Sunny Lu, the CEO of VeChain Foundation has written an open letter to the VeChain community addressing the new features and functionalities of the VeChainThor Platform.
He defines VeChainThor’s platform as a public blockchain that is designed for mass adoption through enterprise adoption.
Sunny is very optimistic about the mainnet launch of the VeChainThor. The technology will be a public blockchain on which most of the business activities around will be running. He believes that through this initiative these entities will have a real-world value very soon.
VeChain has been derived as an associative chain that has been forked from Ethereum in 2015. The team has created VeChainThor as an extension of Ethereum by adding several new features which would facilitate the future enterprise needs, support for governments and everyday user adoption. The platform also provides various advanced tools which would cater to the needs of the development community. The unique features that are set for the new release include payment model, transaction model and Proof of Authority [PoA] consensus.
Sunny Lu mentioned:
“The technical team of VeChain’s Blockchain Core will release a series of releases that will explain some of the features and functionalities of the VeChainThor Platform. This will include both patented and unpatented material that conveys the current scope of the VeChainThor Platform mainnet release while leaving a way for the future.”
According to him, though the blockchain solutions across the industry have been evolved from Ethereum smart contracts, it is not suitable for hosting large-scale commercial dApps. It is also not apt for the companies to build an economic model to run their dApps due to the volatility of the Ether price.
The aftermath of several corporate surveys conducted by the VeChain team shows that most of the firms are facing various challenges with the blockchain adoption. The team has derived three main advances which should be implemented for the advancement of the blockchain technology:
- A healthy governance model which protects the users while adopting the high-level technology.
- An economic model which empowers the day to day use of blockchain.
- A development ecosystem with modern open source features which enables individual use cases and adoption and accessible SDK
Swetha, an Indian based cryptocurrency proponent says:
“We are so humbled with your love and commitment towards community and vechain Sunny”
Justin, a cryptocurrency investor commented:
“People ask me, what crypto should i buy? and @vechainofficial is always the answer. At what price they mostly follow up, Me: Who cares about the price you’re becoming part of a movement, a believe, the future.”
Jespen Anders, a Twitterati says:
“VeChain will definitely be a fundamental part of changing many aspects of the world as we know it. Really don’t get all the FUD/“hate” being spread among different projects – competition is healthy and leads to development/new possibilities for all. Lead the way VeChain $VEN $VET”
Another VeChain supporter commented:
“Sunny Lu, the Steve Jobs of Blockchain Tech!!!!!”
Finally, Sunny Lu mentioned that the team is striving to create much efficient blockchain ecosystems for the community. He confidently says that the public will use VeChainThor on a daily basis within three years.
He further added:
“We have proven that our business development logic is sound and adoption of blockchain technology is being seen through the VeChainThor Platform. Now we will show something that improves the fundamentals of VeChain.”
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WAVES/BTC sees dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order
Waves, the 29th largest cryptocurrency, hit lows against BTC on April 17, and users speculated that this could have been due to a massive sell order.
Waves, at press time, was trading a $2.71 with a market cap of $270 million and had a trading volume of $15 million. However, on April 17, the price of Waves hit rock bottom due to a massive sell-off similar to one that Ethereum witnessed a few years back.
As seen in the above chart, the price of Waves against BTC hit exactly 0.0000001 BTC, which amounts to 1 Satoshi. The volume for the said candle is also massive, further confirming a sell order of massive amounts. The coin has since increased by approximately 3% against Bitcoin in under 24 hours.
Crypto enthusiasts on Twitter couldn’t hold back their opinions as one user, @BitBitCrypto tweeted
“- $WAVES did not trade at 1sat, it traded at 10sat
– It is still a great project and with a huge potential
– This sell order has nothing to do with WAVES (the project)
– This trade wasn’t done on Binance web cause you can’t place this low, it was API
– I didn’t buy it at 10 sat”
Another user @BITCVIX tweeted:
1min WAVES/BTC flash crash on Binance (from 5200 sats to 1 sat) pic.twitter.com/C9WAGyjwp9
— BTCVIX (@BTCVIX) April 17, 2019
TradingView commented on this matter saying:
“Something strange is always happening in the #crypto market”
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