VeChain has reached a significant milestone in terms of uptime and the number of blocks processed on VeChain Thor's mainnet. The VeChain Foundation tweeted the news Wednesday saying it was "a major milestone that is testament to the robust scalability, security and stability of our public blockchain."
Specifically, the VeChain Thor network has passed 10 million blocks and was processing block number 10,004,141 at press time. By comparison, Bitcoin has posted an uptime of 99.98% since its inception in 2009 according to this tracker.
Importantly, the retail giant Walmart and the government adoption of San Marino and China have contributed to the growth of VeChain, notes the VeChain foundation. In June 2020, Walmart's China subsidiary adopted the platform's technology to track food products. Subsequently, in July, San Marino announced an eNFT-based VeChain COVID-19 certificate system.
More recently, VeChain also partnered with global commercial real estate services firm Jones Lang LaSalle (JLL) Incorporated. The two are now pushing for sustainable blockchain adoption to expand JLL's operations in China. The JLL survey shows that 66% of Chinese corporations have incorporated carbon emission reductions into their home energy. Most occupants also plan to prioritize locations that help reduce their carbon footprint.
Additional VeChain commitments
Additionally, the Foundation highlights several critical infrastructure upgrades for the VeChain pipeline. These include Proof of Authority (PoA) 2.0 plus "more partnerships and use cases, community DApps, growth, and more." Proof of Authority is a consensus mechanism that allows VeChain Thor to process transactions with high performance using identity, reputation and shares. Processing occurs with only 101 authority nodes.
In the future, VeChain plans to upgrade to a next-generation consensus mechanism called PoA 2.0-SURFACE. The supply chain management platform describes the upgrade as a "secure, adaptable to the use case and relatively fork-free approach to chain extension." According to VeChain, the update will bring with it higher performance and a higher probability of fork. PoA 2.0-SURFACE will also have high data security unmatched by other blockchain platforms.
In late July, the platform released its public testnet along with the first two components of the consensus update. The platform, however, did not specify a release date for its final mainnet.
Another development is the green blockchain initiative that the platform unveiled on August 26. The new Digital Carbon Footprint service helps companies track and report their carbon emissions. It combines decentralized accounting technology with a software-as-a-service (SaaS) business model. VeChain touted the initiative as a "rapid implementation take, allowing companies of all sizes to redesign their carbon footprint data management practices."
Following these and other developments from the project, VeChain's native token VET has followed persistent gains. At time of writing, VET was trading hands at $ 0.14, a 7.7% increase on the day as CoinGecko shows. The token is also up 65% in the last month. However, it is still 51% lower than its mid-April high of $ 0.28.