VeChain Renaissance Ushers in Era of Growth with New Upgrade

VeChain Renaissance Ushers in Era of Growth with Historic Upgrade

John KumiBy edited by
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  • VeChain (VET) has announced that it is subjecting its VeChainThor to a comprehensive upgrade to reimagine its tokenomics.
  • This upgrade would create new validator opportunities and ensure greater decentralization.

VeChain (VET) is set to embark on a holistic upgrade of its VeChainThor through a technical roadmap dubbed VeChain Renaissance. According to the report, this would enable stakeholders to stay ahead of regulatory and technical trends while enabling network growth from the perspective of users and developers.

It’s official – VeChain’s largest protocol upgrade is underway: VeChain Renaissance.
The TL;DR: pic.twitter.com/3I7BaUEEx0— VeChain (@vechainofficial) December 6, 2024

Further analyzing the initiative, we discovered that this massive upgrade is sought to achieve two main goals – Reimagined Tokenomics and Technological Equivalence.

Reimagined Tokenomics of VeChain’s VeChainThor

According to the report, intelligent tokenomics creates important value for network engagement. In this case, its consensus upgrade would provide a “bold reimagining of its tokenomics model” including:

  • New validator opportunities: This would ensure that the X-nodes and Economic Nodes are empowered to validate network transactions.
  • Greater Decentralization: This would boost the resilience of VeChainThor and ensure that the community members become the main support of the ecosystem.
  • Modified VTHO Tokenomics: VeChain would introduce a new VTHO distribution model to make the platform more attractive.

Technological Equivalence

This is important as VeChain seeks to meet the standards of the industry to make sure that the network communicates easily with others. According to the report, the Ethereum Virtual Machine (EVM) and JSON-RPC are currently the standard of communication. Embarking on this upgrade would trigger:

  • Going Cross-chain: This implies that there would be a seamless integration with Ethereum-compatible protocol, thanks to JSON-RPC.
  • Ease of Integration: Developers can easily port wallets, bridges, and other familiar tools to and from VeChainThor.
  • Developer Adoption: The network would be open to over 100k blockchain developers.
  • Institutional/Enterprise Integration: institutions and enterprises would be able to easily integrate VeChainThor from exchanges to custodians, etc.

In a nutshell, VeChain’s tokenomics updates expected to be seen in 2025 are the Revamped staking model, creation of a developer fund, Modified VTHO tokenomics, and VTHO distribution model.

For greater Interoperability, there would be new functionality for the Ethereum Virtual Machine (EVM). This will include EVM parity and cross-chain compatibility, JSON-RPC support, and a dynamic gas fee market modeled on EIP-1559.

According to VeChain, opening its EVM to other blockchains would enable it to offer its unique selling point to the market.

Emerging regulations, especially those in Europe such as Markets in Crypto-Assets (MiCA), create an impetus for change, as do the requirements of US institutional players with whom we are in ongoing discussions. We have delivered some incredibly innovative tools to date, from our unique two-token model to fee delegation that abstracts away the need for users to hold crypto assets. By opening our blockchain to other EVM-chains, we offer our unique selling points to the market, and benefit from innovations elsewhere.

At press time, VET was trading at $0.067 after surging by 2% on its 24-hour chart and 46% on its weekly chart.

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This article is for informational purposes only and does not constitute investment advice. Read full disclaimer

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John Kumi

John Kumi

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John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space.
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