Gas fees

To perform any action on a blockchain, such as executing smart contracts, buying tokens or NFTs, or making token transactions, additional computational power is needed to complete the task.

Validators of a blockchain network are a distributed group of people who use a specialized program to verify transactions. They buy, operate, and maintain their own equipment to ensure the network's security and accuracy.

Gas fees are necessary to transfer value on the blockchain network. They provide an incentive for validators to process transactions accurately and maintain the security of the ledger.

The cost for gas fees depends on the principle of supply and demand in economics. When it comes to a blockchain, the supply refers to the overall computing power of the validators on the network, and the demand refers to the total computing power needed to process the transactions submitted by network users.

The cost of gas (fees) fluctuates based on the current demand on the network and can change unexpectedly while in use.

When using the Tokiphy Wallet, the user is responsible for paying gas fees for any NFT token asset transaction. LarsLabs only serves as a service provider to initiate NFT token transactions from the Tokiphy Wallet to a user's wallet.

To make things easier, certain Tokiphy Cards include pre-paid credits for gas fees.

We calculate the necessary gas fees for an NFT token transaction and display it to the user before initiating the transaction. If the required gas fee is less than the available gas credit, the transaction can be executed.

You won't be able to initiate a NFT token transaction if the gas credits on your Tokiphy Card are not enough to cover the required gas fees or the NFT minting contract's code is not compatible with EIP-712 to enable it to accept forwarded transactions.

As previously stated, gas fees fluctuate based on supply and demand. During peak periods, gas fees increase significantly. It may be wise for the user to delay the transaction until a later time when gas fees are expected to be lower.

We are planning to allow users to buy gas fee credits through the Tokiphy Portal using fiat currency (=non-crypto). These credits can only be used for blockchain transaction gas fees and cannot be converted back to fiat currency.

In the future, we may introduce a new type of Tokiphy Credits that can be utilized to pay for upcoming digital services or subscriptions on the Tokiphy Platform. We are also considering converting any remaining gas-fee credits into these Tokiphy Credits. However, until this happens, the user has no claim to get any credit or refund for gas fee credits.

The user can export the Tokiphy Wallet and import it into a custom wallet such as Metamask. This allows the user to manage their own gas fees and initiate token transfers independently.

Please note that the Tokiphy prepaid gas fees are only applicable to NFT contracts that support the EIP-712 standard of meta transactions. If an NFT contract does not support EIP-712, you cannot use the Tokiphy Gas Credit feature for its transfer.

Regarding meta transactions, they refer to a type of blockchain interaction where the initiator is not responsible for paying the gas fee. Even though the initiator starts the transaction, it is not sent from their wallet. Instead, the transaction is sent from the Tokiphy Gas Tank wallet, along with a relay smart contract, on behalf of the initiator.

You can initiate transactions from your wallet without any native tokens by creating a signature that doesn't cost any gas fees. We'll use our pre-funded gas tank to cover the transaction costs and reduce your available gas credits associated with your Tokiphy card.

The NFT minting contract's code must be compatible with EIP-712 to enable it to accept forwarded transactions.