Why Use Vexanium Blockchain Platform?

To keep this simple, the Vexanium Foundation is a non-profit organization that builds the Vexanium blockchain platform. Vexanium is a public blockchain protocol that is open source, so everyone can build applications on top of the Vexanium blockchain protocol such as decentralized applications, decentralized finance (DeFi), Non-Fungible Token (NFT).

I’m sure those of you who read this article have a complete understanding of what blockchain is, so now let’s discuss more about, ‘why should you use Vexanium as your blockchain platform?’ — and here is the bullet point.

Fast Transaction

Fast transaction or also known as scalability, is one of the advantages of Vexanium, where Vexanium can accommodate 1500-2000 TPS (transactions per second) while most blockchain platforms can only accommodate 10-100 TPS. This is because block production (transaction approval) performs instant transactions, which are completed in less than 1 second, i.e. completes every 0.5 seconds or equal to two blocks per second, whereas the previous blockchain generation took about one to ten minutes to produce one block.

In comparison, Ethereum takes 20 seconds and Binance Chain needs 3 seconds to finish one transaction, this means VEX Chain or Vexanium is five times (5x) faster than that.

Resource Fee Model

Vexanium is not subject to transaction fees like most platforms which usually require a transaction fee for each transaction made by the user. Vexanium uses a resource fee model, which allows users to make transactions on their network by simply renting computing power. There are three basic things that are related to resources that need to be considered when using the Vexanium blockchain which are RAM, CPU, and NET.

RAM is used to store data on the blockchain. Users will need RAM to create a new Vexanium account, add information to their accounts such as token ownership in other Vexanium blockchains, and DApps will use RAM to store information on the state of their application so the information will be quickly available when needed. In both cases, RAM is used to store data records on the Vexanium blockchain. On the other hand, the Vexanium blockchain relies on RAM as it is designed to be capable of handling millions of transactions in the future and therefore requires a super-fast infrastructure.

CPU itself refers to the data processing power that you can use on the Vexanium network and hence, NET refers to the network bandwidth that you are permitted to use. Both resources are measured as your average usage in the past 3 days. The more Vexanium you are staking, the more resources you are allowed to use.

Using this kind of model allows the user to make transactions only for the lease of computing power which can later be retrieved.

In other words, Vexanium is free of charge. No cost at all, because Vexanium uses a resource fee model by using RAM, CPU, and NET. You can make transactions anytime, anywhere, indeed. While Binance chain is for the payment system, requires a 1 USD per transaction and Ethereum requires 10 USD – 100 USD fee for one transaction.

Blockchain Governance (DPoS)

Governance itself is a term that relates to decision-making processes within an organization  — who is responsible for what, how are major decisions being taken or implemented, is the authority vested in a select few or distributed among all participants, etc. Due to the large size of blockchain projects, governance is especially relevant in order to manage and coordinate an entire community toward the same goal. The key feature here is decentralization.

Blockchain governance has four important elements, this importance is to make it easier to organize the blockchain so that it can be evaluated and developed effectively. The four elements are consensus, incentives, information, and governing structure.

There is so much consensus available for consensus algorithms that take care of the transaction verification within the network. Different blockchain systems implement different consensus algorithms which can benefit the miners directly or indirectly.

Unlike Bitcoin who uses Proof of Work (PoW) and Ethereum 2.0 that uses Proof of Stake (PoS) as their consensus algorithms, the Vexanium blockchain network uses Delegated Proof of Stake (DPoS) for their consensus algorithms. Which is blockchain governance that can be run with one of the consensus mechanisms created by Dan Larimer (also a Block.one CTO, which launched the EOS blockchain). This consensus can achieve key features such as scalability, no transaction fees, basic programming language, blockchain governance, and upgradability.

DPoS is 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, etc. Moreover, the election of block producers may be a continuous method that people within the network undertake.

DPoS itself has its own benefits, which allows multiple people to participate in the network (being block producers and voters), it does not require large amounts of computing power to run the network, and the systems tend to be faster than other consensus algorithms such as PoS and PoW algorithms.

Small Energy Consumption

Bitcoin still dominates many people’s perceptions of blockchain technology. Moreover, studies say in 2018 that it is well-known that Bitcoin consumes an enormous amount of energy. Consequently, one frequently encounters claims that the energy consumption of blockchain technology, in general, is problematic. Considering the current discussions regarding climate change and sustainability, these statements could therefore inhibit or delay the widespread adoption of blockchain technology.

Newly published studies titled Bitcoin Boom: What Rising Prices Mean for the Network’s Energy Consumption in March 2021 conclude the Bitcoin network could consume as much energy as all data centers globally, with an associated carbon footprint matching London’s footprint size.

This is because miners get solid income from the incentives given to mine Bitcoin. That caused the total energy consumption of the Bitcoin network to grow to an incredible proportion with the currency’s value continuing to rise. The value of the former is proportional to the cryptocurrency’s market price, so the success of cryptocurrencies on financial markets in the last years has provided a very strong incentive to participate in mining. In turn, this has led to an enormous energy consumption associated with the underlying PoW blockchains. 

