VeChain is set to launch its transformative protocol upgrade, VeChain Renaissance – Galactica, on the mainnet. The upgrade is significant as it marks a milestone for VeChain, which has successfully completed the first phase of the upgrade on the testnet.
The mainnet launch is set for July 1st, which will bring the ecosystem one step closer to its most ambitious upgrade to date. VeChain’s upgrade is considered the most transformative technical and tokenomic overhaul in its history.
The VeChain platform, denoted as VET, is a blockchain designed to enhance transparency in supply chains. VeChain’s technology is built on two tokens: VET and VTHO. The VET token is primarily used for payments and money transfers among VeChain users, while the VTHO token is used to pay for transaction fees and to interact with smart contracts on the VeChain blockchain.
VeChain has forged partnerships with numerous renowned companies and organizations. For example, it has partnered with international consulting firm PwC, BMW, and others. This is due to VeChain’s blockchain approach, which is well-suited for industrial applications, especially in the field of supply chain management.
