Fee Delegation Added To The VeWorld Wallet, Eliminating User Transaction Fees — Onboarding The Next Billion
Vechain continues to pioneer development of ground-breaking technologies that overcome the obstacles of blockchain adoption.
One of our most powerful features — fee delegation — has allowed leading global enterprises to use the VechainThor public blockchain without paying transaction fees or managing crypto assets directly. This incredibly innovative feature has opened many doors for vechain and continues to place us at the centre of real-world business blockchain development.
Today, we’re excited to share we’ve implemented fee delegation in our official Web Wallet — VeWorld — eliminating the need for users to manage their own transaction fees and opening the doors to mass adoption.
Breaking Down Adoption Barriers
With VeWorld, our mission was making blockchain as simple as possible. With this update, we’ve unlocked powerful capabilities for developers, marketplaces, DApp users and ultimately, members of the public who simply wish to use blockchain applications without the traditional pitfalls.
In the current paradigm, users must navigate crypto exchanges, purchase tokens and send them to their personal wallets, all the while taking care to select the correct networks, public addresses and so on. For many, this hurdle is problematic, presenting a key challenge for the macro adoption of blockchain.
With this update, users can simply navigate to VeWorld’s settings, add a sponsor account or URL, and use the blockchain without managing transaction costs at all.
In the above example, the delegating URL is provided by ‘vechain.energy’ — a vechain ecosystem tool builder who developed a transaction sponsoring service called ‘VeFree’. The service allows the user to simply select the delegating URL at the moment of sending a transaction, with fees on the user’s behalf.
Fee delegation also allows users to delegate transaction cost payments from another wallet of their own, presenting powerful new capabilities. X-Nodes, for example, gain the potential to become ecosystem ‘gas stations’ for DApps, businesses, DeFi or any other kind of activity running on vechain’s blockchain, offering new utility and business potential.
Tutorials will shortly follow on the process of setting up sponsor accounts.
A Powerful Playing Field for DeFi, DApps
Mass adoption of blockchain will only occur when it is as simple as using the internet. By implementing one of our most powerful abstraction features in the VeWorld wallet, vechain is creating the optimal environment to facilitate mass adoption and onboard the next billion users.
When combined with VORJ, our upcoming Web3-as-a-service platform, we’re building the most powerful blockchain environment on the market for builders, businesses and everyone in-between looking to embrace the power of Web3 technologies. For our global sustainability ambitions, this combination will prove revolutionary.
Naturally, VeWorld has more exciting features in the pipeline — you can read more on those here.
Our pioneering approach to tool building is taking the entire blockchain sector to new adoption territories. We have many more exciting developments in 2023 that promise to unlock the power of vechain for the global economy — we can’t wait to share what we’ve been working on.
Vechain, headquartered in San Marino, Europe, is the curator of VechainThor, a world leading smart contract platform spearheading the real world adoption of blockchain technology.
Through leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts and IoT technologies, VechainThor has enabled solutions across a wide array of fields. Vechain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.
Visit https://www.vechain.org to learn more.