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VeChain adopts Coinbase standard to foster blockchain adoption

  • VeChain implements Rosetta standard to facilitate development and interaction with VeChainThor.
  • Rosetta could be integrated into Bitcoin and Ethereum blockchains.

VeChain Foundation announced the implementation of the Rosetta blockchain standard for VeChain. The standard was developed by Coinbase and unveiled on June 17, 2020. Its goal is to simplify interaction with the blockchain, in this case, VeChainThor, and give developers tools to facilitate, accelerate, and simplify integration with other blockchains. At the time of Rosetta’s launch, Coinbase stated:

(…) we’re launching Rosetta, an open-source specification and set of tools that makes integrating with blockchains simpler, faster, and more reliable. This is a step toward our commitment to support an open ecosystem.

VeChain joins Cardano, Tron, and Neo with Coinbase standard

The growing number of blockchains has prompted Coinbase to create the Rosetta standard. Thus, integration between such blockchains becomes a “painless and safe” process. In addition, developers can take advantage of the compatibility that Rosetta offers with the platforms that have integrated it. According to Coinbase:

For developers of new blockchain projects, the Rosetta interface makes it easier to ensure compatibility with exchanges that use Rosetta, and can dramatically speed up the time it takes exchanges to integrate with new blockchains and protect customer funds by ensuring specific security conditions are met.

Because it’s integrated with Rosetta, VeChain developers no longer have to write a parser for each of the blockchains. Instead, Rosetta allows them to build cross-chain applications such as wallet and block browsers with a standard format and “simplified maintenance”. Since its launch, Rosetta has been implemented in more than 20 blockchain projects such as Tron (TRX), Kava, Neo, Ontology, Kadena, Sia, Filecoin, Near, Cardano, Coda, Handshake, Cosmos, Digibyte, among others. In the future, Rosetta could allow integration with Bitcoin’s blockchain and Ethereum:

Over time, our goal is to support a thriving ecosystem of Rosetta interfaces for many more blockchains including Bitcoin & Ethereum, along with even more tools and community resources.

As reported by CNF, Coinbase may add the VeChain token (VET) to its platform soon. In a publication, the exchange announced that they are “considering listing the VET token”. Other exchanges, such as BitPanda, are also considering adding VET. However, at the time of publication, this has not been confirmed and remains a possibility.

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About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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