VeChain (VET) is Focusing to Improve on Mainstream Adoption of the Vechain. VeChainThor provides security, scalability, and affordability.
The unique dual tokens (VET+VTHO) model detaches the volatility of VET. Therefore, the cost of using the blockchain (VTHO) and the dApps running on VeChainThor will have stable and predictable fees.
In April 2021, the base gas price on VeChain Thor was reduced by the Steering committee after due voting on the matter by the community. Since there is a reduction in the base gas price on Vechain, it will be possible for the Dapps on the VeChain to facilitate a better user experience, which will be at par with conventional web applications. The Dapps will do this by taking advantage of the fee delegation and multi-task transaction features.
For clarity, Fee Delegation is done by a Multi-Party Payment prototype for all users and Designated Gas Payer (VIP191) for individuals. To prevent abuse of the plan by malicious users, smart contract users will be able to set up rules on how to pay for transactions from users. There is also a concept called Master Account, which makes it easy for dapp owners to use the Multi-Party Payment prototype and manage their dapps efficiently.
A new version of the VeChainThor mobile wallet which reflects the reduced Base Gas Price, has also been released to the App Store and Play Store. And, users were advised to update to the latest version.
One of the users pointed to how VET holders will actually have a huge reduction in passive income after this implementation because the demand for VTHO is 100 times less now.
However, many community members stated that this enables real businesses to create real value.
Developers will now be able to build projects for NFT marketplaces, NFT-enabled games/applications, enterprise-level NFT solutions, DeFi applications, token bridges, cross-chain tools, research projects, and several other projects. It is noteworthy that the interest in NFTs is skyrocketing.
Therefore it is not surprising to see VeChain do something about hoisting their presence in the NFT era. The VeChain Foundation has committed nearly 1 million to VeChain eNFT ecosystem.
To ensure transparency and tracking in the Grant Program, a complete application process has been developed.
Ranging from the E-HCert App to mitigate Covid-19 in Cyprus, keeping up with the NFT Frenzy, and improving several enterprise-level partnerships, VeChain blockchain is very active in terms of getting in touch with the requirements of the mainstream.