The availability chain administration platform hits the blockchain milestone as a significant consensus upgrade nears.
The Supply chain platform VeChain has reached a milestone in terms of uptime and processed blocks on the VeChain Thor mainnet.
The VeChain Foundation posted the achievement on its Twitter feed on Sept. 1, including that it was “a significant milestone that’s testomony to our public blockchain’s scalability, security, and rock-solid stability.”
The VeChain Thor network has now surpassed 10 million blocks and was currently processing block number 10,004,141 at the time of writing. Comparatively, Bitcoin has recorded a 99.98% uptime since January 2009 according to this tracker.
The Foundation noted it has seen con enterprise usage from commerce giant Walmart and governmental adoption from both San Marino and China, where the challenge has close ties. VeChain partnered with a Walmart subsidiary in China to track meals products in June 2020.
In line with the Foundation, there are some major infrastructural updates within the pipeline such as Proof of Authority 2.0 alongside “more partnerships and use cases, community dApps, growth and more.”
VeChain makes use of a Proof-of-Authority consensus mechanism which permits the community to course of high-speed transactions based on identity and reputation as a stake, using simply 101 authority nodes.
The enterprise supply chain administration platform plans to improve to a next-generation consensus mechanism called PoA 2.0-SURFACE, which it describes as a “secure, use-case adaptive, and relatively fork-free approach of chain extension.”
The upgrade will enable higher on-chain throughput and reduced forking chance with the “highest level of data security unfound in any other blockchain platforms,” according to VeChain.
VeChain launched its public testnet with the first two parts of the consensus improve in late July, nevertheless, didn’t specify a launch date for the ultimate mainnet.
More recently, VeChain announced a partnership with global commercial real estate services firm Jones Lang LaSalle Included. The agency is working with VeChain to discover sustainable blockchain adoption with a view to expanding its operations in China.
On Aug. 26, Cmnnews reported that VeChain had unveiled a new initiative that will assist businesses in monitoring and reporting their carbon footprint information. It touted the new Digital Carbon Footprint SaaS Service as a “rapidly deployable tool, enabling enterprises of all sizes to re-engineer their carbon footprint data management practices.”
VeChain’s native token, VET, has been making solid gains on the back of the latest challenge developments. VET has gained 14% over the previous 24 hours to commerce at $0.138 according to CoinGecko and is now up 60% over the previous month — but still 51% down from its Apr. 19 all-time high of $0.28.