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VeChain will reach a historical milestone – Will VET price explode?

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07
Nov

Source: Den Rise Shutterstock

  • VeChain’s long-awaited network upgrade will happen next Thursday beginning from 8.10 GMT.
  • The upgrade of VeChain to PoA 2.0 will introduce several key features to the network.

The countdown to the largest network upgrade on the VeChain network has begun. For anyone who has ever asked when VeChain’s upgrade to a proof-of-authority (PoA) 2.0 will happen, the answer is November 17, 2022. This announcement was made via Twitter by a prominent member of the VeChain community, @eisenreich. He also provided a link to the upgrade’s countdown page.

The upgrade will market a new era in the history of the blockchain. The announcement of a date for the upgrade follows the support and approval from the VeChain community via a voting process on October 20, 2022. Meanwhile, the network also confirmed that there would be an upgrade to the network’s X-node features in the future.

The foundation firmly stated that X nodes will always be vital to the VeChain community and governance. The X Nodes feature offers additional rewards for the most loyal supporters of the VeChain network. Several essential features will become available on the VeChain network once the PoA 2.0 upgrade is complete.

Such features include a passive block finality confirmation process, a VRF-based source of randomness, and a committee-based block-producing process. According to the VeChain developers, combining the Nakamoto consensus and the Byzantine Fault Tolerance (BFT) will result in these three features mentioned above.

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Meanwhile, the VeChain network has introduced the concept of staking VET tokens. Thus, users can receive rewards when they hold their VET tokens in a specified crypto wallet. Last month, Binance US announced it would allow staking VET tokens on its platform.

Hence, it is likely that other exchanges will follow suit soon. Furthermore, as an enterprise focus blockchain, many companies (especially china-based supply logistics companies) use VeChain to solve most of their supply chain issues.

Notable companies partnered with VeChain include Ambrosetti (a consulting firm), Venice Sustainable Fashion enterprise, and Walmart China. In addition, some firms also use VeChain to create various decentralized products, such as NFTs.

VET price action

Meanwhile, VeChain price is down 2.71 percent in the last 24 hours and trades at $0.025 according to current Coinmarketcap data. VET has continued to trade sideways even while most cryptocurrencies have been declining. VET’s ability to remain unaffected by the recent crypto winter shows its underlying strength.

Despite VET’s price drop in the last 24 hours, total trading volume on VET has increased by 14.39 percent on the Binance exchange in the last 24 hours. This indicates that a VET price rally is imminent. It has also recorded positive increases across other top crypto exchanges.

According to TradingView data, the technical indicators give opposing views about VET. While the 10-day and 20-day moving averages are bullish, the RSI is neutral. However, most of the technical indicators on the 24-hour chart are bullish about VET.

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