Is there any specific transaction fee? Is there any specific percentage of transaction fee that is suppose to be paid by all the participants as per value of their BTC transaction?
no, trx fees are not calculated based on the value of a transfer.
TX fees incentivise miners, to include your trx in the block. Generally one can say, the higher you create your TX fee, the more probable it will be included in the next block. Or vice versa, the lower your TX fee, the longer it will have to wait, until it get's processed by a miner.