Key Takeaways
- VeChain has become one of the leading blockchains in the world
- VIP-193 testnet implemented successfully, helps VET explode
- VeChain eyes $1 mark
YEREVAN (CoinChapter.com) – Ever since the concept of cryptocurrency gained unmatched popularity in 2017, new Altcoins began flooding the market. With so many options, it is hard for a project to catch the investor’s eye. However, VeChain is not one of them.
Ever since 2017, when it became the 22nd most valuable cryptocurrency, it has maintained its image as an investable option. It currently has a market cap of 5.573 billion.
The project kept its resolve despite the great crypto crash of 2018, which saw Bitcoin lose over 65% between January and February. With some impressive improvements, VeChain has positioned itself as a serious player. Nevertheless, it ranks 23rd in today’s market.
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What is VeChain?
VeChain is a semi-decentralized, blockchain-powered supply chain platform. It operates and confirms transactions through the Proof of Authority consensus method.
VeChain was primarily designed to enhance supply chain management and business processes, although that is not its only application. As a blockchain, it can become a leading platform for initial coin offerings (ICO’s) while also conducting transactions between internet of things (IoT) connected devices.
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The VeChain Thor Blockchain
When the concept for VeChain was created by Sunny Lu back in 2015, it was launched as an ERC20 token. Later, after successful testnet rounds, it was moved to the native coin after the release of the mainnet.
However, VeChain did a re-branding in 2018. Now, the official name of the ecosystem is The VeChainThor Platform. While speaking about VeChain, people usually refer to the whole project. Meanwhile, the actual blockchain is the VeChainThor.
VeChainThor is more advanced than its predecessors. Traders consider it to be a 3rd generation platform. One of its selling points is that it can scale up to thousands of transactions per second. It also supports smart contracts as well as Digital apps.
Unlike most blockchains, VeChain has two in-house tokens, the VET and VTHO. VET, the main currency, is used for payments and voting, while VeThor (VTHO) is a token issued daily to VET holders. In addition, VeThor is used to run smart contracts on the Thor blockchain.
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VeChain Releases New Milestone to PoA 2.0: VIP-193 Testnet Successful
After successfully implementing the VIP-193 testnet, the VeChin blockchain achieved another milestone with the release of the POA 2.0. The realization of VIP-193 on the public testnet bolstered the confidence of the blockchain.
Today, VeChain has gained popularity for its fast transactions.
PoA 2.0, once launched on the mainnet, will help the platform tackle the increasing demand for better performance and greater security which the blockchain regularly receives from clients.
As expected, the success of the VIP-193 and the news of implementing POA 2.0 have worked their magic. As a result, in the subsequent months, VeChain gained immensely.
Currently, VeChain is trading at $0.088251 with a 24-hour trading volume of $605,174,805. It has gone up 3.18% in the last 24 hours.
With the $1 target still in sight, VeChain will need sustained bullish momentum to maintain its pace.
