Wednesday, March 3, 2021

VeChain Brings Game-changing Enhancement to Its Fee-Delegation Protocol for Mass Adoption

VeChain (VET), the leading enterprise blockchain platform, has announced the introduction of new features, including Fee-Delegation as a Service (DaaS) and VIP-201, targeted at serving as a game-changing enhancement of its fee-delegation protocol.

The new development was shared a few hours ago via VeChain Foundation’s official Twitter handled and published on its Medium Page. According to the report, DaaS will open the door for the mass adoption of dApps, NFT gaming, and DeFi applications.

Read Also: VeChain (VET) Goes Live On Bitcoin.com Exchange

VeChain Foundation tweeted, “VeChain is excited to introduce the Fee-Delegation as a Service (DaaS) and VIP-201, a significant game-changing enhancement of our fee-delegation protocol. With DaaS, we enable seamless mass adoption of dApps, NFT gaming and DeFi applications!”

Read Also: Coinbase Moves to Launch Bitcoin and Crypto-Backed Loans for Users

Additional Information about Fee-Delegation as a Service (DaaS)

In a wider look into the blockchain space, interaction with blockchain-based decentralized apps (dApps), such as signing a transaction, without processing digital assets seems impossible.

Although there seems to be some kind of solutions, they are somewhat expensive, which makes them inefficient. An example of such a solution is Ethereum GSN.

According to the report, VeChainThor natively supports such third-party solutions through fee delegation protocol, especially the VIP-191 protocol.

In a nutshell, VeChainThor allows the payment of a user’s transaction gas fee by proxy, which removes the significant adoption hurdle in the process.

Read Also: IOTA Foundation Announces the Launch of Chrysalis Phase 1 on Mainnet with Over 1000 TPS

Obviously, having just the fee delegation protocol is far from enough to bring VeChainThor to the expected destination in the industry. This called for the need for Fee-Delegation as a Service (DaaS).

The report introduces the new feature, DaaS, as a new infrastructure-level module.

Below are the major functions of the newly introduced Fee-Delegation as a Service (DaaS):

  1. DaaS allows projects to hide the complexity of paying transaction costs from their users entirely, significantly improving the user experience and making them more able to be mass adopted.
  2. It will make it possible to pay any VeChain Ecosystem token for transaction gas fees on VeChainThor, potentially creating genuine demand for the token and relevant DeFi services.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

Related Articles

Latest Articles