The entire Bitcoin network now consumes more energy than a number of countries. If Bitcoin were a country, the ranking would be as shown below.

Many believe the majority of Bitcoin miners were located in China, with an average emission of around 700 grams of carbon dioxide equivalent per kilowatt-hour. With the assumption 70% of Bitcoin mining taking place in China and 30% of mining is clean, 490 gCO2eq/kWh of average carbon intensity can be applied to the power consumption estimate of Bitcoin’s carbon footprint.

Ethereum is no different than Bitcoin. And If Ethereum were a country, the ranking would be as shown below.

While Bitcoin leaves 58,06 Mt CO2 carbon footprint; 122,22 TWh electrical energy; and 5,30 electronic waste of annualized total footprints, Ethereum leaves cut half of it by 24,52 Mt CO2 carbon footprint and 51,62 TWh electrical energy. This much energy can be used to turn on the lights as well as machines in Pakistan or watch Youtube for more than 7,560 hours.

However, compared to Bitcoin and Ethereum, the Vexanium blockchain platform doesn’t use up that much energy even after its annual energy count. As can be seen in the following picture below,

The causes of different results of energy usage are the consensus of each platform is different. Vexanium blockchain platform uses DPoS as their consensus, which is more energy-efficient than Ethereum – which uses PoS – and especially when compared to Bitcoin – that uses PoW. 

So it can be said that part of the blockchain’s energy consumption is related to consensus, and part of it has to do with overdoing it. And the PoW blockchain consumes energy associated with consensus beyond consensus energy related to operating transactions, so the redundancy aspect is usually not discussed in detail. However, for non-PoW blockchains – in this case; Ethereum and Vexanium – consensus-related energy consumption is not greater, and, therefore, the contribution to total energy consumption by redundant operations may be significant.

Therefore, the DPoS consensus used by Vexanium can reduce the energy consumption of blockchain technology, but also a concept that allows redundancy of operations so that it can increase scalability, throughput, and privacy for blockchain solutions.

Easy Programming Language

The Vexanium blockchain supports the C++ programming language, therefore, computer programmers will find it easier to create smart contracts or Dapps using the Vexanium blockchain. Because in some of the previous blockchain generations, to create smart contracts and Dapps, usually using programming languages ​​that can be considered uncommon, such as solidity and rholang.

Learning more about how to build smart contracts and Dapps on the Vexanium blockchain platform can be accomplished by visiting docs.vexanium.com.

New Blockchain with Great Potential

Even though the Vexanium blockchain platform is still a newcomer (launched in 2018 by Vexanium Foundation) compared to its predecessor -Ethereum, that doesn’t limit Vexanium’s invasion in blockchain technology. Now Vexanium has been able to become the first layer in making Dapps, with decentralized finance (DeFi) with the advantage of faster transactions, as well as many more. And Non-Fungible Token (NFT) is a very recent use case on the Vexanium blockchain.

Vexanium also has its own coin, its name is VEX coin. VEX coins are cheaper with similar features like Ethereum, but with a smaller market coverage. You could say, 10,000 times smaller than its predecessor.

A more complete comparison can be seen in the following picture,

The comparison of Vexanium with the predecessors of blockchain technology above is a small part of the other advantages that the Vexanium public blockchain has. With the wealth of its ecosystems – which of course will continue to be developed – mentioned above, it is very unfortunate if you don’t try directly to utilize the ecosystem on the Vexanium blockchain network, right?

Dapps Incentives Program

As many advantages aforementioned, there is one more that no one has; the Vexanium blockchain network is the only existing blockchain platform that held an incentives program for their developers, called Vexanium Dapps Incentive Program.

The purpose of this program is to appreciate developers who create Dapps on top of the Vexanium blockchain network. This program also wants to invite all blockchain developers and enthusiasts around the world to join the Vexanium blockchain ecosystem. 

The program has been held since 2019 and has been running for approximately 15 months, which was divided into 5 phases. During the program, there were approximately 37 Dapps and DeFi registered on the Vexanium blockchain network.

In the past, VEX coin was used as the main prize in this program, but many programmers are still unsure about VEX coin because the value is very volatile and unpredictable. So, for this year’s program (2021) Vexanium team and other block producers have agreed to promote one of the new ecosystems from Vexanium, namely the first stablecoin on the Vexanium blockchain network called USDV as the rewards with the base value of USD. 

For today’s phase of the program, the total Dapps incentives are 5,000 USDV. And for more information about the program, you can read Vexanium Dapps Incentive Program 2021.

Conclusions

If it can be likened to blockchain technology as an offshore ocean, then Vexanium is a gem hidden deep in it. However, this gem was ripe. It is ready for you – divers – to take advantage of its greatness. Well, the reasons – and advantages – which have been set out above are at least enough to convince you to use the Vexanium Blockchain Platform, right? However, if not and you still have questions that have not been answered, you can contact Vexanium Foundation’s email directly to: info@vexanium.com.

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