Recent AMA sees Blockchain discuss sustainability, VeWorld Wallet and more

VeChain Tech and Proof-of-Authority

The first focal point of the long conversation centered around the primary value point of the blockchain. Especially the facets of the network that make it a very sustainable alternative within the entire industry.

Sejio spoke about the evolutionary nature of VeChain and the industry. Marking it as “a good thing to see in the crypto space.” Additionally, he addressed how VeChain transitioned from a supply chain focus to addressing sustainability practices in the space.

The discussion then turned to VeChain’s use of the consensus mechanism known as proof of authority. There, the foundation uses over 100 validators that run on the chain. Interestingly, already in 2022 there was the development of proof-of-authority 2.0, which Seijo noted was designed to “guarantee more data integrity while providing scalability and opportunities to meet new requirements.”

Within the VeChain AMA, there is a clear emphasis on the foundation’s focus on sustainability. Especially because of the importance of the sustainability issues facing the industry as a whole.

In addition, the conversation shifted to the two-token model maintained by VeChain. In particular, Seijo discussed both the original token of the chain, VET and VTHO. The latter is mostly used to pay for “the computational process and resources required to execute transactions.”

Next, VeChain seeks to tackle the issue of speculation in the crypto space. Thus introducing a differentiation between both tokens and the wider crypto market. This introduces a necessity for businesses participating in the blockchain space to embrace something other than speculation.

VeWorld wallet

Among the exciting things that the VeChain AMA covered, the newly introduced VeWorld wallet was among them. In particular, Seijo stated that, “Sustainability alone won’t get us anywhere, so we have to continue the technology, so with that we’re building a lot of things that we can talk about — VeWorld is one.”

The VeWorld wallet, found at VeWorld.net, is a newly introduced self-storage wallet for crypto users. Next, VeChain discussed the introduction of a VeWorld browser extension, which improves connectivity to the wallet and its ecosystem.

VeChain notes their desire to push the self-storage aspects of the wallet. Specifically, they do not hold the keys, as whoever has access to them then has access to the contents of the wallet. Clearly defined in the VeChain AMA as a focal point for the network.

“We wanted to cut out middleware and so on, and it’s a completely centralized application and we’re just talking to the blockchain,” Sejio stated. Also, it was noticed that the wallet only consults certain APIs for a price feed in the wallet, such as CoinGecko, etc. However, they only included aspects that would not interfere with the security programs of the wallet.

Builds on VeChain

Furthermore, the VeChain AMA continued to focus on the building of the blockchain itself. They discussed the decentralized approach of VeChain and the potential mass adoption of VET.

Speaking about mass adoption, Seijo stated that it is service providers who play a “critical role” in mass adoption. Mainly due to their role in driving as many transactions as possible. Thus, VeChain works with a number of services to improve these aspects and thus drive the mass adoption goal.

Still, VeChain recognized some challenges facing the blockchain network and the crypto space as a whole. Specifically, they cited interoperability as a “part of crypto that is very important.”

In conclusion, VeChain clearly demonstrates its commitment to several important aspects of the industry. Furthermore, as the crypto space moves forward, VeChain remains a pioneering force in the aspects of security, sustainability and real-world viability of blockchain technology.