VeChain Will Be Used As Payment In Stores After Bridging To BNB Chain

Time Stamp: April 29, 2022 8:11 AM
Source Node: 1284573

VeChain will be used as a payment method in stores after bridging to the BNB chain and made a series of announcements that look to grow usability and adoption of the native VET tokens os let’s read more today in our latest VeChain news.

The supply chain blockchain proejct Vechain announced a new partnership with Alchemy Pay which will allow people to use the VET token as a payment in over 2 million stores in 70 different countries. The news came with the inclusion as a supported token on the launched Binance Bridge 2.0. Vechain will be used as a payment method in stores and got included in the first group of tokens to be supported on the new Bridge 2.0. the Binance Bridge 2.0 provides a new way to bridge the tokens from ETH to be used on the BNB chain wor Binance Smar tChain.

If this wasn’t enough, Vechain announced that it has joined the Blockchain Infrastructure Alliance which is an organization that connects together industry experts and provides funding for blockchain-related research projects. The CEO of VeChain Sunny Lu said:

“By working together with this group of leading blockchains we can develop understanding and mutually support each other to lift the industry as a whole.”

Vechain is a supply chain tracking system that launched in 2015 and combined physical tracking with blockchain record-keeping while it works with a diverse range of organizations to provide supply-chain-focused tracking solutions and logistics. Vechain leverages a PoA consensus mechansim which has 101 master nodes and functions by verifying identities and reputations rather than staking or mining. The recent announcement didn’t do much to move the price of VETwith the token posting a temporary gain of 4% before falling back to pre-announcement prices and trading sideways while VET is still trading for $0.051 as per Tradingview.

vechain foundation

As recently reported, Supply chain tracking network VeChain upgraded its consensus mechanism to the “world’s greenest” method of verifying blocks on the chain. The platform reached a milestone in its six-year history by upgrading its consensus mechanism to the first phase of the Proof of Authority 2.0 consensus algorithm. Vechain is a supply chain tracking system that was launched in 2015 and combined physical tracking with blockchain record keeping. Proof of Stake and Proof of Work doesn’t require mining to reach a network consensus but PoA achieves consensus by verifying the users’ identities and PoS does this by staking the coins on the network.

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