Features of new VeChainThor transaction model

A recent tweet by the VeChain’s Official team confirmed the release of VeChainThor Blockchain Transaction Model.

VeChain is aiming to develop a model which is more stable and provides predictable transaction cost and better financial services to its users. The new transaction model is designed based on the Multi-Party Payment Protocol by VeChain. The team is concentrating on delivering this platform for all the developers at different levels of programming. They are making it more and more advantageous to developers and enterprises by solving most of the existing issues in the current blockchain transaction systems.

VeChain’s recent tweet:

Introducing the VeChainThor Blockchain Transaction Model, an innovation enabling mass adoption.”

They have introduced 10 values to the VeChainThor blockchain which determine the Transaction ID. This makes the system safe from ‘replay attacks’, wherein a user sends multiple instances of the same transaction to drain another user’s account.

Following are the 10 information which has been added to the new model:

  • ChainTag – The last byte of the Genesis Block ID.
  • BlockRef – BlockRef is the reference to a specific block. When the BlockRef is a block ID in the future, it enables users to configure the transactions to be executed as a specific block height.
  • Clauses – Each transaction may contain multiple clauses, and each clause contains the “To”, “Value”, and “Data” fields that can be used to commence different tasks such as payment or smart contracts.
  • Gas – the maximum amount of VeThor the sender is willing to pay to execute all the clauses in the transaction.
  • Gas Price Coefficient – sers can modify the Gas Price Coefficient to increase the amount of VeThor they are willing to commit in the predefined range as to prioritize the transaction.
  • TxNonce – TxNonce is a random number in the transaction. Users are able to change the nonce to generate unique TxID as part of the “in-transaction proof of work” feature.
  • Expiration – The number of blocks that can be used to specify when the transaction expires.
  • DependsOn – DependsOn is for the TxID of the prerequisite transaction of the current transaction.
  • Reserved: Reserved field for backward compatibility. The initial default value must be 0.
  • Signature: Transaction signature.

The Clauses field is capable of including several clauses together in one transaction. This lets a single transaction to have multiple outputs. It provides more flexibility to the blockchain. VeChainThor Blockchain can accommodate businesses both Clauses and the Transaction ID systems when they need transaction dependency and independent transactions.

Based on the Clauses field, relevant tasks will be processed in order during the transaction. This helps in providing an efficient and secure way of executing the transactions. The multi-task mechanism provides easier and systematic solution for all the complex issues at the enterprise level. The development of DApps on the VeChainThor blockchain is also simplified with this solution.

Anders, a VeChain proponent says:

VeChain is as always leading the pack and showing how it should be done. VeChainThor is bound for massive adoption and will without doubt become a top tier blockchain! Viva VeChain $VET $VEN $BTC $ETH

Ali Kemal, a Blockchain enthusiast commented:

What a great project. I hope you will succeed in your goals to make the world a better place”

Another Twitterati says:

“I cant wait to transact with this blockchain model! OH YEAH!!!”

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