VeChain Unveils Galactica: A New Era for VeChainThor with VIP Upgrades

VeChain, a prominent player in the blockchain space, has announced a significant phase in its development termed ‘Galactica’, marking the beginning of a transformative journey for the VeChainThor blockchain. According to VeChain Official, this initiative is part of the broader VeChain Renaissance project, aiming to reshape the platform’s technical and economic foundations.

Galactica VIPs: A Step Towards Evolution

The Galactica phase introduces four key VeChain Improvement Proposals (VIPs) that promise to enhance the blockchain’s capabilities significantly. These include the Dynamic Gas Fee Market, Typed Transactions, an EVM upgrade, and an Extension Contract update. Each of these proposals is designed to optimize VeChainThor’s performance, increase its compatibility with other blockchain technologies, and provide a more robust framework for future developments.

VIP-251: Dynamic Fee Market

Inspired by Ethereum’s EIP-1559, VIP-251 proposes a dynamic fee market to replace the current fixed-fee model. This change is expected to make network transactions more efficient and cost-effective by adjusting fees based on network demand, with 100% of base fees being burned to promote deflationary effects. This proposal also aims to enhance network security by making spam attacks financially unfeasible.

VIP-252: Typed Transactions

VIP-252 introduces a new transaction format that simplifies blockchain interactions and enhances the network’s ability to integrate new features. This modular approach is expected to facilitate seamless upgrades and maintain network stability, setting a solid foundation for future innovations.

VIP-242: EVM Compatibility

Aligning with Ethereum’s Shanghai release, VIP-242 updates VeChainThor’s EVM capabilities, allowing for greater cross-chain innovation and integration. This upgrade will enable developers to leverage Ethereum-native tools and applications, broadening the scope of VeChainThor’s ecosystem.

VIP-250: Extension Contract Enhancements

This proposal focuses on improving developer efficiency by introducing new functions that simplify contract execution. It represents VeChain’s commitment to providing a developer-friendly environment that supports the creation of complex decentralized applications.

Stakeholder Involvement and Next Steps

The voting process for these VIP upgrades is set to commence on February 24th, inviting all stakeholders, including Authority Masternodes, Economic Nodes, and X Nodes, to participate in shaping the future of VeChainThor. This democratic approach underscores VeChain’s dedication to community engagement and decentralized governance.

As part of the VeChain Renaissance, the Galactica phase is just the beginning, with future phases such as Hayabusa and Interstellar promising further advancements. Stakeholders are encouraged to join discussions and participate in upcoming events, including an AMA session with VeChain CEO Sunny Lu, to gain deeper insights into the project’s trajectory.

Through these upgrades, VeChain aims to fortify its position as a leader in blockchain technology, paving the way for mass adoption and a more interconnected blockchain ecosystem.

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