At the conclusion of our community coin poll last week there was a clear winner – VeChain Thor. There is much love for this sleeping giant, and for good reason. The accolades, partnerships and sheer tech superiority overshadow much of the Cryptocurrency industry combined.
The CryptoInMinutes community coin won at the most serendipitous of times. $VEN or as it will soon be referred to as VeChain Thor just released their Public Beta Testing 3 days ago on the 14th of June and are well on track to releasing their Mainnet in the coming weeks.
If you have read our previous review on VeChain you would have already been captivated by the impressive armada of partnerships and features the platform brings to the table, running out to tell all of your friends and relatives to invest – and you are right. We do not want to repeat what is already common knowledge so we will talk about a feature of VeChain that truly is revolutionary in the world of Blockchain – VeChain Multi-Party Payment Protocol.
First let’s define the problem and later you will see why VeChain Multi-Party Payment Protocol is brilliant yet necessary for enterprise adoption of Blockchain.
A first time user buys something with Cryptocurrency, let’s say $ETH. They have to pay a gas fee. Hold on a second, you never have to pay any fee to use a credit card, but with $ETH you have to pay a gas fee. The user is inclined to stick with the fee free option, and for good reason.
Now imagine a sneaker manufacturer that wants to store production and authenticity information on the Blockchain. Every time a pair of sneakers is purchased, the customer has the ability to trace the entire chain of custody of that pair of sneakers to verify their authenticity. That is a great value add for manufacturers, but will each participant in the production and delivery process be willing to pay a fee every time a pair of sneakers is scanned to record another entry in the chain of custody?
Every time you want to create a new entry on the Blockchain, even if it is not something you would normally pay for, you have to pay a fee in Cryptocurrency.
VeChain has come up with a solution to the above problem – VeChain Multi-Party Payment Protocol.
The elegant simplicity of this new VeChain technology makes the elevator pitch quite easy. The VeChain Multi-Party Payment Protocol (VMPP) is a way for smart contract developers to create rules about who pays the transaction fee. Simple.
Presently the seller usually pays the fees. With payment platforms like Ethereum, there is no way to do this yet. This is the main barrier to adoption of decentralized applications. VeChain VMPP removes this barrier.
If you would like to read more about VMPP you may do so at – https://medium.com/@vechainofficial/introducing-the-vechain-multi-party-payment-protocol-525daf1bee7
The VeChain Thor platform continues to work under the radar going from strength to strength working towards enterprise adoption. Their laundry list of commercial partners including BMW and DNV GL are a testament to their burgeoning success.
We at CIM are very excited for the VeChain Thor Mainnet launch which is scheduled to occur on June 30th. Stay tuned as we will be keeping you up-to-date on this exciting project. We will be running another community coin contest in the coming weeks so head to our community channel to participate.