Deciphering VCoin: The Blood of VEE Sustainable Virtual Economy Model
What is VCoin?
VCoin is the cryptocurrency running on the VEE blockchain database cloud platform. Following the VEE Mainnet launch in September 2018, the genesis block was generated and VCoins are used to pay for various transaction fees on the VEE platform, including the Supernode application fee. In addition, VCoin holders can also lease VCoins to Supernodes for coin minting to obtain revenue.
With the iterative upgrade of the VEE Mainnet, VCoin can also be used to support the development and use of smart contract and decentralized applications, as well as to purchase resources provided by the VEE blockchain database cloud platform, such as computation, memory, RAM, storage, random IO and sequential IO, etc.
VEE Total Transaction Type
- Payment Transaction
- Lease / Cancel Lease Transaction
- Content / Release Slot Transaction (minter only)
- Minting Transaction (minter only)
- DB Put Transaction (+ more feature later)
- Smart Contract (released later)
VEE Economy Model Features:
- Green Virtual Economy: Based on the SPoS protocol, VEE economy model consumes almost no energy and is highly scalable.
- Stable Economic Expansion: New VCoins are generated from Supernode minting at a fixed inflation rate of 5.5% every year. Thus, the economic expansion VEE ecosystem is more predictable and more stable.
- Balanced Economy System: VCoin innovatively adopted the transaction fee destruction mechanism. When the total transaction cost of the system is close to the economic expansion rate, the entire economic system will tend to balance to ensure the economic system is more prosperous and stable.
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