🍕
polkadot(js) book
  • Why Polkadot?
  • Polkadot js API
    • Typescript
  • 👩‍🚀Polkadot JS API Primer
    • 0. Setup
      • Polkadot JS API template
    • 1. Network Metadata
      • WebSockets
      • Configure WebSocket URL
      • Testnets and Westend network
    • 2. Account Creation and Cryptography
      • Public-key cryptography
      • Mnemonic seed phrase
      • API : create wallet account
    • 3. Wallets and Westend tokens
      • Mnemonic to create account
      • Claim Westend tokens
    • 4. Account Balance and Planck Unit
      • API to check account balance
      • Planck unit
      • Minimum account balance
        • API : check existential deposit
        • API : check account balance
  • 5. Extrinsics or Transactions
    • Transaction fees
      • API to check transaction fees
    • Transaction errors
      • API : General Exception Handling
      • API : Exception handling when account balance is low
    • API : transfer tokens from sender to receiver account
  • 6. Blocks in a chain
    • BlockHash
      • API : find blockHash of a transaction
    • Block structure of Polkadot
      • API : Polkadot block
      • API : Extrinsics
    • API : Transaction in a block
  • 🚀What next?
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  1. 5. Extrinsics or Transactions

Transaction fees

Previous5. Extrinsics or TransactionsNextAPI to check transaction fees

Last updated 2 years ago

Blockchain networks use transaction fees for several reasons.

  • Firstly, they prevent blockchain networks from being flooded with transactions that prevent legitimate usage of networks.

  • Secondly, transaction fees are also paid out to people who help run and maintain the security of the network.

  • Finally, transaction fees serve as a mechanism to distribute a potentially scarce resource -blockspace.

What is blockspace? .

Learn more

👉
Blockspace is a measure of how busy a blockchain is
https://wiki.polkadot.network/docs/learn-transaction-fees
https://polkadot.js.org/docs/api/cookbook/tx#how-do-i-estimate-the-transaction-fees