Free website traffic generator
  • Tue. Jul 5th, 2022

VeChain surges modestly despite major chain update

ByNdasi Tata

Jun 22, 2022

VeChain announced today that its long-awaited VIP-220 feature has finally gone live. The feature is seen as a huge step in VeChain’s effort to achieve the Proof of Authority 2.0 consensus. It is a step closer to making the chain more efficient and less costly compared to other competitors. Here are some of the highlights:

  • VIP-220 began testing on a private test net today

  • The news did not have any big impact on the price, with VET seeing a modest 5% rise.

  • But VIP-220 is huge for the long-term success of VeChain.

Data Source: TradingView 

What will VIP-220 do for VeChain?

VIP-220 is the last part of VeChain’s proof of Authority 2.0 consensus. So far, the first two components which include verified randomness or VRF have already been launched. VeChain is simply getting closer to deploying an elaborate PoA with a small number of validators. 

PoA is seen as an innovative way to scale blockchains, reduce fees, and create a green and energy-efficient decentralized future. Also, VeChain is expected to integrate advanced data security tools to ensure user info is protected. With PoA, the mass adoption of blockchain technology could finally become a reality. 

This will put the chain and its native token VET on the cusp of great success. For now, this news hasn’t really moved VET’s price that much. The coin was in fact up by just 5% at press time. But from a long-term point of view, it’s definitely worth noting.

Why VeChain is not surging

The on-chain news we have seen today should be enough to get VeChain to surge by at least 10%. However, this has not happened and is largely down to the uncertainty in the market. 

For now, many investors are just watching to see how the market will play out. Underlying fundamentals are taking a back seat in favor of overall sentiment.

The post VeChain surges modestly despite major chain update appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

Need Help?
Scan the code