VeChainThor Blockchain transactions should cost 100x less than they do now. Cheaper transactions = More transactions and use-cases



  • Hi,

    Many dApp teams who are willing to come to VeChainThor are unable to do so due to the costs associated with getting enough VTHO. Overall, dApps are facing entry barriers that shouldn't exist on a public blockchain. The transaction costs should be roughly 100 times cheaper than they are now. The CEO Sunny Lu, mentioned this as such in public as well, where he thought transactions currently cost too much.

    I've added a screenshot of an existing dApp that theoretically could come to VeChainThor as an example to showcase the effect of 3 TPS where the primary use-case is running a marketplace with NFT items.

    VTHO.png

    Choices:

    1. Buy enough VET to generate enough VTHO to transact. Per example, 515 million VET.
    2. Buy VTHO from the illiquid market, costing roughly 48,988.80 a day as per example with TX costs at 200 VTHO, and 259,200 TX per day at an average of ~3 TPS.
    3. Obtain 51,840,000 VTHO per day from the Foundation or Incubator programs.

    Some solutions would only work if the VTHO generation speed is increased or the VTHO amount per transaction costs less or the VTHO on the open market is priced much much lower and is much less illiquid than it currently is.

    The last solution, solution 3, causes dApps to be completely reliant and dependent on entities such as the Foundation and Incubators.

    Is solution 3 expected to be followed for all non-enterprise dApps that face the above problems, or are the other solutions an option in the foreseeable future? If so, when will this be?

    Thank you for your time.

    Signed yours truly,

    Expensive "John" Transactions



  • We (realitems.org) recently created 2,000 NFTs in batches of 50 with 2 Clauses for each NFT (see screenshot below). Each batch of 50 cost us 14,062.688 VTHO. That comes out to 281.25 VTHO per transaction. That cost us almost 600 USD in total. We had to scramble to get the VTHO (thanks VeChain community for your donations!). With these kinds of transaction costs we are worried negative effects on user adoption.

    Screen Shot 2019-06-17 at 10.54.06 AM.png



  • @The_Real_Laowai I plan on making an app (not joking this time) that I see doing 2k tx per day. That's ±$300 per day. That's insane to be honest.



  • @The_Real_Laowai there's no need to use data points from specific projects who've expressed interest to go to VeChain. I think its best to look at general examples, like "an NFT marketplace" or "a decentralized exchange" to show that the high transaction fees price out these classes of dApps.

    $0.30 transaction fees are one of the leading reasons why marketplaces and decentralized exchanges on Ethereum haven't seen real adoption. These are issues that most PoW based blockchains face, but PoA and PoS blockchains shouldn't have these same barriers.

    High transaction fees are pricing VeChainThor out of mass adoption, and something needs to be done to fix it!

    Great post @ExpensiveTransactions

    • j_squared


  • I think this is a very important discussion for us to have and your example is very compelling but I would love to see more data points from projects who have expressed the desire to go to VeChainThor (and desire to do so urgently) to support the premise. Posts like these drive the ecosystem to a much stronger place, so I would love to see more quantitative data.

    -Oliver


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