VeChain (VET) recently conducted an AMA with NOWNodes discussing a host of topics, including sustainability and the VeWorld Wallet. Moreover, the foundation is undoubtedly one of the best examples of real-world use cases for the technology.
The conversation saw the firm’s UI Tech Lead, Sebastian Seijo, discuss the host of exciting developments with the foundation. Specifically, they discussed their updated crypto wallet, the VORJ platform, and the mass adoption of VET.
VeChain Tech and Proof-of-Authority
The first point of focus of the lengthy conversation was centered around the primary point of value for the blockchain. Specifically, the facets of the network that make it a highly sustainable option within the entire industry.
Sejio spoke on the evolutionary nature of VeChain and the industry. Noting it as, “a good thing to see in the crypto space.” Moreover, he addressed how VeChain transitioned from a focus on supply chain to addressing sustainability practices within the space.
Subsequently, the discussion shifted to VeChain’s usage of the consensus mechanism known as proof-of-authority. There, the foundation uses over 100 validators that run on the chain. Interestingly, 2022 already saw the development of proof-of-authority 2.0, which Seijo noted was designed to “guarantee more data integrity while also providing scalability and capabilities to meet evolving requirements.”
Within the VeChain AMA, there is a clear emphasis on the foundation’s focus on sustainability. Specifically due to the importance of the sustainability questions facing the industry as a whole.
Additionally, the conversation shifted to the two-token model upheld by VeChain. Specifically, Seijo discussed both the native token of the chain, VET, and VTHO. The latter is mostly used to pay for the “computational process and resources required to execute transactions.”
Subsequently, VeChain is seeking to tackle the issue of speculation in the crypto space. Thus, introducing a differentiation between both the tokens and the wider crypto market. This introduces a necessity for enterprises participating in the blockchain realm to embrace something apart from speculation.
VeWorld Wallet
Among the exciting things that the VeChain AMA covered, the newly introduced VeWorld wallet was among them. Specifically, Seijo stated that, “Sustainability alone won’t get us to any place, so we need to carry on technology, so with that we are building many things that we can talk about — VeWorld is one.”
The VeWorld wallet, found on VeWorld.net, is a newly introduced self-custody wallet for crypto users. Subsequently, VeChain discussed the introduction of a VeWorld browser extension, improving the connectivity of the wallet and its ecosystem.
VeChain notes their desire to push the self-custody aspects of the wallet. Specifically, they do not hold the keys, as whoever has access to them then has access to the contents of the wallet. Clearly defined in the VeChain AMA as a point of focus for the network.
“We wanted to knock out intermediates and so on, and it’s a fully centralized application and we only talk with the blockchain,” Sejio stated. Moreover, it was noted that the wallet only consults certain APIs for a price feed in the wallet, such as CoinGecko, etc. Yet, they only included aspects that would not interfere with the security programs within the wallet.
Building on VeChain
Moreover, the VeChain AMA continued to focus on the building on the blockchain itself. They discussed the decentralized approach to VeChain and the potential mass adoption of VET.
Speaking on mass adoption, Seijo stated that it is service providers who play a “critical role,” in mass adoption. Due mostly because of their role in driving the most amount of transactions. Thus, VeChain is working with a host of services to improve these aspects and thus drive the mass adoption goal.
Still, VeChain recognized some challenges facing the blockchain network and the crypto space as a whole. Specifically, they mentioned interoperability as a “part of crypto that is really important.”
Conclusively, VeChain clearly demonstrates its commitment to several vital aspects of the industry. Moreover, as the crypto space moves forward, VeChain remains a pioneering force in the aspects of security, sustainability, and real-world viability of blockchain technology.