Connect with us

Hi, what are you looking for?

ELEVENEWS

VeChain

VeChain (VET) Offering Fee-Delegation as a Service to Improve Mass Cryptocurrency Adoption

VeChain have introduced a Fee-Delegation as a Service (DaaS) and VIP-201, which is considered to be a significant game-changing enhancement of their fee-delegation protocol. With DaaS, they are able to enable seamless mass adoption of dApps with NFT gaming and DeFi applications.

This is important because users who make use of the public-blockchain-based decentralized applications (dApps) sign transactions with their private keys to kick start the smart contract functions and pay a value to have their transactions executed and documented in the public ledger.

If users have to pay in crypto they need to invest in crypto and have it in hand and the crypto should sustain the value fluctuations in volatility.  Thus, when transaction costs differ and the value of the crypto fluctuates there is an issue when it comes to paying the transaction fee in a particular crypto to pay for the dApps and this leads to problems with mass adoption as not all will be interested to play with volatility.  Not all of them have the endurance to deal with volatility trends.

VeChain have to state that they think it is important to only provide with the infrastructure for the Dapps and not to be directly exposed to the users of decentralized applications which is running on the VeChain network. So, far solutions for this issue have proven to the inefficient.



Of note, the VeChainThor natively supports these functions and they are now happy about the fee delegation protocol made possible with VIP-191 protocol.

The DaaS permits the projects to hide the difficulty in the process of paying transaction costs from their users, thus improving the user experience making mass adoption easy.

Thus it will be possible to pay for the transaction fees for any project in the VeChain Ecosystem thus they believe that VeChainThor are creating a genuine and unique demand for the token and the related DeFi services.

The details of how to structure a dApp with DaaS on VeChainThor is clearly provided in the network.

VeChain (VET) Mass Adoption

This has been also the problem in several other ecosystems.  Users are okay about paying for a service or Dapp they are using, but they do not want to go through a lot of conversion and inter-conversion of value by paying in different crypto.  This is one reason for why decentralized cryptocurrency came in to being; however, it just looks like there are several domestic cryptocurrencies, the different native tokens of different ecosystems are having to be interconverted and the same problem is surfacing and the developers are doing what it takes to keep away from such issues.

 

Advertisement
Advertisement

Copyright © ELEVENEWS