What is Vechain Cryptocurrency?
Vechain is a public blockchain technology that derives its value from activities created by members within the blockchain ecosystem.
It also aims to solve real-world economic problems.
Vechain is known for having multiple features to solve these problems which will be discussed here.
Meta-Transaction Features
This is the main feature of the vechain network that involves
Controllable Transaction Lifecycle
With BlockRef and Expiration transaction fields, users can set the time when the transaction is processed or expired if not being included in a block.
Multi-party Payment (MPP)
Flexible transaction fee delegation schemes enable a freemium model within a decentralized application to onboard users without friction.
Multi-task Transaction (MTT)
Multi-function atomic transactions allow developers to batch payments, add multiple calls to different contract functions into one transaction and determine their sequence.
Transaction Dependency
Set dependencies to ensure the execution order meets the business need, transactions that specify a dependency will not be executed until the required transaction is processed.
Proof of Authority
Vechain is a masternode project that uses the proof of authority consensus for the development of vechain ecosystem and maintaining the VechainThor protocol.
PoA addresses enterprise’ common concerns of inefficient upgrade and waste of energy.
PoA is almost similar to POS (proof of stake)
Features of PoA
Low computation power required to achieve network security and consensus integrity.
Controlled via the built-in smart contract, hard forks can be avoided in case authority masternodes fail to upgrade.
All Authority Masternode Operator identities are strictly verified by the Foundation
Vechain Governance
The vechain governance is basically the authority given to the vechain community for decision making and voting on community elections. Later it is executed.
Most of the masternode cryptocurrency projects have the governance feature to prove its decentralization.
Vechain Economic Model
The unique dual-token system (VET+VTHO) significantly helps separate the cost of using blockchain from market speculation. Due to the correlation with the blockchain resource utilization, the cost is more predictable with the monitoring of the VTHO supply and demand. In addition, the Foundation’s governance mechanism further stabilizes the cost.
Toolchain
Toolchain is a blockchain platform that offers various services like, product lifecycle management, supply chain process control, data deposit, data certification, and process certification.
With toolchain, any business, small or big can use blockchain technology to enhance, add value and expand into new business models.
Toolchain is also called Vechain’s blockchain as a service (BaaS).
Official Vechain Wallets
Sync – Desktop Wallet, Available on Windows, MacOS and Linux
Vechain wallet for IOS
Vechain wallet for Android
This post was originally published by us at : https://blockchaintrends.io/what-is-vechain-cryptocurrency/