (Toaddress);
// Calculate the value of the transaction, including rates
CONST GASCOST = 1000; // gas units (approximately)
CONST TRANSATIONSE = 10; // ether per gas unit
// Create a new transaction object
CONST TX = {
From: Fromaddress,
To: Toaddress,
VALUE: FROMBALANCE * BASICPAYMENTOUNT,
Gas: Gascost,
GASPRICE: Web3instance.eth.gasprice,
Nonce: Web3instance.eth.getTransactationCount (FROMADDRESS),
Chainid: Web3instance.eth.net.currentblock.chainid,
};
// Update the transaction with fees
CONST UPDATEDTX = Web3instance.eth.sendtransaction (TX, {
Includes: true,
});
`
In this example, we calculate the value of the transaction, including rates, and then pass it to the API call Sendtoaddress along with the address of the portfolio and the recipient’s Ethereum address. Note that you will need to replace the your-infura-project-id with your Infura Project ID.
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