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- VeChain announces the introduction of a no-code Proof of Participation (PofP) to encourage the creation and storage of NFTs.
- The objective aligns with the recent launch of VePassport, which boosts identity verification for fair voting and decision-making.
VeChain (VET) has announced the launch of a no-code Proof of Participation (PofP) module with plans to revolutionize access to Non-Fungible Tokens (NFTs). Explaining this concept, VeChain highlighted that PofP is designed for event managers to facilitate the creation and storage of digital collectibles via a no-code smart contract platform on the VeChainThor blockchain.
Proof of Participation (PofP) badges are a great way to introduce NFTs & blockchain to users, but can be difficult/costly to mint. No more! We just launched a no-code PofP module – FREE! Grab the VeWorld wallet, mint PofPs, & engage your communities, Web3 style!
Links below👇 pic.twitter.com/WI9ZoQx8Ji— VeChain (@vechainofficial) December 18, 2024
More About the PofP Concept
PofP collectibles also exist as NFTs compatible with the ERC 721 standard. They can be saved as digital proof of participation in events (either online or in person). Since they are recorded on the blockchain, attendees can have permanent access to them. Most importantly, they can be traded.
Explaining the concept in a simple scenario, VeChain disclosed that PofP removes the complexities that are associated with blockchain technology to onboard a non-crypto native user for free.
Imagine ordering exactly the merch you have to distribute to your visitors and not having to carry boxes around, collect waste, and manage user disappointment when merch is over or has not yet arrived. PofP removes the complexity of blockchain and the need to deal with cryptocurrencies for both you and your users! PofP works with credits, where 1 credit = 1 transaction, effectively onboarding non-crypto-native users on the blockchain for free, thereby potentially increasing client attractiveness and conversion rates.
In terms of usage, users would be given 20 new free credits each month, according to the blog post. Meanwhile, these can be used to pay for users’ transactions. In situations where the free credit is exhausted, users would have to cover the fees in VTHO. To get started with this, users would first need to create an account, have a logo for every event, a badge to distribute as Proof of Participation, and agree to the terms and conditions of the campaign.
VeChain’s VePassport for Reliable Identity Verification
Recently, VeChain also announced the introduction of a VePassport – a decentralized identity solution tied to the VeWorld Wallet address within the VeBetterDAO. As we reported, the reason for this initiative was to meet the growing ecosystem and its decentralized governance with an identity disclosure to ensure fair voting and decision-making.
With this introduction, users must meet qualification criteria to enjoy governance rewards and participate in weekly voting. Some of these qualifications include Proof of Participation via X-Apps, Proof of Equity, and Proof of Identity.
VePassport, alongside the other tools and tweaks introduced in this update, is an important stepping stone toward the future goals of VeBetterDAO and its mission to becoming a leading platform for mass adoption of blockchain and real-world impact…By prioritizing real user growth and a more accommodating baseline for governance, the Better ecosystem continues to champion the spirit of decentralization and further enhance the prospect of the VeChainThor blockchain that lay at its core.
