Sprinkle the unflavored gelatine over the 1/4 cup of cold water in a medium heatproof bowl. Let it stand for 5 minutes until the granules are softened and have absorbed the water, creating a spongy-looking texture.
Pour the 1/2 cup of boiling water directly over the softened gelatine mixture. Whisk continuously for about 2 minutes until the gelatine is completely dissolved and the liquid is clear.
Whisk the granulated sugar and vanilla extract into the warm gelatine liquid until the sugar is fully dissolved and the mixture is smooth.
Place the bowl in the refrigerator for 45 to 60 minutes, chilling the mixture until it becomes very cold and has the thick, syrupy consistency of unbeaten egg whites.
Pour the cold heavy cream into a separate large mixing bowl. Use an electric hand mixer or stand mixer to whip the cream on high speed until stiff peaks form.
Gradually pour the chilled gelatine mixture into the whipped cream while continuously beating on medium speed. Whip for another 2 to 3 minutes until the mixture is fully combined, light, and fluffy, resembling the texture of whipped topping.
Serve immediately as a dessert topping or pudding, or transfer to a container and refrigerate for up to 2 hours to set further.