🔼Transaction Fee Payments

Transaction fee payments are an integral aspect of blockchain networks, including Ruby Chain. In the context of Ruby Chain, the native cryptocurrency, RUBY, plays a crucial role in facilitating and covering transaction fees within the network. Here's how transaction fee payments work in the Ruby Chain ecosystem:

1. Payment Mechanism:

   • RUBY serves as the primary medium for transaction fee payments on the Ruby Chain platform. When users initiate transactions or engage in activities that require network resources, a certain amount of RUBY is typically required to cover the associated transaction fees.

2. Transaction Validation:

   • When a user initiates a transaction on the Ruby Chain network, validators within the network verify and validate the transaction. Validators play a crucial role in maintaining the security and integrity of the network.

3. Calculation of Fees:

   • The transaction fees are calculated based on factors such as the complexity of the transaction, network congestion, and the resources utilized. The user initiating the transaction is then required to pay the calculated fee in RUBY.

4. Governance Participation:

   • In addition to transaction fees, RUBY may also be utilized for governance participation within the Ruby Chain ecosystem. Holders of RUBY may have the opportunity to participate in decision-making processes related to the network's development and upgrades.

5. Staking Rewards and Fee Distribution:

   • Validators who secure the network through staking may receive a portion of the transaction fees as rewards for their contribution to the network's security. This staking mechanism incentivizes validators to maintain and enhance the stability of the Ruby Chain.

RUBY serves as the primary means for users to pay transaction fees within the Ruby Chain ecosystem. It facilitates the smooth functioning of the network by compensating validators, securing transactions, and enabling users to participate actively in network activities.