Blockchain solutions are slowly being adopted in order to get rid of some of the real-world problems that we constantly grapple with. VeChain (VEN) has made it its purpose to contribute to these solutions using its blockchain technology. The network has since inception believed that it is possible to develop solutions for both businesses and the end users.
In a letter to the community, the CEO of VeChain Sunny Lu said that the company is not shooting in the dark because it understands that not every solution addresses the real issues. Instead, it took time to conduct interviews to get the opinion and the real problem from more than 100 enterprises. However, blockchain adoption is still at the bottleneck and VeChain understands that this is due to the lack of practical use and application of the technology to the real enterprise issues. The letter went ahead praising the development of VeChain technology while noting that it served as the base structure of VeChainThor Blockchain. These developments will play a big role to ensure that blockchain adoptability becomes widespread and to be used in various applications for the users and the enterprises alike.
The VeChain (VEN) Multi-Party Payment Protocol or MPP is the latest tool from the development team at Vechain and is designed to provide technical solutions for various payment types. The MPP is going to be a bridge or a facilitator for transactions among multiple parties. This will take place even in the situation where data is being transferred from one non-token owner to another non-token owner. Consequently, the feature and the protocol ensure that people will use VeChainThor Blockchain without having such knowledge. The interesting part is that end-user experience does not change at all and this is the reason why VeChain is working together with various enterprises.
What is MPP?
MPP is simply a patent pending payment model that operates on the core structure protocol of the VeChainThor Blockchain. It is defined by VeChain as “a tool within our Oracle Enabler tool allowing parties other than the sender involved in an on chain transaction to opt to pay for the network fees of this transaction to the blockchain.”
What problem does MPP solve?
Blockchain adoption is still an issue for many enterprise and end users. For the enterprises, blockchain is still tied to the complexities of cryptocurrency assets. Furthermore, the users are hit with volatility issues when accessing the crypto market. At the same time, these users are tasked with understanding the surface working of various wallets and even some technical concepts on the exchanges, during funds transfer among other things. Moreover, enterprises find it hard to adopt cryptocurrencies using the policies from the various models of payments provided by other blockchains.
VeChain (VEN) development team narrates that:
“The solutions put in place by early blockchain models to combat issues of governance and payment, created additional problems. One of the most straightforward issues arisen is the necessity of every transaction to include a network fee paid in cryptocurrency. In addition to that “there aren’t real solutions in place by the market to seamlessly integrate these users onto the chain in a meaningful way. Through MPP, we can claim this as a solution to both the integration of new users and multi-party payment procedures removing significant obstacles to public blockchain adoption.”