Today, blockchain has evolved into more than just cryptocurrencies. VeChain is one of the few cryptocurrencies that transcends being a cryptocurrency, to cater to the needs of enterprise-level clientele.
VeChain employs distributed ledger technology (DLT) to improve businesses’ supply chain and product lifecycle management. Technology-wise, VeChain has a lot going for it, but is this the best time to buy its VET tokens?
VeChain Is Preparing a Revolutionary Network Upgrade
Since its launch in 2015, VeChain has been hailed for its unique use of blockchain technology. VeChain tackles supply chain issues by creating a public record of Radio Frequency Identification (RFID) tags.
VeChain’s blockchain has earned it a certificate from China Association for Standardization. It is also the first public blockchain to answer the call of international organizations to offer a blockchain toolkit for real-world demands.
While significant upgrades have been made since its launch, VeChain is looking to improve its network with the VeChainThor v1.6.0 network upgrade. The launch of the VeChainThor v1.6.0 will prepare the VeChain blockchain for the POA2.0 Phase 1 activation upgrade.
The VeChain network still has plenty of room to grow, especially if its supply chain, blockchain software gains popularity and is further utilized by corporations. By increasing its security and performance via the POA2.0 upgrade, VeChain could gain more adoption.
The POA2.0 network upgrade is being described as the first protocol of its kind in the world. POA2.0 combines Byzantine fault tolerance, and Nakamoto consensus mechanisms to eliminate their weaknesses, but benefit from their strengths.
POA2.0 will guarantee that data is ‘finalized’ immediately, and ensures that no accidental forks of the network can occur. In addition, POA2.0 will prevent ‘branching,’ which can temporarily disrupt a blockchain, leading to data loss.
The Testnet of POA2.0 will launch on November 5th, while the mainnet is scheduled to go live on November 16th on block #10653500. The successful launch of POA2.0 on the network could lead to more gains for VeChain (VET).
Most network upgrades have resulted in significant price rallies for their native tokens. Buying VeChain (VET) before the POA2.0 upgrade goes live could therefore be a good short-term investment.