- VeChain has planned to launch smart contract wallets for greater connectivity.
- The portfolios will amplify supply chain offerings and business solutions at all levels.
VeChain, a prominent player in the blockchain space, is gearing up for the introduction of smart contract wallets, a development set to connect billions of people and businesses around the world. This move not only highlights VeChain’s commitment to technological advancement, but also solidifies its leadership in the blockchain space.
VeChain Unveils Account Abstraction
The announcement, highlighted from popular VeChain community member eisenreich on X, reveals that VeChain is on the verge of introducing Account Abstraction (AA). This development will pave the way for the use of smart contract wallets, opening up exciting possibilities for both developers and users. Eisenreich expressed optimism about the future, highlighting the potential for widespread adoption.
“Vechain is set to introduce Account Abstraction (AA) in the near future. This development will go a long way towards widespread adoption of #vechain, as it enables the use of smart contract wallets. Exciting times ahead for both @SafeTech_Labs that’s for @vechainofficial!” 👏 pic.twitter.com/wY9ol0lr8Y
– eisenreich (@eisenreich) January 17, 2024
The introduction of the ERC-4337 account abstraction shows VeChain’s commitment to security, a crucial aspect of blockchain technology. This innovation brings to light programmable smart contract wallets, a feature that promises to improve user experience within the VeChain ecosystem.
In collaboration with Electi Consulting, VeChain is currently undergoing a comprehensive audit of AA-associated smart contracts by renowned cybersecurity firm Hacken. This meticulous approach ensures that master account abstraction contracts meet the highest standards before being made available on both Testnet and Mainnet.
VeChain’s strategic focus on connecting billions of individuals and businesses reflects its goal of making blockchain technology accessible on a global scale. The user-friendly interface of smart contract wallets seeks to bridge the gap between traditional users and the complexity of blockchain, promoting widespread adoption.
VeChain improves supply chain transparency
It is worth mentioning that VeChain has already made itself noticed strides in the supply chain sector, providing companies with transparent and traceability solutions. The introduction of smart contract portfolios amplifies this impact by enabling stakeholders to automate and execute agreements within the supply chain using smart contracts.
That of the platform collaboration with the coffee industrywhich allows consumers to trace the journey of coffee beans from production to distribution, exemplifies the practical application of blockchain in promoting transparency and consumer trust.
Furthermore, VeChain has done this before collaborated with industry giant Google, highlighting the practical applications of smart contracts beyond token speculation. Google Cloud’s Blockchain Node Engine, a notable blockchain offering, allows users to access blockchain data, execute transactions, create smart contracts, and deploy decentralized applications.
In addition to its impressive range of innovations, VeChain introduced VORJa revolutionary tool that allows users to deploy decentralized applications (dApps), create tokens, launch non-fungible tokens (NFTs), and deploy decentralized autonomous organizations (DAOs) without the need for coding.
As of the latest update, VeChain’s native token, VET, is trading at $0.02949down there 3.06%. Conversely, it has a 2.9% 24-hour trading volume increase set at $36.2 million. Analysts, like social media personality AJ, identify VET as the best choice for 2024.
AJ highlights the recent formation of the Golden Cross, a trend that has historically led to significant price spikes, with VeChain seeing an increase of over 3,000% in the following year during similar events.