What is Vexanium? – The Complete Guide to Understand Vexanium Blockchain 101

What is Vexanium? – The Complete Guide to Understand Vexanium Blockchain 101

Vexanium is an open-source blockchain protocol to create smart contracts and decentralized applications (Dapps) on top of its network. As the first decentralized public blockchain platform from Indonesia, the Vexanium blockchain network launched by Vexanium Foundation, a non-profit organization that has been established since March 2018.

Vexanium = Blockchain Protocol
Vexanium Foundation = Non-Profit Organization

With its technology, Vexanium claims to provide the next generation blockchain that is created for decentralized applications usability and retail penetration by also utilizing its cryptocurrency, which is called VEX coin. Vexanium blockchain technology is a technology that prioritizes network scalability and speed, without eliminating the concept of decentralization from the blockchain itself.

Who Owns and Run Vexanium Blockchain?

Even though Vexanium is launched by the Vexanium foundation, Vexanium is a decentralized network that can only be managed by people who are part of the network (nodes) or commonly called block producers. The block producers are tasked to run the Vexanium blockchain network by validating each transaction and making regulations on the network, this is what is called an autonomous organization.

Block Producers (BPs) are a decentralized entity (organization) usually consisting of a group , companies or organizations selected through the e-voting blockchain system in the DPoS Consensus that regulates Vexanium blockchain. The block producers task will produce new blocks in the Vexanium protocol blockchain and verifying various transactions that occur on the Vexanium protocol blockchain

Vexanium Blockchain Key Features

Considered as the third generation of blockchain technology, Vexanium blockchain has several important features that distinguish it from previous blockchain technologies. Here are five main key features of its blockchain:

Scalability

Vexanium can accommodate 1500 to 2000 TPS (transactions per second) whereas most blockchain platforms will only accommodate 10 to 100 TPS. This is because block production (transaction validation) is done every 0.5 seconds or the same as two blocks every second, while the previous blockchain generation requires about one to ten minutes to produce one block.

No Transaction Fees

Vexanium doesn’t charge transaction fees like most platforms that typically need transaction fees in each transaction created by users. Vexanium uses a resource fee model, which allows users to make transactions on their network just by renting computing power. By using this kind of model allows users to do transactions only with rental computing power which can later be retrieved again.

Basic Programming Language

Vexanium blockchain supports C++ programming language, therefore, the computer programmer is going to be easier to make a smart contract using Vexanium blockchain. Some of the previous generation blockchain for creating smart contracts and Dapps, usually use programming languages that can be considered uncommon, such as solidity and rholang.

Blockchain Governance

In Vexanium, the governance is maintained by putting in jurisdiction and selection of law, as well as reciprocally accepted rules. This can be achieved via the binding constitution. every group action in Vexanium needs the hash of the constitution connected to the signature, which primarily binds the users to the constitution. This governance is controlled by block producers which are incorporated into nodes in the Vexanium blockchain network.

Upgradability

All Dapps deployed on the Vexanium blockchain platform are upgradeable. this implies users may be licensed to deploy fixed code, add/change options, and alter application logic. Moreover, developers will reiterate their application while not the chance of being for good hooked up to an error or bug. Nonetheless, it’s additionally doable to deploy irreversible Vexanium smart contracts. 

Vexanium Consensus Mechanism

Blockchain governance can be run with one of the consensus mechanisms created by Dan Larimer (also a Block.one CTO, which launched the EOS blockchain), namely DPoS. This consensus is used in the Vexanium blockchain network so that it can achieve the key features described above.

How does DPoS Work?

As been said before, the blockchain network uses DPoS as its consensus mechanism, so it’s run by block producers. Block producers as a representative of Vexanium chosen by all the users in the network using votes to be functioning block producers on the network. These block producers have the responsibility to make and validate blocks within the network, earning rewards for their effort.

This means these delegates will govern the system. These block producers are responsible to validate transactions, administer dealings fees, block sizes, witness pay and etc. Moreover, the election of block producers may be a continuous method that people within the network undertake.

What are the Advantages of DPoS?

