On March 3, 2020, VeChain, a crypto platform that helps consumers and retailers authenticate products, just crossed an adoption milestone. According to a post on Twitter, VeChain’s Mainnet has set a new record hitting 165 TPS today – 11x faster than ETH’s maximum.

VeChain’s mainnet launched in mid-2018 and has been running stable and has received regular upgrades since then. The average block time is 10.03 seconds, with more than 51.4 million Smart Contracts having been signed on the platform.

Ethereum is the second-largest cryptocurrency, and it has managed to carve out a niche for itself as the world’s foremost decentralized computer. VeChain Thor, nonetheless, is one of the new projects that have been developed to improve on the inadequacies of ETH.

VeChain Thor blockchain intends to dominate the supply chain management sector due to its unique properties. In fact, audit firm Deloitte, during the VeChain summit in May 2019, announced that it had moved its clients from ETH to VeChain.

Shortly after Deloitte used VeChain’s services, it confirmed that the VeChain blockchain is amazing and even better than Bitcoin.

VeChain’s Mainnet Set to Hit More Milestones By Improving Traceability and Authenticity Across Industries

As a leader in the supply chain logistics space that aims to revolutionize how data is reported, stored, and transferred, VeChain has forged a number of consumer-facing collaborations, including partnerships with Chinese consumer electronics giant Haier, leading Italian wineries and Walmart China.

More recently, the VeChain Foundation was able to enter into a new partnership with the Chinese General Council of Anhui Tea Industry Association to authenticate the quality of luxury tea products with the VeChainThor Blockchain.

The potential of VeChain’s technology is being recognized by more and more companies, as counterfeit products are found in many different industries, causing annual sales losses of more than $509 billion.

For instance, VeChain made its mark in the fashion industry a couple of days ago when U.K.-based fashion brand, Sarah Regensburger revealed that it is gearing up to deploy VeChain’s blockchain-based supply chain application to improve transparency and traceability in the fashion sector.

VeChain 2.0 To Be Optimized For Defi

With decentralized finance (Defi) being one of the hottest topics in the crypto space throughout 2019, VeChain looks set to join the list of blockchain projects plying their trade in the fastest growing niche of the crypto industry.

According to CEO, Sunny Lu, the upcoming VeChain 2.0 whitepaper will reveal details about how the VeChain Thor blockchain will accommodate such open financial applications.

The project has until now primarily focused on the supply chain, food safety, and similar industries. But Sunny said in a project update interview that the time is now right for VeChain to house financial applications that can be used for cross-chain protocols.

