This is how Apple could reduce fees by 30% using VeChain technology and solve a million-dollar problem

  • Apple has been in the news recently for charging a hefty 30 percent gas fee for NFT transfers made in apps on the iOS platform.
  • VeChain noted that by using its FeeDelegation, users can initiate transactions without gas avoiding paying huge fees.

Last week, Coinbase Wallet ended support for NFT transfers for all iOS users since Apple blocked further app updates. Tech giant Apple has been mandating that the gas fee required for NFT transfers be paid only through its in-app system. In addition, the tech giant collects 30% of all gas fees paid in the Apple ecosystem, which is popular as Apple Tax.

The issue of Apple’s heavy tax has been pushing almost all crypto services and many have called out the tech giant on this issue. However, VeChain has offered users a solution to this matter. In his latest tweet, @VeChainEnergy indicated:

Did you know that with #VeChain fee delegation, developers can avoid #Apple30% discount on gas rates, just like #coinbase did by removing a feature for NFT transfers? Just delegate fees to do it #without gas. By using #FeeDelegation you provide #without gas transactions and add an incredibly smooth user experience in the process.

However, knowing that Apple’s native platform is quite closed, the possibility of it adopting Vechain technology is still very limited.

Founded in 2015, VeChain is an enterprise-grade Layer 1 smart contract platform. He has collaborated with a variety of companies in the supply chain industry to explore different blockchain applications.

VeChain also helps companies to develop their decentralized applications (dApps) and carry out their business activities with greater transparency and security.

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VeChain (VET) Price Volatility

Like the broader cryptocurrency market, VeChain has faced significant price volatility of late. According to data from Coinglass, VET futures open interest over the past 24 hours has increased by 1.39%.

During the last month, the VET price has experienced strong volatility. On Nov. 8, the VET price hit a 10-week high of $0.0280 on the VeChain Foundation announcement. The firm announced that the VeChainThor hard fork is ready for implementation after a successful vote on VIP-220 dubbed ‘Finality with a bit’. This update brings the final phase of VeChain Proof of Authority 2.0.

The update also helps VeChain achieve its goal. Thus, you end the trade-off between scalability and high performance. But after this update news, VET has not been able to sustain the price rally for long.

With the implosion of the FTX crypto exchange, VeChain (VET) also followed the correction in the broader crypto market. VET price has corrected nearly 33 percent since the high of $0.028 hit a low of $0.01794, the levels last seen in January 2021.

It will be interesting to see if any major VeChain news will help revive the VET pricing feature.

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