$0.03181 5.16%
VET · 3w

VeChain puts huge effort in technological research and development

The VeChain Foundation had an impressive year, working on collaborations and blockchain improvement research. The company is hoping to build on its reputation as it prepares for 2021.

With the coronavirus affecting just about every facet of life, blockchain technology has played a significant role in helping several regions to recover. Blockchain development company VeChain has seen increased adoption on its platform during this period. The company is looking to build on a healthy 2020 and hit the ground running in the new year.

Great year for business development and research

On Tuesday, the VeChain Foundation published its 13th financial executive report, detailing its performance from August to October 2020. The report provided an overview of VeChain’s operation, including its focus on research and development, business development operations, and its VET tokens’ supply overview.

Most prominent in the report were VeChain’s recent business and operation exploits, which revealed the blockchain company’s strength going forward. The company has spent the biggest part of their funding for the technological R&D sector that comes up to $495,664. VeChain also invested in the business development spending $69,695 and $20,111 for compliance and legal activities.


The company also highlighted the launch of “SURFACE (PoA 2.0), Better Performance, Uncompromised Security and a Dual-Consensus Model,” an insight into a proposed consensus algorithm that will improve the blockchain’s security and performance.

The proposed algorithm will help the VeChainThor Blockchain meet the demands of its ever-growing enterprise clients. The VeChain Foundation also touched on the new proposal VIP-201 feature, enhancing the fee delegation feature on t...

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