VeChain, has been signing big deals with companies from both the crypto world and other fields for a while. Just two weeks ago, the altcoin was on the agenda, signing a $100 million sponsorship deal with the UFC.
In addition, the developers are making great efforts to keep the project strong amid the ever-growing competition. It can be seen that VeChain has made consistent progress on the development activity front since the beginning of this year.
PoA 2.0 Testnet Upgrade Could Present Big Opportunity for VeChain
Koinfinans.com As we mentioned, VeChain’s VIP-220 upgrade has been released on the private testnet. This test could represent a “huge milestone” for the evolutionary Proof of Authority 2.0 consensus mechanism upgrade.
As such, the VIP-220 will introduce a certainty device, a mechanism by which blocks will be verified twice. So the Nakamoto consensus and the precision apparatus will work together to make it nearly impossible to rollback transactions. The foundation previously stated that the upgrade could herald a new wave of mass adoption.
VeChain’s official Peter Zhou tweeted about the upgrade:
“PoA2 A huge milestone for The VeChainThor blockchain with its certainty appliance will provide state-of-the-art security while maintaining a high standard of performance.”
VET Price Action
VeChain’s native token VET has recorded a significant trend over the past few days. It managed to gain 19% compared to the local low of $0.02003 recorded on June 19. However, according to the data, VET’s trading volumes continue to be underwhelming, suggesting that it is drifting up on the charts due to the high correlation it shares with Bitcoin and Ethereum (correlations sit at 0.85, 0.88 respectively).
At the time of reporting, VeChain was struggling with the 200 hourly EMA. A successful break altcoinIt will rise to around $0.0256, the next test level of , making an 8% rally possible.
However, more market positive momentum subsides, VeChain moves to 50 and 100 EMAs. [sarı ve yeşil] It could bounce back to the next support around $0.0229, corresponding to the next level.
Despite all these developments, we would like to state that the development in the test network is highly unlikely to have a clear effect in the short term. Although he thinks that this development will have a long-term effect, short-term investors should carefully follow this development.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.