- The VeChainThor ecosystem is set for expansion with new Vechain Improvement Proposals (VIPs).
- Through the Galactica innovation, the protocol aims to expand the Renaissance upgrade.
VeChain (VET) is moving forward with its key upgrade, Renaissance, with the introduction of Galactica. According to the blockchain protocol, Galactica is part of the broader VeChain Renaissance project, which aims to reshape the platforms technical and economic foundations.
Introducing Galactica VIPs
The Galactica phase introduces four key VeChain Improvement Proposals (VIPs) that promise to enhance the blockchains capabilities. These proposals mark the start of a journey that fundamentally reshapes the foundations of the VeChainThor blockchain.
The four proposals include the Gas Fee Market, Typed Transactions, an EVM upgrade, and an Extension Contract update. Each is designed to optimize VeChains performance and increase its compatibility with other blockchain technologies. They also provide a more robust framework for future developments.
Inspired by Ethereum EIP-1559, VIP-251 replaces the current fixed-fee model with a dynamic fee market. Under VIP-251, 100% of base fees are burned, accelerating VTHOs path to deflation. This model increases overall gas consumption and optimizes network performance.
VIP-252 offers a standardized transaction envelope format transforming how VeChain handles blockchain activities. This VIP identifies and manages different types of blockchain transactions and makes contract interactions easier.
This approach allows VeChain to integrate new features smoothly and continuously. Per its design, it allows the protocol to evolve without disrupting network operations or fragmenting the ecosystem.
The third proposal, VIP-242, aligns with Ethereums Shanghai release and brings VeChainThor up to date with recent Ethereum Virtual Machine (EVM) advancements. This upgrade will allow developers to use Ethereum-native tools and applications, increasing the breadth of the VeChainThor ecosystem.
The fourth proposal, VIP-250, focuses on improving developer efficiency by introducing new functions that simplify contract execution. It shows VeChains dedication to creating a developer-friendly environment that allows for complicated decentralized applications.
Galactica, the first phase of the VeChain Renaissance, lays the technical foundation for the upcoming Hayabusa and Interstellar phases. These upgrades are more than technical improvements. They mark the beginning of VeChainThors carefully planned evolution into a leading force in blockchain adoption.
Galactica VIPs Voting
The voting process for these VIP upgrades commenced on February 24. All stakeholders, including Authority Masternodes, Economic Nodes, and X Nodes, were invited to participate in the voting, shaping the future of VeChainThor. This democratic method reflects VeChains commitment to community engagement and decentralized governance.
As we highlighted in our earlier article, VeChain Renaissance brings a new staking system that shifts away from passive rewards. This reorganization aims to improve network participation by introducing an NFT-based staking scheme and redefining VeChainThors tokenomics.
The staking system introduces Delegator NFTs, which denote various shades of VET commitment. Seventy percent of block rewards will go to Delegators, while the remaining 30% is allocated to Validators and block producers.