VNST Protocol
HOW VNST WORKS
Last updated
HOW VNST WORKS
Last updated
The VNST technology layer consists of three interconnected layers, each of which serves a specific purpose in the ecosystem:
Derived from the collaboration of two leading blockchain networks, VNST is designed to expand its application capabilities, especially on token standards like ERC-20 on Ethereum and BEP-20 on Binance Smart Chain.
BEP-20 - BNB Smart Chain
Initially, VNST is deployed on the BEP-20 network of Binance Smart Chain to offer users a VNST experience with low transaction fees, a secure network, and familiarity for cryptocurrency market participants. Binance Smart Chain is the second-largest blockchain network in terms of transaction volume, making it a strategic choice. In the future, VNST aims to use this network to engage VNST users in the BSC DeFi system, facilitating swift transactions and integration with centralized and decentralized exchanges using BEP-20.
ERC-20 - Ethereum
The Ethereum blockchain is a secure and widely developed blockchain with the highest TVL, transaction volume, and numerous historical protocols in the history of cryptocurrencies. Consequently, VNST will also be issued on the ERC-20 network to allow users to utilize VNST for participation in DeFi projects, conduct transactions, and engage in various financial applications on the Ethereum network.
With the goal of expanding to different networks such as ERC-20 and BEP-20, VNST is poised to become an integral part of both the Ethereum and BNB Smart Chain networks, especially for Vietnamese users. This opens up opportunities for diverse usage and unlimited development potential within the cryptocurrency user community. VNST will continue to expand to additional networks to enhance application diversity for users.
Note: VNST will continue to develop on other networks in the future.
Sidechain BAS (BNB Application Sidechain)
VNST utilizes a sidechain for various reasons:
Increased Transaction Processing Capacity
Sidechains, compatible with Ethereum Virtual Machine (EVM), help handle a large number of transactions while maintaining transaction speed and reducing fees on the blockchain network. This ensures a better experience for VNST users during transactions and conversions.
Creating a Flexible and Secure Environment:
VNST Solutions continuously develops and upgrades while users are actively engaged. Upgrading on the main blockchain may face challenges in achieving consensus from all network nodes. Using a sidechain, a smaller blockchain linked to the main blockchain, allows VNST Solutions to test and deploy new ideas without requiring large-scale consensus as on the mainchain. If experimental ideas on the sidechain are unsuccessful or encounter issues, the mainchain continues to operate normally and remains unaffected. This ensures stability and safety for the entire VNST system, providing the best experience for users on the mainchain.
Mint and Redeem VNST: The VNST protocol allows users to perform conversion activities after accessing VNST.io and connecting their Wallets. These activities include:
Minting VNST: Increases the circulating supply of VNST. During the initial phase, the maximum accepted supply of VNST is 100 billion.
Redeeming VNST: Reduces the circulating supply of VNST. The redeemed VNST volume is burned to avoid token inflation.
Users can also check all transaction histories, smart contracts, and real-time status at that moment.
Check and Report Circulating VNST: The VNST protocol provides the ability to check and report the circulating amount of VNST in the system, including:
Total Minted VNST
Total Redeemed VNST
Total Transactions
Total Wallets holding VNST
Total Redeem Fees in the Operation Pool
This helps users and investors monitor and evaluate the supply status and usage of VNST in real-time.
Spot, Swap, and Future Transactions for Token Pairs on VNST
The Merchant Partner System allows users to conduct various transactions such as Spot, Swap, and Future transactions on token pairs using VNST. This facilitates participation in various trading activities, from basic trading to advanced trading strategies.
Support for Depositing and Withdrawing VNST to Fiat
An essential part of the Merchant Partner System is the ability to support users in depositing and withdrawing VNST to and from traditional currencies. This creates a close link between the world of cryptocurrency and traditional currencies, laying the foundation for using VNST in daily life.
