VeChain was also a victim of the long market dip in the first quarter of 2018 like most of the cryptocurrencies. But, now the time has come for making a rebound and VeChain is all set to bounce back, as a much stronger cryptocurrency. As of 16th April 2018, at the time of writing the price of VeChain shows $3.42 USD (1.64%) and the volume (24h) is $80,302,700 USD approximately. The market cap presently shows over $1.7 billion USD. There are speculations that Ethereum may soon lose its dominance in the cryptocurrency market due to the promising future of crypto coins like VeChain, OmiseGO, and EOS. The network of VeChain (VET) is faster and cheaper than that of Ethereum.
VeChain and Mainnet Relationship
The cryptocurrency enthusiasts can countdown the launch of VeChain’s own Mainnet along with the official page of VeChain’s projects. The launch of the Mainnet by VeChain team is a likely reason for the investors to hold on to the crypto coin even when the times were difficult. It is almost a silent agreement that the coins and tokens that operate on their own platforms are worth holding on to. Therefore, one may expect the price of VET to go up, up and away after the launch of its own Mainnet.
Selection of VEN Masternodes
Authority Mastercode plays an integral part in the execution of VechainThor full node that has the sole authorization to produce blocks and authenticate them. 101 Authority Masternodes will be launched on the VeChainThor platform. A server and a level of 250,000 VET collaterals have been set as the minimum level of performance for a user to become an Authority Masternode owner. Authority Masternodes are rewarded by the network to the users who maintain VeChainThor blockchain and take part in Platform Governance. The rewards (Authority Masternodes) given out to the users are dependent on five categories, namely
- Enterprise users
- Blockchain developers
- Business development teams
- Contributors from the community, and
- Research partners.
The user will also have to undergo a KYC verification process that will recognize their ownership of Authority Masternode. In order to ensure a secure environment for the performing nodes (runs on Linux), the company suggests the owners use cloud services. The set of requirements to maintain the ownership of Authority Masternodes is quite strict. For instance, if the VET collateral reaches below 250,000 and if a node fails to generate blocks less than 3 times in 24 hours will result in loss of ownership. Other conditions include the discovery of high-risk vulnerabilities on the node, the owner who does not follow the voting result or if they start a malicious attack on the blockchain nodes.
VeChain and AssetLink
VeChain collaborated with AssetLink (Joint Supply Chain Management Application of Xiamen Innov, Corelink, and VeChain) on 12th April 2018. The areas of specialization of Xiamen Innov Information Technology Co. LTD (Innov) are research, manufacture, and marketing. Also renowned for RFID products, the main reason for collaboration with Innov is to incorporate VeChainThor technology across a wide range of platforms. They have upped the game by partnering up with giants like Hyundai, Coca-Cola, Samsung, Huawei, Apple, ZTE, Dell, Lenovo, and Asus. VeChain is also now the partner of Smart Corelink that provides cloud platform software services, application software development services, and hardware supply chain services.
The collaboration among VeChain, Corelink and Xiamen Innov has led to the creation of an advanced decentralised application (or dApp) called AssetLink manager. AssetLink is set to run on a peer-to-peer network instead of a single computer. The first version of the app is ready for use. Other than blockchain technology, AssetLink incorporates artificial intelligence, IoT technologies and cloud technologies. The enterprises will be benefited from the apps as they can store and track inventories, physical assets, and outputted data.
According to VeChain,
“From now until the release of mainnet, Xiamen Innov and Smart Corelink will be working to onboard their existing customers onto this service providing robust supply chain management, smart appliance solutions, and product lifespan analytic modules that provide immense value as defined by their pilot members”
VeChain and Shanghai eGrid Consulting Co. LTD Partnership
Shanghai eGrid Consulting Co. LTD partnered up with VET Foundation as VeChain had come up with a viable automobile solution. The company has experience in the automotive industry and can boast of clients like SAIC Volkswagen Automotive Co. Shanghai eGrid Consulting Co. LTD provides domestic and international data services to companies.
The news regarding VeChain (VET) partnering up with so many international companies and conglomerates and the launch of its own Mainnet are most likely to increase the value of the crypto coin in the market. In the Q2, so far VeChain has been showing a positive ‘uptrend’ largely. The automotive industry will also keep the VET Foundation busy. Therefore investing in the crypto coin at this moment can turn out for the best in future when its price increases substantially.
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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 darwin Bell via Flickr