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- VeChain scored an honorable mention in a recent research paper.
- The Layer-1 protocol keeps showcasing strength in key aspects of blockchain innovation including the metaverse.
VeChain is making a notable impression in the digital currency ecosystem and there has been a growing number of mentions about the role of the protocol in several offshoots of blockchain technology. As first revealed by one of VeChain’s biggest supporters, Eisenreich, the enterprise-grade Layer-1 smart contract network was mentioned in a research article dubbed “The Metaverse: Economic and Social Values and Risks.”
VeChain was highlighted in a recent journal article, 'The #Metaverse: Economic and Social Values and Risks' 🔖
"One of the main crypto projects that could benefit NHS is VeChain, which resolves many of the existing supply chain issues." #IoT 🚚
Pdf 👇https://t.co/f40xj9ybCg pic.twitter.com/ClavdpzNGb
— eisenreich (@eisenreich) April 11, 2023
The research in question was carried out by Peter Radanliev and it focuses on a number of research questions including an inquiry into whether there are any significant risks from cryptocurrencies at the moment; whether or not there are potential values of blockchain technology to the society and economy that are worth pursuing and whether or not developed or developing countries benefit more from these technologies?
Taking a look at the VeChain protocol, all of these research questions can be answered based on the current milestones of the digital currency protocol. On whether there are significant risks associated with VeChain as a protocol, the answer is no, but as a cryptocurrency, there is a lot of volatility associated with its price growth.
This volatility has pushed the cryptocurrency to shed as much as 91 percent of its value from its All-Time High (ATH) price of $0.2782.
Besides this apparent setback, VeChain is one of the most productive blockchain networks around and its integrations with various industries can attest to it. On whether or not there are potential values in blockchain that are worth pursuing, the role of VeChain in sustainability management focusing on Carbon management and its general involvement in climate change amelioration is worth investing into.
In reality, VeChain is currently being adopted by various companies in different multi-billion dollar industries around the world, a testament to its growing relevance.
VeChain and the Metaverse
While the research paper highlighted the significance of VeChain as a protocol that can help drive change in the NHS as it concerns the use of the Internet of Things (IoT) to revamp the supply chain in the medical world, there are other mentions of Web3.0 and the metaverse which VeChain can as well feature in.
Though the protocols mentioned in the image including Decentraland (MANA) and Axie Infinity (AXS) amongst others are among the flagship projects pushing the metaverse agenda, VeChain is also known to be powering a lot of Non-Fungible Token (NFT) and metaverse-focused innovations.
As a smart contract layer-1 blockchain, VeChain has the technological capability to sustain all forms of innovations that other regular protocols are supporting. As reported by Crypto-News Flash back in September last year, VeChain joined hands with Exoworlds to make a very defined pivot into the metaverse world.
The protocol is also inking a lot of new partnerships that are bound to push its uniqueness on the frontlines of outfits driving the metaverse narrative.
