VeChain’s no downtime block creation coincides with 12.4% VET price rally

Key Takeaways:

  • Vechain adoption grew with new partnerships.
  • The network is going through a shift to proof-of-authority 2.0 SURFACE mechanism.
  • VET token gained 12.4% in responce to the positive developments.

YEREVAN (CoinChapter.com) – VeChain, a blockchain-powered supply chain platform, minted “10 million blocks without downtime,” while its native token VET jumped 12.4 percent in 24 hours. The company tweeted the news on September 1, continuing the thread to reveal other developments.

VeChain’s growing adoption and upgrade

The supply chain platform has seen a fruitful month and scored several key partnerships. As announced on August 31, Vechain collaborated with the Chinese branch of Jones Lang LaSalle Incorporated (JLL), a global commercial real estate company.

JLL aims to solve the core issue of carbon emission reduction and use VeChain’s resources to obtain “consistent and validated carbon data.” The company also pointed out that they are looking to invest in a blockchain-powered platform to “bridge that gap.”

“[Blockchain technology] has immense potential to help drastically improve measurement and reporting standards and accelerate progress towards the net-zero carbon goal,”

commented JLL representatives.

Also read: Donald Trump calls crypto “a disaster waiting to happen.”

Moreover, VeChain is in the middle of an infrastructural update: the transition to proof-of-authority (PoA) 2.0 SURFACE (Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension). The update’s roadmap does not yet specify the day of the mainnet launch.

However, the platform has already launched a successful testnet in late July.

Vechain already uses PoA consensus, but the 2.0 version will allegedly help solve several problems at once. The announcement states that SURFACE will tackle the scalability issue and “optimize performance under desired conditions.” Moreover, it will also achieve “uncompromised security” without sacrificing transaction confirmation time.

As a result of positive developments, the blockchain’s native token went bullish and put on over 12 percent in the past 24 hours.

Also read: VeChain exploded by more than 50% after successful VIP-193 testnet

VET daily chart

Vechain network’s VET has been showing a bullish bias for the past three days.

The VET/USD exchange rate stood at $0.14 in the Thursday session. The digital asset traded right above its 20-day exponential moving average (EMA-20). As a result of the latest bullish advance, the relative strength index (RSI) also changed its trajectory.

VET daily chart. Source: VETUSD on TradingView.com
VET daily chart. Source: VETUSD on TradingView.com

On the chart above, the RSI (purple graph) rose to 64, which signifies that traders have high confidence in the digital asset and are willing to invest.

VeChain’s growing adoption and upcoming upgrade helped VET gain bullish momentum. Should the network expand further, the digital asset should see more gains ahead.

Also read: El Salvador creates a $150 million Bitcoin trust while citizens protest.

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