- Voting has begun for the Galactica Upgrade proposal, which will introduce a foundational upgrade to VeChainThor.
- Galactica is also reported to be one of the main three phases coming to the VeChainThor in 2024 and beyond.
VeChain is reported to have officially commenced the stakeholders’ voting of its Galactica upgrade – one of the three major phases expected to be seen on the VeChainThor this year. According to the report, Authority Masternodes, Economic Nodes, and X Nodes can join the VeVote to “set the ball rolling” for the VeChain Renaissance. At press time, 46 stakeholders had cast their votes with six more days to go.
Impact of the Galactica Upgrade
According to the report, the Galactica VeChain Improvement Proposals (VIP) is expected to introduce a foundational upgrade to the protocol. This would be witnessed across the Dynamic Gas Fee Market and VTHO transaction model as well as the Ethereum Virtual Machine upgrade (EVM) that provides enhanced compatibility as previously mentioned in our report.
The introduction of the Dynamic Gas Fee Market for transactions in the upgrade is said to be inspired by the Ethereum EIP-1559. According to the report, two important components would replace the fixed fee model. The first would be a base fee that changes with the network’s demand. The second would be an optional priority fee that can enable users to incentivize validators for faster processing.
Source: VeChain
Under Typed Transactions, the upgrade would introduce a standardized transaction envelope format that would revolutionize the way VeChainThor processes blockchain operations. Additionally, it would identify and manage different types of blockchain transactions to simplify contract interactions.
This modular approach allows VeChainThor to integrate new features smoothly and continuously, letting the protocol evolve without disrupting network operations or fragmenting the ecosystem. These are important foundations for the future.
More About the VeChain’s Upgrade
Just like Ethereum’s Shanghai release, this upgrade would ensure that an up-to-date Ethereum Virtual Machine (EVM) advancement is brought to the VeChainThor. According to an official report, the synchronization creates the right environment for developers to bring tools and applications to the platform.
By matching Ethereum’s EVM capabilities, we’re unlocking new opportunities for cross-chain innovation and deeper blockchain integration. The upgrade introduces PUSH0, and optimises gas costs…The focus on industry standards also extends to JSON RPC support – a technical goal of VeChain Renaissance (not included in Galactica). The protocol stands to be a fundamental addition to our compatibility toolkit, enabling direct integration with Ethereum-native tools and wallets, and opening the door to ecosystem expansion at an entirely new scale.
In a previous update, we discussed the announcement of the VeChain Renaissance and its Proof-of-Authority upgrade. According to that report, this initiative is expected to optimize the VTHO issuance by reducing its total generation and limiting its reward allocations to active stakeholders.
The POA is also reported to be the third consensus model of VeChain. As detailed in our last news piece, this would provide new staking opportunities and greater decentralization, including “Validator Delegation, Upgraded Validator Mechanics, and New Economic Node Tiers.”
