- The new update is already live on testnet
- New features range from API improvements to a new transaction model
The VeChain Foundation has released the testnet version of VeChainThor v1.1.0, a significant upgrade for the Vechain network. So far, the tests are looking good.
Live in Beta
The foundation made the announcement on its official twitter handle this week, saying the upgrade is meant to bring completely new features to the network, from API improvements to a new transaction model. The new update is in Beta testing with the results of the public testing key to whether the code would be activated on the MainNet. The tweet stated:
“VeChainThor v1.1.0 has been initiated for testing, activating VIP191 on the testnet at block #2,898,800. Nodes running on the testnet should upgrade ASAP. The activation of this code to the MainNet will depend on the results of public testing.”
Blockchain technology has created new tools that have disrupted the old way of doing things in different industries and especially finance. However, besides the financial services industry, the disruption is taking place in several other industries. Supply chain management is among the sectors that are experiencing a blockchain-based revolution.
Out of the many crypto projects that are working on the supply chain industry, VeChainThor is already ahead of its competitors, thanks to the many partnerships the company is entering. The purpose of VeChain is to guarantee the quality and authenticity of products. This is particularly important for luxury goods shipped over a great distance. The VeChain project has created applications in the logistics, automobile, healthcare and fashion industries. The partnerships entered by VeChain require that companies put their solution to use. VeChain has already been consolidating partnerships that can help grow their ecosystem.
Leveraging supply chain management improvements
VeChain has surprised many in the blockchain space and surpassed expectations with a wide variety of partnerships. The Foundation in early May announced a partnership with Bright Foods Company, a conglomeration of companies that is also the second largest food manufacturer in the populous China.
As Blockchain Reporter reported a few days ago, companies under the conglomerate will use the VeChainThor blockchain to create an effective control of supply chain management data within the manufacturing chain. The proposed blockchain solution was codenamed “Bright Code” and enables the easy monitoring of products from the production stage to the end consumer. This partnership is similar to the MyStory blockchain solution which VeChain integrated into the wine industry in Italy. This product essentially tracks the wine from the process of production to the final consumer. These partnerships have made VeChain among the top coins to prepare for breakout during the recovering market.