VeChain (VET) flashed green as the network displayed transaction activity at press time.
Ranked #35 among cryptocurrencies by market cap, the native VET token form VeChain, an enterprise level Proof-of-Authority (PoA) based public blockchain platform, rose 6% as it traded near the £0.019 mark.
However, the price gains have not been stable. While VET has shown good performance, the uptick has been modest due to a lack of sustained growth in momentum. The coin’s price decreased this week by 0.67%, diluting prior weeks’ gains.
As the VET community reported, transactions on the platform saw a huge increase. VeChain churned out nearly 700,000 transactions for the largest firm in the world, Walmart, in a little more than three hours.
The community further stated that there was “no spam, no token shuffling, real world, economically beneficial on-chain activity for 1 company, with thousands to come.”
According to Santiment, the same scenario was also confirmed by on-chain metrics for trading volume and development activities. In fact, the trading volume surged greatly.
Instead of eradicating the Proof-of-Authority (PoA) consensus, the VeChain blockchain developers chose came up with a finality system to run dual modes of consensus. The latest PoA 2.0 stage made the most recent development possible.
According to a tweet from VeChain’s Peter Zhou, the VIP-220 or FOB finality stage of PoA 2.0 is performing to expectation on the testnet. He added that he was eagerly anticipating the stakeholder vote to approve its deployment on the mainnet.
By combining the various blockchain consensus models, this upgrade would create the ideal system for use in the real world.
VeChain and TruTrace also presented a list of the industries that would be integrated into the blockchain platform. The platform would integrate TruTrace’s legal cannabis, food, fashion, and pharmaceutical businesses, according to the release.
That being said, traders and investors should exercise caution in making a move.