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.

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.

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.

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.

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.”