What does vechain mean (what does vevsion mean)?

08/12/2023 18:38 • Metaverse Matters • 75 views

What does vechain mean? Vechain is a decentralized cross-chain communication protocol built on blockchain. It is composed of multiple independent developers and achieves trustless communication, payment, and other functions through smart contracts. Its features include:

1. Scalability;

2. Security;

3. Privacy protection.

The currently supported tokens are: USDT (formerly BTC), BNB (formerly ETH), EOS (formerly BSC), and HT (formerly BNB).

4. User-friendly.

5. Low-cost transactions.

6. High-performance transactions.

7. Low latency.

8. Flexibility.

9. Transparency and interoperability.

What does vevsion mean?

Editor’s note: This article is from the Vevsion Chinese community (ID: vEVION_ONE) and is authorized for publication by the Planet Daily.

Hello everyone:

Vevsion is a high-performance public chain based on EVM. It will support Ethereum Virtual Machine and EVM compatibility. As a Layer2 solution, one of its core functions is to allow developers to build various smart contracts on Ethereum using Solidity. We all know that the development threshold on Ethereum is very high, so many projects will put these technologies on the mainnet to do some experimental work. However, for most users, they may not pay attention to this issue. Therefore, in order to solve these difficulties and improve blockchain performance, Vitalik also proposed a new solution called Vevecoin (VEV). So what is VeloCoin? Simply put, it is a blockchain protocol implemented through smart contracts, namely VET. How does it work? It uses a mechanism called “tokens” as a digital currency, issued to specific groups and rewarded. Its operation mechanism is also like this, that is, everyone participating in the network needs to pay a certain fee to obtain corresponding incentive measures or subsidy tokens. If a node wants to become a validator, it can provide its own qualification as a validator, which ensures that it will not be controlled by any centralized third party, and this behavior can also ensure the normal operation of the platform without relying on traditional intermediaries to maintain the entire system, which is equivalent to directly dispensing money to each user’s account. This is called liquidity. At present, there are mainly three types of transaction types in the market, including in the form of USDC/BNB and in the form of encrypted currencies such as USDC/DAI. However, the most representative two cases are: the first type, when users send BTC to the exchange, they will receive the settlement amount in ETH; the second type, when the platform collects fees, a part of it will flow to the token holder’s address. Due to the inability of some investors to cash out their tokens, causing the price to rise, the resulting balance becomes zero. Due to the above method, users need to convert ETH to BTC before they can complete the transaction when they want to buy a large amount of ERC20 VET. Another scenario is when a user sends BTC to another client, it will be packaged into a block and then broadcast back to the original client. For example, if the user receives the mapping of Bitcoin Cash (BCH), the miner can trade by receiving BTC. In the case of BCH, the mined Bitcoin has been converted to BCHN, and after a period of time, the newly generated native coins will be transferred to the newly created data. (Source link: https://bitinfochart.com)

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/08/12/what-does-vechain-mean-what-does-vevsion-mean/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

What does vechain mean (what does vevsion mean)?

What does vevsion mean?

Recommended articles