Like most of the better developers working on the technology of blockchain, VeChain is similar as they hold the belief that foundations of the next generation of Information Technology (IT) alongside upcoming developing technologies such as Augmented Reality, Virtual Reality, Internet-of-Things (IoT), 5G and more, blockchain technology shall serve as the lynchpin that shall drive the future of the finance market forward. And they plan to do this by solving real-world economic issues first by lowering the lowering the barrier of entrance and using blockchain to create value.
To achieve this, VeChain has decided to rollout its plan in three phases. The first phase is the technical consensus. In this phase, the plan is to build the ecosystem of the technology with different developers using the protocol of VeChain. VeChain claims that it already is beyond the phase of technical consensus and is ready for the second phase, the business consensus. Using the Proof-of-Concept (POC) approach, VeChain has been making positive experimental strides towards their goal. In the business consensus, the business owners and enterprises are to become a major force to help in the development of blockchain technology and its adoption subsequently among the masses. This phase is to facilitate the construction of such kind of applications for a cross-enterprise collaboration. This phase is to be followed by the government consensus in which the new technology is regulated with the aid of the legal communities around the world.
Speaking a bit on the technical aspects of the coin, VeChain employs technologies like the Proof-of-Authority (“PoA”) consensus algorithm, meta-transaction features, protocols of transaction fee delegation, on-chain governance mechanism, built-in smart contracts as well as tool for developers.
VeChain has also been improving upon the system. While keeping in mind the limitations of the Proof-of-Concept algorithm, VeChain has tried to improve the needed security of their system. And this they have done by “forking” to VeChainThor with PoA 2.0.
VeChain (VET) – Price Movement
At the time of writing this article, the value of VET, the utility coin of VeChain, is $0.1579 at a trading volume $1.49 billion. This is a 10.24% increase over the past 24 hours. The increase in the ecosystem has been resulting in the positive yield of the blockchain. Just over the past year, VET has gone from $0.011 to its current value with the highest being $0.25 back in April when the whole crytpomarket was displaying bullish sign before its collapse. But it has regained its composure and VET gives all indicators for a positive growth in the future.