Recent reports have shown that VeChain’s consensus algorithm, the Proof-of-Authority (PoA) testnet, has been processing large transaction numbers per block over the last few hours.
VeChain enthusiast Boosted_Yota broke the news on Twitter. He included a screenshot of the transaction logs which show a major rise in the number of transactions per block. According to the user, the PoA 2.0 is running as many as 2500 transactions at the moment.
He also added that if the trend continues, the testnet could be handling 21.6 million transactions regularly. This is a welcome update for the VeChain community, following a series of exciting events.
The blockchain platform has recently been in the news after its native token reached an ATH just last week. This rise was likely spurred by the network’s work with Salesforce (NYSE:CRM) for traceability solutions.
There is also a lot of buzz about its price rise trend in 2021. Crypto analysts have said that it may reach a high of $0.5 soon. A poll taken on Twitter also showed that users believe VET is the most undervalued altcoin and should rise higher.
Beginning the year at $0.019, the currency has risen in value by almost a whopping 800%. Currently, the 17th-ranked altcoin has a market cap of over $11 billion.
This article was first published on coinquora.com
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