Cryptocurrency

Almost 80% of All VeChain Transactions are Fee Delegated –Statistical Report

A statistical report has highlighted that almost 80% of all transactions performed on the VeChain network are fee delegated. The report, profiled by VeChainStats, a VeChain community projects indicated that fee delegated transactions on the network since mainnet launch revolve around 80%.

Since June 30 2018 to August 31 2019, the VeChain network saw 33,449,167 clauses. Of it, 266,445,400 are delegated.

On the mainnet, a clause is equal to a transaction on Ethereum. While a clause cannot be regarded as an event, it can however achieve multiple contract events.

At the time of writing, 96% of transactions are fee-delegated. VeChain introduced fee delegation to its network to boost cryptocurrency adoption.

The features takes fund movement on the blockchain space with importance. It allows transaction(s) costs to be paid not by the user or those involved in the transaction(s) but by a separate entity.

The VeChain network makes use of advanced VIP191 protocol or Multi-Party Payments (MPP) to apportion transaction costs to the separate entity not involved in the transaction(s). The fee is important for crypto enterprise and user adoption of network.

The VeChain community statistics also reflect that the average block time of VeChain mainnet in the last 428 days is around 10.03s, an indication that it is very close to the 10 seconds goal.

As par the inference of the statistics, the VeChain toolchain is delivering topnotch transactions, denoting that success coupled with the transaction peak give the network the opportunity to succeed in 2020 and beyond.

Aside that, new projects flooding into the network will impact the transaction volume positively.

According to VeChainstats, VeChain had its highest daily transactions of 115, 893 on the 28th march 2019, and its highest daily clauses of 1,115,426 on 16th July, 2019.

At the time of filing this report, VeChain is trading around $0.004251 with 4.47% price upsurge in the last 24 hours. The digital currency $235,714,872 and a 24 hour market volume of  $25,600,303 USD.

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Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Olayode Yusuff

Olayode has made meaningful contributions to Huffington Post, Thrive Global, Oracle Times, The Independent Republic, Forbes, Washinghton Post and a host of other news magazine.

He’s a blockchain enthusiast covering news on notable cryptocurrencies and seminars from far and within.

Email: olayode.yusuff@newslogical.com

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