VeChain (VET) breaks the record of 1 million transactions
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VeChain (VET) breaks the record of 1 million transactions

By Michele Porta - 17 Jul 2019

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Kevin Feng, Chief Operating Officer of VeChain, recently reported an important milestone achieved by the Singapore-based company. The VeChain Thor mainnet has surpassed 1.1 million transactions, a new historical record.

vechain record transactions

Increasing number of customers

Kevin Feng said on Twitter:

“The VeChainThor mainnet recorded over 1.1m transactions and 35m VTHO burned yesterday!”

The VeChain mainnet broke the 1 million transactions record for the first time on July 3rd.

The rise in the number of transactions indicates the growing adoption of blockchain solutions by VeChain’s customers who use it primarily to improve logistics and delivery systems.

Founded in 2017, VeChain has become a world-leading platform for the use of public blockchains for commercial purposes, establishing partnerships with some of the world’s largest companies, including Walmart and Louis Vuitton.

The VeChain blockchain allows consumers, retailers and suppliers to monitor products along the supply chain, allowing end customers to verify the authenticity of products.

The collaboration with Walmart

In a recent “Ask-me-anything“, the company answered some questions asked by its community, focusing on the collaboration with Walmart China.

“The successful cooperation between VeChain and Walmart China, first and foremost, indicates that traditional companies are willing to use public blockchains. Secondly, blockchains in the future will most likely be a mixture of public blockchain and private blockchain, depending on the use case. Thirdly, by partnering with PwC to empower Walmart China’s Food Safety Traceability Platform, we have not only provided this solution to Walmart China consumers but also established contacts with Walmart China’s suppliers. In the future, we may gradually convince these companies to apply blockchain, thus putting into reality what we have been talking about — ‘applying blockchain technology across the board’.”

The company also stated that a new version of the VeChainThor wallet will be released in July. The update will add fiat currency pricing and improved support for dApps.

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