Vektes Aims to Revolutionize Commercial Transactions with Ethereum-Based Payment Protocol

Vektes is an Ethereum-based payment and settlement protocol designed to eliminate chargebacks, duplicate payment errors, and settlement latency in commercial transactions. It operates through six core protocol primitives integrated directly into its smart contract architecture.

The protocol's deduplication feature prevents duplicate payments by automatically rejecting any subsequent transaction attempt using a previously spent code. Scheduled Settlement allows senders to lock funds on-chain while setting a designated future release date, eliminating the need for third-party escrow intermediaries.

Sender Irrevocability ensures that once a payment is transmitted, the sender cannot cancel or reverse it, providing recipient settlement certainty. The protocol also supports payments across multiple crypto assets, including ETH, USDC, and USDT, with separated fee structures to ensure recipients receive 100% of the transferred funds.

The $VEK token has a fixed total supply of 1 billion tokens, with no secondary minting functionality. Half of all collected protocol fees in $VEK are permanently burned, while the remaining 50% is directed to the protocol treasury.