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- 1 VeChain offers solutions in various sectors such as logistics, supply chain management Etc.
- 2 OceanEX is one of the popular projects on VeChain that is currently in the headlines.
VeChain’s meta-transaction features facilitate enterprise adoption by offering multi-party payment options, controllable transaction lifecycle, multi-task transaction support, and transaction dependency.
Features of VeChain’s Meta-Transaction
Flexible transaction fee delegation schemes enable decentralized applications to adopt a freemium model and onboard users easily. Enterprises can use VeChain’s innovative fee delegation protocol to manage the gas fees required to use the network by having a smart contract and designated gas account.
The Expiration and BlockRef transaction fields allow users to set the time for executing or expiring a transaction if it is not included in a block, providing control over the transaction lifecycle.
Developers can use multi-function atomic transactions to batch payments, include multiple function calls to various contract functions in a single transaction, and control the order of the calls.
VeChain’s PoA consensus mechanism evolved from PoA 1.0 to PoA 2.0 for block validation. PoA 1.0 relied on Authority Masternodes for block validation at the launch of the VeChainThor blockchain in 2018, offering efficiency and low energy consumption but struggling with scalability and financial limitations.
VeChain’s governance is overseen by a community-elected Steering Committee responsible for strategic decision-making and overseeing VeChain improvement proposals (VIPs). This system offers lower organizational and technical development uncertainty due to role-based voting.
Popular Projects on Vechain
OceanEX is a cryptocurrency exchange within the VeChain ecosystem that prioritizes security, efficiency, and an exceptional user experience. It facilitates simplified trading of digital assets, notably coins built on the VeChain network.
Safe Haven is a digital inheritance solution on VeChainThor blockchain that securely transfers digital assets and sensitive information to designated beneficiaries in unforeseen circumstances. It contributes to a more reliable and forward-looking approach to digital inheritance.
MustangChain is a comprehensive equine management platform built on VeChainThor that records essential information on breeding, health, ownership, and competition records. It enhances trust and traceability in the equine sector, making a significant advancement in the application of blockchain technology to industry-specific use cases.
VeChain offers solutions in logistics, supply chain management, health, automobile, and carbon emissions tracking. Renowned companies and brands including Walmart China, PwC, and the UFC collaborate with VeChain, leveraging their technology for secure and transparent tracking of goods and services.
As VeChain continues to scale, its utility-driven integrations hold the potential to provide even more distinctive solutions to various global industries.
Conclusion
VeChain offers enterprise solutions in logistics, supply chain management, health, automobile, and carbon emissions tracking. Companies like Walmart China, PwC, and the UFC collaborate with VeChain for secure and transparent tracking of goods and services. OceanEX, Safe Haven, and MustangChain are some of the popular projects. VeChain’s meta-transaction features provide multi-party payment options, controllable transaction lifecycle, and transaction dependency.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
