- The VORJ platform is expected to help VeChain and its layer one blockchain get more adopted by both retail users and enterprises.
- VeChain (VET) had a market capitalization of about $1.3 billion and a 24-hour traded volume of around $35 million.
The VeChain (VET) network has grown to a mature layer one (L1) network capable of supporting mainstream adoption of decentralized applications (Dapps) at scale. The VeChain team has constantly been developing the VeChainThor blockchain to fit in with the changing regulatory landscape and also meet users’ demands.
Furthermore, VeChain was developed to meet the growing demand for eliminating trust from third parties in transactions. Through its revolutionary two-token system involving VET and VTHO and. Proof-of-Authority 2.0 (PoA) consensus mechanism, smart contracts are more scalable and secure.
However, the VeChain team has been working to help devolve the use of smart contracts among other blockchain capabilities for all people, regardless of computer programming skills. Notably, the VORJ tool helps VeChain’s smart contracts be more accessible to anyone around the world.
Closer Look at VORJ Tool by VeChain
The VeChain’s VORJ tool can be used to seamlessly integrate with existing Dapp projects, or help users create entirely new ones from scratch. Worth noting that the VORJ tool is compatible with Ethereum-based smart contracts through the standard EVM. As a result, the VeChain network welcomes millions of DeFi users from the EVM-compatible blockchains securely.
Reportedly, the initial version of the VORJ frontend tool supports most of the popular token standards including ERC-20, and ERC-721. Meanwhile, the VORJ backend tool supports an extended range of token standards including ERC-1155, ERC-4626, UUPS, and the vechain native standards VIP-180 and VIP-210. To kickstart mainstream adoption, the VORJ tool will be free for all users but later evolve to both free and paid service.
In addition to enabling no-code smart contracts, VeChain’s VORJ tool offers blockchain data APIs to enable oversight of current and historical block information. The VORJ tool also offers NFTs APIs, Carbon API, contract push notification, transaction executor, and contract deployer. Other features are also lined up to be included in the future as development is a work in progress. Moreover, through the VORJ tooling, the VeChain network is further cementing its place at the heart of the future multi-trillion-dollar blockchain economy.
Market Outlook and VET Price Action
The VeChain network has partnered with several Web2 and Web3 projects to enable the mainstream adoption of digital assets. For instance, VeChain’s Phygitals have been deployed by different enterprises including sporting events to help in mass authentication and reduction of fraudulent activities. As a result, crypto experts believe VeChain’s VET and VTHO tokens will be among the utility tokens that register high gains in future bull rallies.
Furthermore, VET price traded around $0.0184 on Tuesday having rallied only 864 percent from its all-time low. The mid-cap crypto project is undeniably set to attract both retail and institutional investors in the coming years.
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