Most cryptocurrency users have come across the VeChain project. It is an interesting blockchain venture which could introduce a lot of positive changes. There is a related blockchain known as VeChainThor, which is currently undergoing public testing.
The VeChainThor Project
On the surface, it seems VeChainThor will try to boost enterprise adoption of blockchain technology. Offering real-world use cases involving blockchain technology has proven to be somewhat challenging, and the VeChainThor team is confident they have the necessary features and tools to improve this situation.
Under the Hood of VeChainThor
Similar to VeChain, the VeChainThor product is designed to come with its own governance tools. VeChainThor provides a voting process and KYC verification procedures, which are not native to VeChain. Offloading the extra functionality to a different project hooked into the main chain is a smart idea, as it helps reduce Vechain’s overall blockchain bloat.
There is also a feature known as Proof of Authority, or PoA. This consensus algorithm will maintain order among the blockchain nodes, of which 101 are official authority nodes controlled by the whitelist. Every individual node will need to adhere to KYC requirements, as well as to hardware and security standards.
Last but not least, VeChainThor is designed to offer a higher degree of scalability compared to most other blockchains on the market today. Thanks to the PoA algorithm, its maximum transaction throughput is 10,000 TPS. However, the chain will maintain a maximum of 50 TPS due to the current lower transaction volume. In the future, the project will receive cross-chain and sidechain support.
The Road Ahead
Although VeChainThor sounds like an impressive project, there is no guarantee that it will make its way to the commercial world anytime soon. Even so, the team is trying to cater to the needs of enterprises and financial service providers. There’s also a growing focus on IoT solutions, which will become a lot more important to our society as time progresses.
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