A supply and demand-focused altcoin is skyrocketing amid the release of an update that greatly expands its reach.
In a new announcement, VeChain (VET) says that its Account Abstraction upgrade is now live, opening up a “whole new world” for the smart contract platform.
“Account Abstraction is now live, opening up a whole new world for VeChain. Not only does AA make interoperability seamless, but it also unlocks programmable smart contract wallets for a better user experience and improved security.”
News of the update sent VET flying from a February 14th low of $0.0321 to a February 15th high of $0.0491, an increase of 53%. The digital asset has since retraced and is trading for $0.0491 at time of writing.
VeChain goes on to explain that Account Abstraction works by letting traders program their blockchain accounts and crypto wallets via smart contracts rather than traditional manual signatures, enhancing security and utility.
“Account abstraction is reshaping how we think about blockchain accounts, making them programmable through smart contract wallets. At its core, account abstraction is about enhancing user experience and security on the blockchain.
AA moves away from traditional externally owned accounts (EOAs) toward a more flexible, programmable approach. EOAs have been the standard for blockchain interactions, requiring manual operation and management through a public-private key pair…
By abstracting the transaction signing process, smart contract wallets improve user experience, making blockchain interactions smoother and more intuitive.”
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