The world of cryptocurrencies is envisioned to be led by the only giant crypto, Bitcoin but smart traders and investors support altcoins because they know its untapped potential. Bitcoin was introduced as ‘The digital asset’ which is decentralized with a purpose to replace the traditional currency and revolutionize centralized banking & financial sectors. But bitcoin’s platform still hasn’t achieved its goal. Its fees are still very high, and it can handle merely 7 transactions per second. It’s exciting to observe the success of other blockchain projects which are based on a nearly-perfected Bitcoin technology such as VeChain. Its one of the best performing crypto of 2018 till now and offers some serious improvements on Bitcoin tech.
What Makes VeChain Better?
Unlike bitcoin and other blockchain based projects, VeChain has positioned itself neatly in the market doing what it does best and perfecting itself with time. It can handle supply chain management process and ensure that every customer is fully aware of the product’s background history, quality, and credibility. The VeChain platform was recently all over the news due to their rebranding to VeChain Thor. As VeChain Thor, it’ll function as a blockchain-as-a-service and employ blockchain to keep a track of product data in order to provide users with completely scalable and credible experience. VeChain thor will continue to function as an Ethereum-like decentralized App as well as an ICO network. It has already begun hosting various platforms from various commercial sectors such as retail, agriculture, food and luxury items.
Recently VeChain announced forming an alliance called ‘Shanghai Wine and Liquor Blockchain Alliance’ along with several other government bureaus and enterprises under the guidance of Municipal commission of commerce and Shanghai liquor monopoly administration. The purpose of this alliance is to improve Shanghai’s liquor industry with enhanced logistics, management, quality, and safety systemization and create a distinguished and flawless wine industry in 2020. This alliance aims to present Shanghai as the leading innovator and the center of blockchain tech and liquor traceability in all of China. Including blockchain technology in such a high-level government-based alliance gives a positive indication and leaves an even positive effect on VEN markets.
3rd Quarterly VeChain Foundation Financial Executive Report
Before entering the VeChain Thor mainnet, the VeChain foundation released their 3rd quarterly financial executive report which extends from February to April. The report made did not consider the coin split as it was finished before releasing Thor mainnet and declared that as of now the VeChain foundation is holding 39% of the total supply while the remaining 61% is currently in circulation. VeChain’s financial executive report indicates their commitment to transparency between the foundation and its dedicated community. The report included detailed information regarding enterprise investors who have invested while indicating the fact that VeChain is slowly becoming influential in the public industry. The report states that around 2.3 million VeChain tokens have been acquired by their strategic partners and an approximate of 9.5 million tokens were paid out as rewards to the VeChain team, all of which their team has locked for 2 years. The entire report is actually a record of recent VeChain achievements and events where the foundation has spent VET. In the said report, the team has mentioned their expansion of markets to South Korea as well as Japan.
Current Market Position
The present devastating situation of bitcoin has shaken each and every cryptocurrency. With BTC trading below $6800, traders and crypto enthusiasts are suffering throughout the markets. VeChain like all other top blockchain projects is presently facing a downward trend which has brought it down to $3.36 per VEN. The price seems to dip more at the rate of 10.51%. It is currently ranked as the 16th largest crypto which has a total market capitalization of $1.84 billion according to the data on CoinMarketCap at the time of writing. Almost $112 million worth of VEN has exchanged hands within the past 24 hours even at a hard time like this.
VeChain’s growth potential cannot be ignored because of the real-world use-case that makes it a solid and smart investment. It’s on the brink of major adoption because it offers smart contracts, ICOs, dApps, data transfer, IoT, logistics, and supply chain. VeChain has already begun providing services with the help of its recent partnerships whereas Bitcoin hasn’t given even the market even the faintest clue regarding its improvement or major adoption. Even though lightning network will soon appear on bitcoin, it’s hard to tell whether it would improve BTC’s commercial throughput and transaction speed. There’s no denying that Bitcoin is still the reigning king of all crypto but VeChain has proved its worth in the past few days. It’s definitely one of the coins which you might want to keep under your radar.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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