- VeChain announces the introduction of a codeless Proof of Stake (PofP) to encourage the creation and storage of NFTs.
- The goal aligns with the recent launch of VePassport, which boosts identity verification for fair voting and decision-making.
VeChain (VET) has announced the launch of a codeless Proof-of-Stake (PofP) module with plans to revolutionize access to non-fungible tokens (NFTs). Explaining this concept, VeChain highlighted that PofP is designed for event managers to facilitate the creation and storage of digital collectibles through a codeless smart contract platform on the VeChainThor blockchain.
Proof-of-stake (PofP) badges are a great way to introduce NFTs and blockchain to users, but they can be difficult or expensive to mint. No more! We just released a no-code PofP module – FREE! Take the VeWorld wallet, create PofP and interact with your communities, Web3 style!
Links below👇 pic.twitter.com/WI9ZoQx8Ji— VeChain (@vechainofficial) December 18, 2024
More about the PofP concept
PofP collectibles also exist as NFTs compliant with the ERC 721 standard. They can be saved as digital proof of participation in events (whether online or in-person). Since they are recorded on the blockchain, attendees can have permanent access to them. The most important thing is that they can be marketed.
Explaining the concept in a simple scenario, VeChain revealed that PofP eliminates the complexities associated with blockchain technology to onboard a native, non-crypto user for free.
Imagine ordering exactly the product you need to distribute to your visitors and not having to carry boxes, collect waste, and manage user disappointment when the product runs out or hasn’t arrived yet. PofP eliminates the complexity of blockchain and the need to deal with cryptocurrencies for both you and your users! PofP works on credits, where 1 credit = 1 transaction, effectively onboarding non-crypto native users onto the blockchain for free, thus potentially increasing customer attractiveness and conversion rates.
In terms of usage, users would receive 20 new free credits every month, according to the blog post. Meanwhile, these can be used to pay for users’ transactions. In situations where free credit runs out, users will be required to cover fees on VTHO. To get started with this, users will first need to create an account, have a logo for each event, a badge to distribute as proof of participation, and agree to the campaign terms and conditions.
VeChain’s VePassport for reliable identity verification
Recently, VeChain also announced the introduction of VePassport, a decentralized identity solution linked to the VeWorld Wallet address within VeBetterDAO. As we reported, the reason for this initiative was to satisfy the growing ecosystem and its decentralized governance with identity disclosure to ensure fair voting and decision-making.
With this introduction, users must meet the qualification criteria to enjoy governance rewards and participate in weekly voting. Some of these qualifications include Proof of Stake through X-Apps, Proof of Equity, and Proof of Identity.
VePassport, along with the other tools and tweaks introduced in this update, is an important step towards the future goals of VeBetterDAO and its mission to become a leading platform for mass blockchain adoption and real-world impact… Prioritizing the growth of real users and a more flexible baseline for governance, the Better ecosystem continues to champion the spirit of decentralization and further enhance the prospects of the VeChainThor blockchain that forms its core.
