Kryptomon — BSC Basics & Gas fees
Hello trainers, welcome back to the wonderful world of Kryptomon. It’s been a busy couple of days since we revealed the new 40,000 eggs that will be available for trainers outside the top 10,000 to purchase.
There has been an overwhelming amount of community feedback regarding the news and for that, we want to thank you. The Kryptomon family has really grown since we first started and one of our developers had this to say:
“We are building something big here and we’re still very early in the game. There is an entire world out there that hasn’t discovered us yet, so we should stick together as a community regardless of if you were within the top 10k trainers or not.
Each egg owner can help us by spreading the word to their friends and family. This will have a tremendous impact on the speed at which we can grow and what unique product we can build together.
We are in it for the long run, it’s very early in the game and there is enough for everybody.
Let’s all have fun.”
— Chris Ciszak
With the top 10,000 trainers getting their emails to register their wallet addresses, we’ve also picked up on the fact that there are quite a few trainers who aren’t familiar with the BSC space. This article will guide you through the process and try to answer some of the commonly asked questions.
Step 1: Get a BSC wallet address.
Download Metamask and create a wallet. There’s an in depth guide detailing how you can do just that here. Remember to use the Mainnet! Your BSC wallet address can be found and copied here:
Your wallet address is the identifier that people will need in order to interact with you. Think of it like the numbers on your debit or credit card, when purchasing something online you would enter your debit card number so that the merchant knows which card to charge.
Finally, since we’re on the BSC network, all wallet addresses will start with 0x…. That’s how you’ll know you have the right address.
Step 2: Get some BNB into your wallet
Having a debit card is one thing, but there’s really no point if you don’t have any money in it. In order to start using your debit card, you’ll first need to put some money into it. It’s the same with your Metamask wallet!
In this case, what you’ll need to do is to fund your Metamask wallet with some BNB. There are plenty of ways to do this, the easiest of which (if you’re completely new to the crypto space) is to buy it directly from Binance. You’ll need to create an account but you’ll then be able to use a debit or credit card to buy some BNB.
It’s then relatively straightforward to withdraw your BNB on Binance to your Metamask wallet. Again, there’s already an in depth guide detailing how to do that here, so I won’t go through it in this article.
How much BNB do you need?
So you now have a Binance account, a Metamask wallet and are ready to buy some BNB to fund your wallet. The question is, how much BNB do you need to buy?
What are gas fees?
To answer this question, we first need to talk about gas fees and why it’s needed. Firstly, whenever you interact with Kryptomon, the BSC is the network in which all of the transactions will take place. To translate this into a simplistic real world example, think of it like the mailman that picks up and delivers your mail.
Say you want to send a physical letter to a friend. The mailman will come to your house, pick up the letter and then drive over to your friends’ house to deliver it. This service isn’t going to be free, and you’ll need to pay the mailman for his efforts.
In this example, the BSC is the mailman, Kryptomon is your friend and the money you pay to the mailman is the gas fee. Of course, this is a simplified example and not what “actually” happens behind the scenes, but it’ll do in explaining why gas fees are needed.
It’s also worth noting that a mailman in UK would accept GBP for his efforts, but he might not accept USD. Similarly, a mailman in America would only accept his local currency (USD) and might not accept other currencies. For the BSC, the local currency is BNB and gas fees cannot be paid via any other currency.
The next question is, how much will the mailman charge?
How much is the gas fee?
Well, it’ll really depend on the complexity of the transaction. Again going back to the mailman example, if you wanted to send a small letter then the mailman probably wouldn’t charge you very much. But if you wanted to send a 20kg parcel packed full with top secret documents then the mailman would probably charge you a lot more!
This is the same with the BSC and gas fees — Simple transactions would cost a very small amount of BNB, something along the lines of 0.0014 BNB. As of the time of writing this article, the price of 1 BNB is $352.20 so this would translate to $0.5 for a simple transaction. However, the more complex a transaction, the higher the gas fee.
The transaction to claim your Kryptomon egg is a fairly complex one. Not only will the egg need to be created and transferred over to you, there are also processes running in order to randomly generate your Kryptomons’ genetics in real time. Based on the complexity, we estimate the gas fees of claiming your egg to be about $3.
Note: This is only an estimate and might be higher or lower on the actual day itself. Remember that because gas fees are in BNB, if for some reason on June 30th the price of BNB doubles to $600, then the same amount of BNB will cost you $6.
Note 2: Gas fees are determined by the BSC and not something we can control. We also do not earn from the gas fee. Going back to the example, the mailman is the one who will determine the price of sending the letter and the fee you pay is earned by the mailman; the friend that you’re sending the letter to won’t see a single cent of the money you paid.
Why the BSC
One last thing that we’d like to cover is WHY the Kryptomon team chose the BSC instead of other networks. Of course, there are other networks (mailmen) out there who will do the same thing (deliver your letter). The difference is what gas fees each network will charge.
The most popular network out there at the moment is Ethereum. Unfortunately, the gas fees on Ethereum are prohibitively expensive with transaction costs averaging in the $10’s of dollars, down from a high of $50 — $70 per transaction when $ETH was at an all time high of $4300.
For a game like Kryptomon where multiple transactions will be needed, it just made more sense to choose the network that offers a lower gas fee.
Hopefully that helped answer some of the common questions that you had. We’re always listening on Discord and Telegram so if there’s something you aren’t sure of, make sure to speak up. Even if someone can’t answer you immediately, we’ll be sure to come back with an answer if the question is a popular one.
Signing off for now, see you in game fellow trainer