Vechain Eliminate Blockchain Transaction Fees For VeWorld Wallet Clients

Apr. 7, 2023
Vechain Eliminate Blockchain Transaction Fees For VeWorld Wallet Clients

Vechain (VET), one of the most energy-efficient blockchain platforms, has declared the launch of a new feature that will eliminate gas taxes in its official web wallet, VeWorld. This new feature is known as “fee delegation.” It is one of the most powerful tools that can attract newcomers to Vechain. Hence, this step may lead to future mass adoption in which VET may play a leading role in the industry.

This concept is powerful because it removes the Aneed for decentralized applications and blockchain users to pay transaction fees. Instead, smart contracts take care of their payments. However, the latest development removes a key adoption hurdle to acceptance and makes it much easier to get into the blockchain space.

As per Vechain’s latest blog:

“We’ve just implemented fee delegation in our Web Wallet providing developers with powerful capabilities by removing the need for users to pay gas fees.” The company added, “Mass adoption of blockchain will only occur when it is as simple as using the internet.”

Role of Fee Delegation In Building Business Networks

To date, Vechain has mainly relied on fee delegation as a core aspect of Vechain’s enterprise adoption strategy. Businesses can even pay for licenses to use Vechain’s blockchain. However, it will allow enterprises to build business networks on a public blockchain, even in regions with strict legal regulations.

Vechain provides a superior blockchain environment for decentralized applications (dApps) by using cost-sharing techniques. This is achieved by catering to non-technical users or cryptocurrency owners, thereby maximizing the potential user base.

Fee delegation, when used in conjunction with Vechain’s upcoming Web3-as-a-Service platform VORJ, gives blockchain developers a big advantage. This combination provides an incredibly fast, cost-effective, user-friendly ecosystem. VechainThor is one of the most valuable and powerful blockchains in the industry.

For blockchain technology to gain worldwide popularity, apps need to be as easy to use as websites, Vechain said.

After the announcement, the price of VET increased by 2%. Vechain is currently trading at $0.024 and is generally moving up this month. VET is still not organized and is losing most of the profits it generated this year. Meanwhile, removing gas fees on wallets is an impressive step, it will lead to mass adoption.

Last month, VET announced a partnership with BCG (Boston Consulting Group). BCG is a US-based global management consulting firm. The partnership reportedly asked BCG to analyze Vechain’s business and recommend ways to strengthen the company’s sustainability strategy.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.