I was reading up on a blockchain technology which is totally new to me, its infrastructures are specifically built for enterprises, thus, it adopts structures to help it prove efficient for mass adoption.
I would say I am impressed by what is expressed as the structures of this ecosystem, lots of it makes perfect sense and shows that the network is really built for business and enterprise users though it's partly centralized.
Above is the comprehensive coverage of how the blockchain works, it's worth the read in my opinion.
However, I'll highlight some structures in this post as we expand through the importance of "Resource Credits" and how Hive Blockchain is a business front-space yet to be discovered!
It's weird that they almost sound like the same thing, well, that's because on hive they are, but for the sake of this post, "fee delegation" traces its origin to VechainThor.
What is Fee Delegation?
In summary, fee delegation is a mechanism that allows individuals to present themselves as "gas payers" on the VechainThor.
An account can typically pay for the cost of the transaction of another account. For businesses, this is important if they are building on a blockchain.
This is a structure that could directly eat into the business ground where unknowingly, a user is charged to cover the cost of transacting on a medium built on the blockchain, how?
Transaction account - Oracles - smart contracts.
Blockchain is powerful, all it takes is a single transaction status to be verified on the off-chain by an oracle, and it will send a message to the smart contract handling the master account that would foot that transaction cost on the blockchain.
On VechainThor, the gas price is paid in VTHO and these tokens are mined at an average of 0.00000005 per VET per block.
They are tradable and the gas price is dependent on the demand and supply mechanism. This basically means the cost has a determinable value that needs to be consumed so as to pay validators.
Resource Credits on the other hand don't apply to the above. Typically, a newly created account can perform up to 17 monetary transactions. This means that businesses directly require not many added reasons to overcharge users.
Simply, an account on the platform is tied to the hive blockchain and all purchases or transactions are free!
VechainThor has various other mechanisms that make it super business-friendly like Multi-Task Transactions and my favorite: "Transaction Lifecycle Control" which typically allows a user to specify the time limit for a transaction to be processed or reverted.
However, the most basic foundation is the fee structure and that's a failure on their end.
The way I see it, both centralized and decentralized businesses can be built on the Hive Blockchain due to it's 3 secs transaction time and fee-less structure.
