Saturday, March 6, 2021

VeChain (VET) Mainnet Just Passed 101th Million Clause in Transaction

According to a report, the transaction on the VeChain (VET) mainnet has just reached a new height in terms of the number of clauses.

The new height was shared a couple of hours ago by a supposed VeChain enthusiast identified on Twitter as MiRei.

MiRei tweeted, “Believe it or not, we just passed the 101th million clause on the Vechain mainnet.”

The report received a lot of reactions from the VeChain community members, commending the continued growth of the blockchain project.

Read Also: VeChain Is Involved In the Newly Launched Blockchain by the Enterprise Singapore and Singapore University of Social Sciences

Summary of How Transaction Takes Place on VechainThor Blockchain

In addition to the Transaction ID and Transaction Signature, a transaction on the VeChainThor blockchain also contains the following information:

ChainTag is the last byte of genesis Block ID

BlockRef is the reference to a specific block. When the BlockRef is a block ID in the future, it gives the ability for users to configure the transactions to be executed as a specific block height.

Clauses: Each transaction may have multiple clauses, and each clause contains the “To”, “Value”, and “Data” fields that can be used to start different tasks, including payment or smart contracts.

Read Also: CREAM Analyzes Two Use Cases In Sync 2 That Make VeChain the Leading Network for Blockchain Mass Adoption

Gas is the maximum amount of VeThor willing to pay by the sender to execute all the clauses in the transaction.

Gas Price Coefficient: This can be modified by users to increase the amount of VeThor they are willing to commit in the predefined range to rank the transaction.

TxNonce is a random number in the transaction. Users can change the nonce to generate a unique TxID as part of the feature of the in-transaction proof of work (PoW).

Expiration is the number of blocks that can be used to specify when the transaction expires.

DependsOn is meant for the TxID of the prerequisite transaction of the current transaction.

Signature: Transaction signature.

Read Also: Crypto.com Exchange Launches VeChain (VET) and Chainlink (LINK) Lending Services

All the values mentioned above determine the Transaction ID on the VeChainThor blockchain. A transaction ID may only be used once. In such a situation, a second attempt to use the same Transaction ID will be disallowed.

This implies that that the system is safe from replay attacks, where a user sends multiple instances of the same transaction to drain another users’ account.


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

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

Related Articles

Latest Articles