VeChain News Today – Headlines for March 5

  • VeChain is eleven times faster than Ethereum
  • VeChain records 165 transactions per second
  • VeChain price is following recent overall market pattern

VeChain News Today – the VeChain project has been working towards improving its customer experience since it started operations. Since that time onward, VeChain has partnered with well-known entities in different sectors including food, textile, beverage, automotive, logistics and pharmaceutical sectors. Particularly in product counterfeiting, VeChainThor is designed to save firms affected by counterfeiting.

According to one Twitter user known as Jake.com, the data of VeChain Mainnet at Block 5,274,015 165 and 1,652 clauses is on course to be processed. This means the VeChain protocol has now reached a performance high record which makes it outshine other Blockchains. With 165 transaction speed, the VeChain network can process transactions eleven times faster than Ethereum per second.

VeChainThor Offers Special New Feature

Per the report, there is a special feature on the VeChainThor solution. This includes the “clauses” carried by the transaction. They carry the values “To”, “Data” and “Value.” These values can be used to perform tasks like processing payments and/or smart contracts. VeChain says the VeChainThor Blockchain network offers more performance and flexibility than other Blockchain networks because of its “Clause System.” The performance increase seen in TPS is because of the last protocol updates installed since the hack on the VeChain network at the end of the past year.

Additionally, the VeChain network is looking to implement a better Proof of Authority 2.0 protocol. This update will ensure that the revised consensus algorithm is more secure, faster, use-case specific, adaptive, and less susceptible to hard forks.

To increase transaction, latency, and security, the PoA 2.0 protocol will include a committee allocation mechanism to VeChainThor. This will finalize all transaction confirmation. The difference is that PoA 2.0 doesn’t wait for block intervals to perform.

The Price of VeChain is Following the Current Market Action

According to one Reddit user, second layer scaling solutions should be planned for the VeChain protocol. The network confirmed that there are plans for this. However, the responsible person didn’t name any time frame or give further information. After the price of Bitcoin and that of the entire digital currency market suffered few flash crashes, the price of VET was affected as well.

Although, the price of VET currently shows a rise of about 3.43% and is currently trading at $0.0060 in the past 24-hours. VeChain remains number 11 among the top 20 list of the biggest digital assets by market capitalization. The coin’s current bullish position may be extended in the near term as several digital assets have begun to show slight bullishness.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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