VeChain Launches Innovative Tool to Conquer the Billion-Dollar Market and Ascend as the Leading Blockchain Solution

VeChain (VET) has in its latest blog post introduced a new virtual node to automatically distribute requests to a list of publicly known nodes. This is to ensure that there is high availability and resilience by redirecting requests to live nodes as well as retrying any failed requests.

#Vechain #developers, we’re proudly introducing our Virtual Node, designed to ensure high availability and resilience by retrying failed requests and accessing only synchronized nodes 🌐

Learn more about it in our blog:

— vechain.energy (@VechainEnergy) May 29, 2023

Most of the time, single nodes usually fail and end up with multiple issues. According to the post, outages are likely to occur even when there are complex setbacks including fallbacks and automatic failover.

If a request fails, the Virtual Node will automatically retry with another node. If a node is not fully synchronized, it will automatically switch to a different node.

While not a perfect solution for outages, this approach adds a valuable safety net to the existing node infrastructure.

The post further discloses that the virtual node is utilized in different dApps and has been battle-tested in the past six months. Within that period, adjustments were made for the network to handle outages

It is important to note that VeChain has two different types of nodes namely: Authority node and Economic node. The Authority node is used to validate all blockchain transactions. The nodes are selected and rated by the VeChain Foundation. It also requires a full KYC and application procedure. On top of this, a minimum of 25.000.000 VET is required to be able to apply

The Economic Node of VeChain

Economic node does not validate blockchain transactions. Instead, it provides stability to the eco as well as provides benefits. To get access to the smallest node, a minimum of 1.000.000 VET is required. It does not require any hardware. Users only need to place their VET into a traceable wallet.

On May 17, VeChain stated in a post that running a public node on the platform does not have any incentives such as token rewards or access to additional data. According to them, the motivation to operate a public node for nearly a year is that more participants are needed in public infrastructure. They, therefore, applied for financial support from the VeChain Foundation and were recently approved. Now, they have three ways to enhance their setups.

While the European and Asian regions have several public nodes, the American region lacks options. Therefore, we have deployed a second MainNet node in the US.

VeChain reportedly sealed partnerships with over 2 million companies in addition to the launch of its billion-dollar NFT collection. Over the years, it has sought to leverage its innovative technology to improve supply chain management, traceability, and transparency. It has several real-world use cases including leveraging blockchain to distribute excess energy locally.

This kind of model reduces energy-related emissions by limiting reliance on central power distribution and efficiently shares excess supply among local participants. Such an eco also improves the robustness of the local energy grid, mitigating energy outage risks.

As of press time, VET had a bullish market sentiment and had surged by 4.4 percent in the last seven days to trade at $0.020563