- VeChain has achieved a new performance record with 165 processed transactions per second on the mainnet.
- According to current data, VeChain can process 11 times more transactions per second than Ethereum.
VeChain is a project of the crypto market, which has had a working product since its start. Since then VeChain could partner with well-known partners from different areas of the food, beverage, textile, automotive, pharmaceutical and logistics industry. Especially in the area of product counterfeiting, the technology of VeChainThor blockchain can save companies affected by counterfeiting billions of dollars in losses.
The Twitter user Jake.com describes on Twitter that according to the current data of the Mainnet at Block 5,274,015 165 transactions per second (TPS) and 1,652 clauses could be processed. Thus VeChain has reached a new performance record and and outshines other blockchains. With 165 TPS, VeChain can currently process 11 times more transactions per second than Ethereum, which currently only achieves around 15 transactions per second.
Block 5,274,015 weighed in this morning as VeChain’s new heavyweight block champion – 1652 clauses – 165TPS running live on mainnet – real world adoption keeps on ramping up. VeChain’s massive protocol upgrade is delivering straight out of the gate
$VET $BTC $ETH $XRP $LINK $BNB pic.twitter.com/4eX00W6HLq
— Jake.com (@Eco_Boy29) March 3, 2020
A special feature of the VeChainThor blockchain are the “clauses” that every transaction carries. These fields carry the values “To”, “Value” and “Data”. They can be used to perform various tasks such as the processing of payments or the processing of smart contracts. VeChain further explains that the VeChainThor blockchain offers more flexibility and performance than other blockchains due to the “Clause System”.
This feature optimally prepares the VeChain Thor blockchain for the needs of companies:
With the Clauses and the Transaction ID systems, the VeChainThor blockchain can accommodate businesses both when they require transaction dependency and when they desire independent transactions.
The observed performance increase is caused by the last protocol updates since the VeChain hack at the end of last year. In addition, VeChain plans to implement an improved Proof of Authority 2.0, which should make the revised consensus model more secure, use-case specific, adaptive, faster and less vulnerable to hard forks.
To increase transaction throughput and latency as well as security, the PoA 2.0 SURFACE will add a committee allocation mechanism to the VeChainThor blockchain that finalizes transaction confirmation similar to the Bitcoin blockchain. The big difference is that the PoA 2.0 does not have to wait for the next block interval.
Nevertheless, the competition does not sleep. Ethereum activated Loopring’s second layer scaling solution on the Ethereum mainnet last week and can now handle up to 2,025 TPS without any security compromise. Furthermore, OmiseGo plasma on the Ethereum Ropsten testnet reached 5,000 TPS and will be able to scale linearly with ETH 2.0.
A Reddit user asks in a thread whether second layer scaling solutions are also planned for VeChain. There are plans for this as well, but the responsible person did not name an exact time horizon or further information.
VeChain price follows current market trend
After Bitcoin and the entire crypto market suffered several flash crashes, VET was also affected. However, the price of VET shows an increase of 3.43% to a price of 0.0060 USD within the last 24 hours. With a market capitalization of 180 million USD, VeChain ranks 30th among the largest crypto currencies worldwide.