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VeChain (VET): VeChain is Going Up

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VeChain

VeChain is spinning around 5$ for some time now, continually dropping then rising back again. During the last month, VET has had some falls, but it somehow always managed to get back into the game just like it is the case at the current moment. During the last 24 hours, VeChain had made an extraordinary move, trading in green and experiencing a benevolent change in price. Although the most recent case of a massive fall in price across the crypto market did catch VEN as well, this currency managed to bounce back up pretty quickly.

A Little Reminder about VeChain

The most recent rise in the price has made us test our knowledge in VeChain so let’s remind ourselves of what VET represents and what the main idea behind this project is.

VET or VeChain is a blockchain based currency that operates within a BaaS system, shortened from Blockchain-as-a-Service. The main idea behind this currency is to make all transactions faster and more transparent while also affecting the way business supplies are being managed and monitored. By transforming the business market, VEN is aiming at creating blockchain based business and management operations with fast transactions within a decentralized and transparent platform. To make sure the business supply is genuine and the market is fully transparent, VeChain is using distributed ledger technology so that it can be sure that the consumer would get exactly as ordered and paid for. Thanks to the DLT, VeChain can monitor business chain supplies without the presence of any third parties, so the network remains decentralized while also being safe.

The Future of VeChain: VeChain THOR

To back up its idea, VET is going to have a rebrand of their project. The rebrand of this currency is set for February 26th which is only a couple of days away at the time of this writing. As of that day, VeChain will be called VeChain THOR. This is how the main idea behind VeChain will also change consequently to the rebranding of this currency.

So instead of focusing on supply chains, VeChain THOR will be focused on promoting and providing Dapps as a form of solutions for different enterprises, so their primary idea would still be revolving around business.

VeChain should then become a fully operational decentralized platform that should host two different currencies: VeChain Tokens (VET) and Thor Power (THOR).

On this platform, VET tokens will serve the purpose of making payments with different payment options that would come as particularly handy to companies while THOR will act more like fuel for Dapps and smart contracts within the future VeChain THOR platform. The smart contracts on VET platform should work like the ones hosted on Ethereum.

VeChain’s Price

At the current moment after a rough couple of days, VeChain is slowly rising back from the red, trading at a new price after the initial rise. In the last 24 hours, VEN had experienced a rise of 9.36% against the dollar, which led to the current price of 5.99$ per one coin, which is just 0.01$ away from a nice round value of 6$ per one unit.

The reason for this benevolent change might be the fact that VEN will be going through an interesting transformation within only a couple of days, so people are expecting to get a nice slice of what VeChain THOR will have to offer with the implementation of smart contracts and a new set of tokens.

Whatever it is the case for the initial rise in VEN’s price, VeChain is going towards embracing an important transformation while experiencing the increased demand on the crypto market.

VeChain in 2018

For now, VeChain is ranked as 15th currency on the global coin ranking list, dealing at 5.99$ per one unit thanks to the latest case of a rise in its price. As the date of rebranding is getting closer, it can be expected that the price jumps up again. But yet again, always keep in mind that a massive selloff can always take place when massive changes are being implemented. Regardless the case, if you want to invest in VET, the right moment for that could easily be now as this currency is still trading below its peak price even after the latest rise.

With new crucial changes being implemented and with VeChain turning into VeChain THOR decentralized platform, even though the market can be unpredictable sometimes, we are looking forward to seeing how this currency is taking over another round of rises.

We will be updating our subscribers as soon as we know more. For the latest updates on VEN, sign up below!

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.

Image courtesy of coinmarketcap.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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