Vector Smart Chain: World's First Blockchain to Adopt Fixed Fees, Appoints Former CitiGroup Finance CFO to Strategic Role
Vector Smart Chain (VSC), a pioneering Layer 1 blockchain protocol, has made two major strategic moves: launching the world's first $4 fixed gas fee model, and appointing former CitiGroup Finance CFO Peter Ritchie as Strategic Finance Executive Advisor.
These are milestones that mark a new phase of VSC's transformation, demonstrating its ambition to lead the way in integrating blockchain technology with the traditional institutional financial system.
Gas Fee Innovation: $4 Fixed Cost per Transaction
While most blockchains are still struggling with gas fee volatility and scalability, VSC has disrupted the traditional model by implementing a $4 fixed gas fee per transaction.
According to a VSC representative:
“The $4 fee is not a random number – it is intentionally designed to balance the security of the network with the accessibility of users. We want to remove uncertainty and guesswork from the blockchain experience.”
With its consensus mechanism combined with high throughput and near-instantaneous transaction completion times, VSC is gradually becoming the top choice for businesses and practical blockchain applications, especially in areas such as asset tokenization and integration with traditional financial markets.
A notable move is that BESC Exchange, a major exchange, has migrated its infrastructure from Solana to VSC to take advantage of the chain’s stable fee model and efficient architecture.
“We believe VSC brings outstanding economic and infrastructure value,” said Brian, CEO of BESC LLC.
-Senior Strategic Addition: Peter Ritchie Joins VSC
Along with the technology change, VSC has also strengthened its leadership team by welcoming Peter Ritchie, who previously served as CFO at CitiGroup Finance. Mr. Ritchie will take on the role of financial strategy advisor, contributing to:
Designing a blockchain-based sustainable finance framework
Advising on the development of carbon credit initiatives
Integrating with large corporates and financial institutions
Mr. Ritchie shared:
“This is not just about blockchain, it is about building a transparent, sustainable and resilient financial future. I believe VSC is ideally positioned to lead this change.”
Towards a comprehensive blockchain ecosystem
VSC is gradually perfecting its ecosystem with key elements:
VSC Explorer: Transparent network monitoring tool
Deflationary tokenomics: Buy and burn $1 per transaction
Commitment to sustainable development: Integrating blockchain with practical, environmentally friendly solutions
Introducing Vector Smart Chain
Vector Smart Chain (VSC) is a Layer 1 blockchain platform designed to provide predictable transaction costs, high performance, and institutional-grade transparency. With a fixed gas fee model and hybrid consensus mechanism, VSC is shaping a new generation of decentralized applications, from digital finance to global carbon market management.