Vechain’s Abstraction Feature Removes VeWorld Wallet Transaction Fees April 6, 2023 April 6, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 6, 2023 by Kelly Cromley

Vechain’s Abstraction Feature Removes VeWorld Wallet Transaction Fees

The VeChain’s official web wallet, VeWorld, has been updated with a new feature known as “fee delegation.” The concept is quite potent as it eliminates the need for blockchain and distributed application users to pay transaction fees. Smart contracts take care of their finances instead. This removes a major barrier to acceptance and makes it much easier to get into a business.

Vechain has relied heavily on fee delegation as a fundamental aspect of their business usage approach up to this point. Businesses can purchase a license to utilize vechain’s blockchain technology and establish business networks on a public blockchain, even in countries with strict legal regulations. Vechain provides a more favorable blockchain environment for self-governing applications by utilizing cost-sharing techniques. This is achieved by catering to both individuals who lack technical expertise and those who possess cryptocurrency, thereby expanding the potential user base.

Fee delegation, when used in conjunction with VORJ, vechain’s upcoming Web3-as-a-Service platform, is providing blockchain developers with a significant advantage. This combination offers a quick, user-friendly, and cost-effective development environment. VechainThor is considered as one of the most potent and valuable blockchains available in the market.

According to Vechain, in order for blockchain technology to gain widespread adoption, applications need to be user-friendly like websites. The foundation aims to develop blockchain’s initial “killer app” that will attract numerous users and welcome the next billion Web3 users. They plan to achieve this through the use of fee sharing and the upcoming VORJ platform from vechain.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.