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Vechain Introduces Programmable Smart Contract Wallets, Leading to a Surge in the Value of VET

The price of VeChain (VET) increased by 10% as Bitcoin briefly surged above the $52,000 mark.

VeChain

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VeChain introduces its Latest Feature, Account Abstraction


VeChain has recently launched Account Abstraction (AA), a significant milestone that brings programmable smart contract wallets to the platform. This move positions VeChain at the forefront of shaping the next phase of global cryptocurrency adoption.



With Account Abstraction, VeChain is departing from the conventional externally-owned accounts (EOAs) system. The new approach not only offers flexibility and programmability but also enhances the usability and security of accounts. Security has been a notable challenge in EOAs' public-private key model.


VeChain's team highlighted the benefits of smart contract wallets, emphasizing the improvement in user experience by abstracting the transaction signing process. This enhancement makes blockchain interactions smoother and more intuitive. Moreover, there are security advantages such as multisig authorization, account recovery methods, and transaction whitelists.


According to the platform, this shift represents a crucial step in bridging the gap between Web2 and Web3. The introduction of smart contract wallets on the mainnet underscores VeChain's dedication to achieving widespread global adoption of cryptocurrency and blockchain technology.


The announcement from VeChain coincided with Bitcoin's notable price surge on Wednesday, with BTC briefly surpassing $52,000 before retracing some gains to stabilize above the $51,000 level. Additionally, the news about the highly anticipated Account Abstraction (AA) contributed to a more than 10% increase in the price of VET.


VET reached highs of $0.035, prompting crypto analyst Ali to predict a potential spike to $0.054 in the coming days.











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