KEY TAKEAWAYS
- VeChain launches ‘Galactica,’ initiating a series of upgrades to the VeChainThor blockchain under the ‘VeChain Renaissance’ initiative.
- The Galactica phase introduces a dynamic gas fee market and standardized transaction envelope format to enhance network performance and integration.
- VeChain aligns with industry standards by enhancing Ethereum Virtual Machine compatibility, fostering cross-chain innovation.
- The voting on these upgrades begins February 24th, marking a significant step in VeChain’s 2025 roadmap.
VeChain has announced the launch of ‘Galactica,’ the first phase in a series of significant upgrades to the VeChainThor blockchain, as part of its broader ‘VeChain Renaissance’ initiative. This development, detailed here, is set to introduce a range of technical and tokenomic enhancements aimed at reshaping the blockchain’s foundational structure.
The Galactica phase includes four initial VeChain Improvement Proposals (VIPs) that will be subject to an all-stakeholder vote starting February 24th. This voting process will involve Authority Masternodes, Economic Nodes, and X Nodes, who are encouraged to participate in the VeVote event to approve these upgrades.
Key Features of the Galactica Phase
The Galactica VIPs introduce several key upgrades, including a dynamic gas fee market inspired by Ethereum’s EIP-1559. This new model replaces the fixed-fee structure with a base fee that adjusts according to network demand and an optional priority fee for faster transaction processing. Additionally, under VIP-251, all base fees will be burned, which is expected to accelerate the deflation of VTHO, VeChainThor’s native token, and optimize network performance.
Another significant upgrade involves the introduction of a standardized transaction envelope format. This change aims to streamline how VeChainThor processes blockchain operations, facilitating easier contract interactions and allowing for smoother integration of new features without disrupting the network.
Aligning with Industry Standards
VeChain’s upgrades also focus on aligning with industry standards, particularly through enhancements to the Ethereum Virtual Machine (EVM) compatibility. By synchronizing with recent EVM advancements, VeChainThor aims to provide a seamless pathway for developers to port their tools and applications to its platform. This move is expected to foster cross-chain innovation and deeper blockchain integration.
Furthermore, the upgrade introduces PUSH0 and optimizes gas costs, while extending JSON RPC support to enhance compatibility with Ethereum-native tools and wallets. This is part of VeChain’s broader goal to expand its ecosystem and facilitate mass adoption.
The voting period for these transformative VIPs begins on February 24th, marking the start of VeChain’s journey toward its ambitious 2025 roadmap. The Galactica phase lays the groundwork for the subsequent Hayabusa and Interstellar phases, which aim to further enhance VeChainThor’s capabilities and adoption.
Why This Matters: Impact, Industry Trends & Expert Insights
VeChain has launched ‘Galactica,’ the first phase of a significant upgrade series for its VeChainThor blockchain, aiming to enhance its technical and tokenomic capabilities through community-driven proposals.
Recent industry reports indicate a trend towards major blockchain upgrades, with Ethereum’s Pectra upgrade also in the spotlight. This reflects a broader industry movement towards enhancing blockchain efficiency and usability, which aligns with VeChain’s Galactica phase.
As per insights from CryptoNews, VeChain’s Galactica upgrade is seen as a foundational enhancement, introducing a dynamic gas fee model and improved EVM compatibility. This supports the initiative’s goal to boost network efficiency and developer engagement, potentially increasing adoption and investor interest.
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