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.
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!”
#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.
— VeChain Foundation (@vechainofficial) January 15, 2021
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.
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):
- 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.
- 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.