VeChain supply chain platform has reached a milestone in uptime and blocks processed on the VeChain Thor mainnet.
The VeChain Foundation posted the achievement on its Twitter feed on September 1, adding that it was “an important milestone that testifies to the scalability, security and rock-solid stability of our public blockchain”.
The VeChain Thor network has now exceeded 10 million blocks and was currently processing block number 10.004.141 at the time of writing. By comparison, Bitcoin has had 99.98% uptime since January 2009, according to this tracker.
The foundation found it was seen by fraudulent companies through trading giant Walmart and by the government in both San Marino and China, where the project has close ties. VeChain teamed up with a Walmart subsidiary in China in June 2020 to track food products.
According to the foundation, there are some important infrastructure updates in the pipeline, such as Proof of Authority 2.0 in addition to “more partnerships and use cases, community dApps, growth and more”.
VeChain uses a proof-of-authority consensus mechanism that allows the network to process high-speed transactions based on identity and reputation as a share, using only 101 authority nodes.
The enterprise supply chain management platform plans to upgrade 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 to chain extension”.
According to VeChain, the upgrade will enable higher on-chain throughput and reduced forking probability with the “highest level of data security that cannot be found in any other blockchain platform”.
VeChain started its public testnet with the first two components of the consensus upgrade in late July, but did not give a start date for the final mainnet.
VeChain recently announced a partnership with global commercial real estate services company Jones Lang LaSalle Incorporated. The company is partnering with VeChain to explore sustainable blockchain adoption to expand its operations in China.
Related: Partnerships at company level bring the VeChain (VET) price to new highs
On August 26th, Cointelegraph reported that VeChain unveiled a new initiative that will help companies track and report their carbon footprint data. The new SaaS digital carbon footprint service was touted as a “quick-to-use tool that enables companies of all sizes to redesign their carbon footprint management practices”.
VeChain’s native token, VET, has made solid profits based on recent project developments. Vocational education is up 14% in the past 24 hours and is at $ 0.138, according to CoinGecko, and up 60% last month – but still 51% off its April 19 all-time high of $ 0.28.