VeChain has highlighted that it is leveraging the capabilities of its Layer 1 blockchain, VeChainThor, to meet the sustainable development goals set by the UN. The power of Web3 is being implemented in a sector that has an estimated worth of multi-trillion dollars in the days to come.
Two reasons why VeChainThor is an ideal candidate to meet sustainable development goals are scalability and ability. It has been crafted from the ground up to support scalability. Meaning it will have enough strength to support future developments effectively and efficiently. Second, it can handle a large number of transactions executed on the network. While the volume of transactions differs every minute, having the space to back up the traffic is always a good idea for the blockchain sphere.
VeChain, in the announcement, acknowledged how the world is transitioning to blockchain. It has also identified the need to have networks that have been designed effectively to support the rising demands in the industry. Plus, any player who takes the lead here ultimately gets command over the majority of business volume.
VeChain is credited with handling more sectors like supply chains, authentication, and digital passports. It has established itself as a noteworthy contender in the market, boasting an extensive network presence worldwide. VeChain has achieved a global presence and garnered the attention of esteemed organizations. Furthermore, by maximizing the utilization of its connections and significance, VeChain has advanced its technology. Despite this, VeChain remains a BCG partner in its pursuit of a brighter future.
Many real-world businesses and users prefer to be housed by the blockchain because it functions as a POA, short for Proof-of-Authenticity, consensus mechanism. It has been defined as a unique mechanism for both users and real-world businesses.
It has now been upgraded to POA2.0. This gives the scope to introduce finality that guarantees the quality of data while also offering high speed, network security, economic transactions, and scalability. Lastly, the two-token model is living up to the hype.
The model has been purpose-built to solve problems that many blockchains face with transaction cost stability.
VeChain’s announcement has done little for its native token, VET, on the trading board. VET is currently down by 1.69% in the last 24 hours, being traded at $0.03168. This could be because of the recent crypto market crash since the price has actually gone up by 29.78% in the last 30 days. Market Cap and 24-hour volume are down by 1.72% and 45.76%, respectively, in the same order.
Based on the VeChain prediction, the price of VET is poised to surpass the milestone of $1, provided it keeps up with developments like VeChainThor, designed to tackle the UN’s sustainable development goals. VeChainThor will continue to leverage Web3, hopefully standing to the reputation of delivering the result.