Vector Smart Chain Introduces Fixed Gas Fee Model and Appoints Former CitiGroup Executive
Vector Smart Chain, a leading blockchain network, made waves in the crypto world with the introduction of a fixed gas fee model on Friday, May 9. This new model aims to bring stability and predictability to gas fees, addressing a longstanding concern in the industry.
Under the new system, all gas fees on Vector Smart Chain will be set at a flat rate of $4. This move is expected to provide users with transparency and confidence, particularly appealing to enterprise clients who value consistency in costs. The chain’s hybrid consensus mechanism, which prioritizes high throughput and quick finality, further enhances its appeal to corporate users.
“The $4 gas fee is not arbitrary; it is a carefully calculated amount that balances network security and accessibility. We are eliminating the uncertainty surrounding blockchain transactions,” a spokesperson for VSC explained.
Moreover, the fixed gas fee model is designed to make Vector Smart Chain deflationary in a controlled manner. With each transaction, $1 worth of VSC tokens will be burned, effectively reducing the total token supply in line with network activity.
Strategic Appointment of Former CitiGroup Executive
Alongside the implementation of the new gas fee model, Vector Smart Chain also announced the appointment of Peter Ritchie, a former Chief Financial Officer at CitiGroup Finance, as Strategic Finance Executive Consultant. Ritchie’s extensive experience will be instrumental in shaping VSC’s long-term financial strategy.
“This is not just about blockchain technology; it is about creating a transparent and resilient financial ecosystem. VSC is well-positioned to lead this evolution,” stated Peter Ritchie.
Ritchie’s role will involve guiding VSC’s global financial roadmap, ensuring the sustainability of its economic model, and strengthening relationships with institutional and enterprise clients. Additionally, he will play a key part in Vector Smart Chain’s commitment to achieving carbon-neutral status.
The appointment of Ritchie comes at a pivotal time for VSC, as the network continues to attract interest and partnerships. One notable development is the migration of BESC Exchange from Solana to VSC, driven by the latter’s robust infrastructure and promising economic model.
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