VeChain: VET mainnet nears 700k transactions, but traders should take note
VeChain, a platform that allows businesses to build and run decentralized applications (dApps) using VeChain (VET), has been all the rage at press time. From the green trending token to the transactions taking place on the network, everything looks positive for the 35th ranked cryptocurrency.
Believe in the future
VET, the native token has seen a 6% gain as it trades around the $0.02 mark. Here is a glimpse of said increase on CoinMarketCap.
Meanwhile, even transactions on the platform hit remarkably high levels as shared by the VET community on Twitter. In just over three hours, VeChain generated nearly 700,000 transactions for the world's largest company (Walmart).
"No spam, no token shuffling, real world, working on-chain financially profitable for 1 company, with thousands to come," the tweet added.
Meanwhile, on-chain metrics such as trading volume and activity grew, the same picture was echoed at Santiment. Especially the unprecedented spike in transaction volume below.
While the development activity, although shown to be modest, did not resonate as the first time. But this could add up in the coming days if there are updates out there.
The VeChain blockchain development team chose to design and implement an end device to run dual consensus modes instead of replacing Proof of Authority (PoA) consensus. The final stage of PoA 2.0 allows for the latest developments.
VeChain's Peter Zhou tweeted that the latest phase of PoA 2.0 (final FOB or VIP-220) ran as expected on the testnet. He added that he is expecting a stakeholder vote that will allow it to be deployed on the mainnet.
This update will incorporate different types of blockchain consensus to achieve the holy grail of mechanisms for the real world environment.
In addition, VeChain and TruTrace have announced the list of industries that they will integrate into the blockchain platform. According to the announcement, the platform will bring together TruTrace's legal cannabis, food, clothing and pharmaceutical industries.
Having said that, investors and traders should be careful and look for any holes before jumping in here.
Sep 29, 2022