Vechain adopted Coinbase’s Rosetta blockchain standard in order to facilitate developments as we are reading in our Vechain VET news today.
The Rosetta standard could also be integrated into Bitcoin and ETH blockchains as well. The Vechain Foundation announced the implementation of the Rosetta blockchain standard which was created by Coinbase and unveiled On June 17, 2020. The goal is to simplify the interactions with the blockchain in this case with VeChainThor and to also give the developers tools to facilitate and speed up the integration with other blockchains. Coinbase stated at the time of Rosetta’s launch:
“(…) we’re launching Rosetta, an open-source specification and set of tools that makes integrating with blockchains simpler, faster, and more reliable. This is a step toward our commitment to support an open ecosystem.”
The growing number of blockchain prompted Coinbase to create the Rosetta standard. The integration between these blockchains will therefore become painless and safer. In addition, the developers can also take advantage of the compatibility that the software offers with the platforms that have integrated it:
“For developers of new blockchain projects, the Rosetta interface makes it easier to ensure compatibility with exchanges that use Rosetta, and can dramatically speed up the time it takes exchanges to integrate with new blockchains and protect customer funds by ensuring specific security conditions are met.”
Because now Vechain adopted Rosetta, the VET developers no longer have to write a parser for each one of the blockchains. Rosetta will allow them to create cross-chain applications such as the wallet and block browsers with a standard format and simplified maintenance. Since the launch, Rosetta was implemented in more than 20 blockchain projects such as TRON, NEO, Ontology, KVA, Sia, filecoin, Cardano, Corda, Kadena, Handshake, Digibyte, and Cosmos among others. In the future, Rosetta will allow integration with Ethereum and bitcoin as well:
“Over time, our goal is to support a thriving ecosystem of Rosetta interfaces for many more blockchains including Bitcoin & Ethereum, along with even more tools and community resources.”
Coinbase could also add VeChain’s VET Token to its platform soon as in a recent publication they announced that they will consider listing it. Other exchanges such as BitPanda are also considering adding the cryptocurrency. At the time of publication, this has not been confirmed yet so it remains only as a possibility.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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