VeChain was able to reach a very important milestone for the network. This virtual currency reached 1 million clauses during a demonstration at the first China international expo. As per the VeChain explorer, VeForge, the network currently has 1 million clauses and handled 620,000+ transactions.
According to VeChain’s blog, the VeChain Foundation was invited to participate in the first China International Import Expo held between November 5-10. Each of the transactions can contain multiple clauses, and each of them has three different fields ‘to’, ‘value’, and ‘data.’ These fields can be used to start different tasks such as payment of smart contracts.
Every single time that a clause is executed it is necessary to pay for Gas. Moreover, clauses field, which is a set of single clauses,allows a single transaction to have multiple outputs.
In the last months, VeChain has been working in order to expand in the Chinese market. VeChain demonstrated at the China International Import Expo that there is real interest from different companies and investors about it.
At the booth that VeChain had, the CEO Sunny Lu showed the logistics solutions that it has developed side by side with DNV GL. This would allow the industry to protect the quality of the food imported, seafood products and improve customer experience.
Furthermore, Song Ke, Manager from DNV GL Business Sustainability Division, introduced the Carbon emission reduction model that uses smart contracts on the VeChainThor blockchain.
On the matter, Tian Xinli, project manager at VeChain, said:
“The Digital Carbon Ecosystem developed by VeChain and DNV GL is an open platform and BYD is one of the earliest participants in the ecosystem. The model of redeeming carbon credits is not new, but the reliability and transparency offered by the blockchain can let these companies, partners, and individuals trust the ecosystem as they join in together.”
The network has already confirmed 1.16 million blocks and there are more than 61,718 accounts at the time of writing. At the time of writing VeChain (VET) is the 20th largest virtual currency with a market capitalization of $570 million dollars. Each token can be purchased for $0.010287 dollars.
Although the network seems stable, during the last months, it has experienced a downtrend similar to the one seen in other virtual currencies such as Bitcoin (BTC). However, it is possible to see that the network continues to grow and expand all over the world with its blockchain solutions.