VeChain Rolls Out New Bounty Programs to Boost Decentralized Application Development
The VeChainThor Blockchain’s two token-system is designed to balance the market volatility and the cost of using blockchain. As the valuable energy which powers all activities of our ever-growing VeChainThor Blockchain, VTHO’s long term price equilibrium is subject to market forces, created by its generation from VET and market purchase activities from entities which consumes VTHO for their business needs. The VeChain Foundation and Steering Committee are observing closely on this matter, with frequent economic model analysis as well as continuous optimization of the transaction cost being key initiatives on the Steering Committee’s agenda.
As Sunny touched on the VET/VTHO economic model in his recent AMA Marathon, in real-life use cases, companies choose to use the VeChainThor Blockchain to facilitate transactions that they can not perform without it. These transactions, therefore, have real economic value and consume VTHO as per the economic model. As the number of companies using VeChainThor increases and businesses scale up their usage, VeChainThor helps to create transactions with increasing economic value, which thus will be reflected by the demand and price of VTHO on the open market.
To allow and enable the developers in the ecosystem to better focus their talent on building projects for the community and give a kickstart to the community, the VeChain Foundation has decided to take the initiative to launch a VTHO subsidy program as well as relaunching an updated VeChainThor Supercharger program for developers who implement native fee delegation features to their application.
1. VTHO Subsidy (July 22 to October 22)
Over the next three (3) months, the Foundation will subsidize all developers who run applications on the VeChainThor Blockchain 50% of the total VTHO consumed via their applications’ transactions. The Foundation will review, provide, and announce the subsidy on a bi-weekly basis in the VeChainWorld forum.
Applications eligible for this bounty must meet all of the following criteria:
- The application is added to the VeChainWorld Application Hub
- Only addresses included in the application info of the Application Hub will be recorded for this bounty (if the addresses are not complete, please update your application information through the application hub)
- Projects are not running on VeChain’s blockchain as a service infrastructure (such as ToolChain)
- The VTHO consumed via the application is not sponsored via the VeChainThor Supercharger Bounty Program
Apply now through the bounty post in the VeChainWorld forum.
2. VeChainThor Supercharger
First introduced on February 8, 2019, This program is designed to encourage projects developing on the VeChainThor Blockchain and ecosystem to leverage VeChainThor’s native fee delegation features (i.e. Multi-party Payment and VIP191 — designated gas payer) to provide smooth user experience and subsidize projects for the transactions they create on the VeChainThor Blockchain to facilitate the ecosystem’s growth.
Native fee delegation is among the most popular features introduced as it allows the application operator to pay for transaction fees on behalf of their users or delegate the transaction fee to a designated third party which significantly helps onboard users to the Blockchain-based application seamlessly. Without native fee delegation, Exchange sign-ups and Blockchain transaction fees can deter those who have not yet fully engaged with the application or the Blockchain protocol.
The VeChain Foundation considers native fee delegation to be one of the most critical features to enable seamless mass adoption of Blockchain-based decentralized solutions. In its enterprise use cases, applications will not be able to perform without such fee delegation features. VeChain is the first pioneer in the world of public Blockchains to implement native fee delegation before any other projects. To further assist the Blockchain and crypto community, VeChain introduced the Multi-Party Protocol (MPP) to the public on April 21, 2018, and through VIP191, fee delegation has been extended and implemented at the ecosystem level beyond the native VET token. Up until recently, several other globally well-known Blockchains and cryptocurrency projects have since adopted our innovation.
Developers with fee delegation-enabled applications are eligible to apply for this one-time bounty program, and if accepted, the Foundation will allocate 3M VTHO on a dedicated sponsor address for the application. By this way, the application developer can leverage this sponsorship to boost the user onboarding.
Apply for the VeChainThor Supercharger bounty via the online form and the program administration team will get in touch with you to set up the sponsor address.
*The VeChain Foundation reserve the rights to disqualify an application, not accept a submission for VeChainThor Supercharger or terminate it before the allocated sponsorship is used up, if, determined by the program administration team that the submission violates the rules or is deemed as duplicated, abuse or false information.