A supply-and-demand altcoin is skyrocketing amid the release of an update that vastly expands its reach.
In a new announcement, VeChain (VET) says its Account Abstraction upgrade is now live and opens up a “whole new world” for the smart contract platform.
“Account Abstraction is now live and opens up a whole new world for VeChain. AA not only ensures seamless interoperability, but also unlocks programmable smart contract wallets for a better user experience and enhanced security.”
News of the update sent VET flying from the February 14 low of $0.0321 to the February 15 high of $0.0491, a 53% increase. The digital asset has since been recovered and is trading for $0.0491 at the time of writing.
VeChain further explains that Account Abstraction works by letting traders program their blockchain accounts and crypto wallets via smart contracts instead of traditional manual signatures, improving security and utility.
“Account abstraction changes the way we think about blockchain accounts, making them programmable through smart contract wallets. At its core, account abstraction is about improving user experience and security on the blockchain.
AA is moving away from traditional external accounts (EOAs) to a more flexible, programmable approach. EOAs have been the standard for blockchain interactions, requiring manual operation and management via a public-private key pair…
By abstracting the transaction signing process, smart contract wallets improve the user experience, making blockchain interactions smoother and more intuitive.”
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Featured image: Shutterstock/KDdesignphoto/WindAwake