  • It allows many people to participate in the network (become block producers and voters).
  • Don’t need massive amounts of computing power to run the network.
  • the systems tend to be quicker than other consensuses like PoS and PoW algorithms.

Vexanium Ecosystem

Vex-Wallet

Since launching its mainnet in July 2019, Vexanium has several ecosystems to support its blockchain network. In the future, Vexanium will have hundreds of other ecosystems to support its network. These are the current main ecosystem for Vexanium:

Blockchain Wallet – Vex Wallet

Vex Wallet is a digital blockchain wallet to store digital assets that are on the Vexanium blockchain network. The specialty of this Vex Wallet is that it doesn’t incur transaction fees on each transaction or every action created in the network. However, because of the resource fee model. users just need to purchase NET, CPU, and RAM.

Blockchain Browser – Vexplorer

Vexplorer can be used to monitor VEX-USD live charts directly, RAM costs, purchases or sell RAM. The browser can even show the number of blocks that are made by Block Producers to the history of transactions that occur on the Vexanium blockchain, and producers rate wherever block producers can get a VEX quantity in line with their proportion choice where block producers are going to be obtained whenever they create blocks.

Smart Contract Platform

As a blockchain 3.0 technology, Vexanium can function as a smart contract platform, which means users and developers can make smart contracts on the Vexanium blockchain network. A smart contract is a sort of traditional legal contract that is written in a very formal language and is implemented and executed automatically by computers. Users can make any kind of smart contracts with Vexanium blockchain, such as creating a payment or transferring possession of digital assets.

Dapps Platform

One of the technologies that are utilized from smart contracts is decentralized application technology, which means this is also the role of Vexanium blockchain, which is to be a Dapps platform. Just like smart contracts platform, every user can create their own decentralized application, such as games, financial app, social media, etc.

Decentralized Finance Platform

Decentralized finance is blockchain-based financial technology engineered on the Vexanium blockchain. This technology is an open supply protocol, so users can produce and issue their own digital assets. Users can build loan protocols, investments, market predictions, exchange, and stable coins.

Vexanium Community

Last but not least is the community that is incorporated in the Vexanium blockchain network. The community referred to here is divided into several types, such as developers, programmers, investors, users, block producers, government, etc. This community allows the Vexanium blockchain to continue running with its special nature, which is decentralized.

Blockchain Use Case

vexanium-trusti

As technology at the protocol level, blockchain still has unlimited possibilities to develop and be used in various industrial sectors that exist today. This technology is expected to improve various sectors, starting from the aspect of efficiency, transparency, and security. Of the many examples of blockchain technology use case, here are three examples of using blockchain that can be utilized with blockchain technology

Digital Identity

With blockchain, users can control their own data, this can prevent third parties or other parties from using user data without the user’s knowledge. In addition, the stored data is also safer because it is stored in a decentralized way. Just like one of Dapp on the Vexanium blockchain network, called Trusti, it is made to certify documents, business contracts, or any digital information with blockchain.

Game

Game with blockchain-based system can verify and secure all varieties of digital information, as well as in-game history, digital things, and tokenized assets. This way, every player will have full management over their accounts and digital assets. There are various ways of developing and maintaining a blockchain game.

Financial

From a financial perspective, some things that can be done with blockchain technology are like directly connect banks from across the world with no intermediaries in near-instant transactions. It can also permit little and medium investors to access investment opportunities that were unavailable to them before.

Bottom Line

In conclusion, Vexanium is a blockchain technology that can be used by everyone within the network, not just by Vexanium Foundation. It has a lot of potentials because it is one of the most sophisticated blockchain technology today, this is seen from its key features, like the scalability, fee model, programming language, etc.

As technology in the protocol level, it has endless possibilities to be utilized in many industries, by using its ecosystems such as smart contract platform, Dapps platform, Defi platform, and many more. With this in mind, many developers, programmers, and other users to use Vexanium blockchain network as a solution for today’s problem.

We hope you have understood the big picture of the Vexanium blockchain after reading this article. if you still have questions about Vexanium please check the FAQ or contact directly through Vexanium Foundation email: info@vexanium.com

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