Vector Smart Chain appoints a former Citigroup director and introduces a fixed gas costs model.
Gas costs have long been a source of uncertainty in crypto. On Friday, May 9, Vector Smart Chain introduced a model with fixed gas costs focused on balancing security, stability and scalability on the network.
All gas costs for Vector’s Smart Chain will now cost a fixed rate of $ 4, which means that users get predictable costs and increase trust, especially among company customers, who are a primary focus for VSC. The hybrid consensus mechanism of the chain emphasizes a high transit and near-instant finality, attractive for business users.
“The $ 4 gas costs are not random – it is carefully designed to balance network protection and accessibility. We remove the Giswerk from Blockchain,” said VSC spokesperson.
Moreover, this model is designed to make VSC deflation with in a predictable way. With each transaction, exactly $ 1 in VSC tokens will be burned, reducing the total delivery in proportion to network activity.
Vector Smart Chain mentions former CityGroup Executive
In combination with the rollout of his new gas model, VSC also announced the appointment of a former financial director at Citigroup Finance. Peter Ritchie will become a member of the Layer 1 network as a Strategic Finance Executive Consultant and helps to promote the financial strategy in the long term of the platform.
“This is not just about blockchain – it’s about building a transparent, resilient financial future. VSC is uniquely positioned to lead that evolution,” Peter Ritchie, VSC.
Ritchie will guide the global financial route map of VSC and ensure that the economic model remains sustainable. He will also work on strengthening the integration of the network with institutional and company customers. Moreover, Ritchie will play a role in VSC’s efforts to achieve the carbon -neutral status.
VSC is already gaining grip. Recently Besc Exchange announced that it would migrate from Solana to VSC, with reference to the infrastructure and the economic model of the network as the highest growth potential.
Read more: The paradox of progress: Blockchain’s true breakthrough is in its limitations Opinion