Two months on from their rebranding event, VeChain continues to add new functionality to their supply chain management blockchain. While they work on their chip-based VeChain ID system, they also actively seek new and innovative means of tagging items. To this end, they’ve partnered with INPI Asia to introduce nanotechnology to their blockchain platform. The smaller and less obvious the digital ID tag, the smaller the chance of a malefactor tampering with it.
Further, VeChain continues to outperform other coins on the market. Where others suffered from major dips in price over the first quarter of 2018, VeChain’s value continues to increase. Recently, it closed in on a previous ATH when paired against Ethereum. As the market turns around, a continued upward trend remains likely. Even more so when their products reach full public release.
Going Big by Getting Small
Emerging technologies often appeal to the same cross-section of people. As such, it’s no surprise when a company combines two or more of these technologies. VeChain recently announced that they partnered with INPI Asia to produce nanotechnology digital ID tags for use with their supply chain management platform. These minuscule tags would still allow access to the VeChain verification system while being invisible to the naked eye. INPI Asia’s NDCode technology focuses on a 5mm x 5mm tag that is effectively indestructible in normal circumstances. The NDCode can withstand temperatures of 1,000° Celsius, the equivalent of complete immersion in a fire.
The combination of the NDCode and the VeChain platform allows companies and end users alike to verify the history of any item participating. This partnership stands to deal a heavy blow to counterfeiting, as companies that rely on quality and authenticity can now positively identify every item in their supply chain. Luxury goods with an NDCode cannot be replicated exactly, ensuring that discerning customers can verify the origin of the item. The shape of the tag is arbitrary, so long as it is at least 5mm x 5mm, allowing the NDCode to come in the shape of a logo or brand design.
The Multi-Party Payment Protocol
Alongside their supply chain management advances, VeChain also seeks to make blockchain more accessible. Towards this goal, they’ve developed the Multi-Party Payment Protocol. Within the MPP, users that own no tokens still gain the advantages of blockchain use. Transactions are secure and transparent, with low fees, despite no use of cryptocurrency by end users.
In the MPP platform, a third-party cryptocurrency holder acts as a sponsor for transactions on the VeChain Thor Blockchain. The smart contracts embedded in the protocol ensure that the sponsor possesses the necessary funds, and then executes the transaction. The sponsor is then paid in fiat by the company that used their service. This type of system, one in which end users do not need a knowledge of cryptocurrency trading, helps the entire industry towards greater adoption.
Upcoming VeChain Systems
Of course, these are not the only projects in VeChain’s wheelhouse. They’ve also announced partnerships with iTaotaoke to help protect content creator’s digital intellectual property rights. In house, they continue to work on a mobile wallet application that allows cryptocurrency trading on smartphones. VeChain continues to progress on their plans, moving at a much faster pace than some of their immediate contemporaries. They’ve earned their spot in the top 20 cryptocurrencies by market cap and may very well edge in on the top 10.
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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.
Image courtesy of Brookhaven National Laboratory via Flickr
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…