Vektes (VEK) operates as a payment and settlement protocol built on Ethereum, aiming to remove chargebacks, duplicate payment mistakes, and settlement delays from commercial deals. By launching on Ethereum, the system provides a uniform structure for digital payments that are final, scheduled, and free of duplicates across various crypto assets.

Conventional payment systems frequently leave merchants and large businesses vulnerable to chargeback threats, errors caused by processing duplicate invoices, and settlement waits lasting several days. Vektes tackles these problems by applying settlement regulations directly on-chain via smart contracts. This ensures that when a transfer begins, the recipient gains immediate finality, while still permitting flexible execution timelines.

Vektes distinguishes itself by embedding six fundamental protocol primitives directly into its smart contract framework:

1. Deduplication: Each transfer includes a unique transaction code specific to the recipient, like an invoice ID. The smart contract automatically blocks any repeat attempts using a code that has already been spent, thereby stopping duplicate payments.
2. Scheduled Settlement: Senders have the ability to lock funds on-chain with a specified future release date, such as for Net-30 terms, payroll cycles, or milestone completions, all without needing third-party escrow services.
3. Sender Irrevocability: After a payment is sent, the sender is unable to cancel, reverse, or redirect the assets. This removes the possibility of chargebacks and gives recipients certainty regarding settlement.
4. Recipient Rejection: Although senders cannot revoke their transfers, recipients maintain the right to reject pending payments before they settle, which triggers an automatic refund of the locked assets back to the sender.
5. Multi-Asset Support: The protocol enables payments using ETH, USDC, USDT, and other selected ERC-20 tokens.
6. Separated Fee Structure: Fees for the protocol are paid solely in $VEK tokens, distinct from the main payment amount. This ensures that recipients get 100% of the funds transferred.

The Vektes ($VEK) token operates with a capped total supply of 1,000,000,000 (1 billion) units and lacks any mechanism for secondary minting. The allocation of this total supply is divided as follows:

• Community & Ecosystem: 40% (400,000,000 VEK)
• Treasury / DAO: 25% (250,000,000 VEK)
• Founding Team: 15% (150,000,000 VEK)
• Liquidity: 10% (100,000,000 VEK)
• Early Supporters: 7% (70,000,000 VEK)
• Advisors: 3% (30,000,000 VEK)

Within the Vektes ecosystem, $VEK functions as the main utility asset, facilitating protocol governance participation and the payment of volume fees. Once protocol fees are active, half (50%) of the $VEK fees collected are permanently burned, while the other 50% is allocated to the protocol treasury.

The Vektes network relies on Ethereum for its smart contracts, which adhere to the ERC-20 standard and incorporate EIP-2612 permit capabilities. Until the system fully transitions to DAO governance, multi-signature wallet architecture handles contract permissions and governance controls.