Connect with us

Altcoins

VeChain partners with DNV GL to advance United Nations sustainable developmental goals

Ajay Narayan

Published

on

VeChain partners with DNV GL to advance United Nations sustainable developmental goals
Source: Unsplash

King Harald V and Queen Sonja of Norway were on an official visit to China as a part of their endeavor to deepen bilateral relations recently. The majesties of Norway also served as a signing witness for the “DNV GL-VeChain Digital Low Carbon Ecosystem” and the ceremony was organized in the Norway-China Business Summit 2018.

The main agenda of the partnership was to improve Det Norske Veritas and Germanischer Lloyd’s [DNV GL] existing efforts in working with the United Nations to advance its environmentally focused Sustainable Development Goals.

The signing will officially create a new partnership between the Norwegian assurance company DNV GL and key partners of the Thirteenth Chinese Five-Year Plan: VeChain, a Chinese automobile manufacturer BYD, Tsinghua University’s Sino US Relations Research Center, and Shanghai Xiandao Food, a subsidiary of Bright Foods.

The event was cosponsored by representatives of Norway and China. Chinese Council for the Promotion of International Trade [CCPIT], a Chinese central government organization, was working towards integrating with Innovation Norway, an important entity for advancing Norwegian industry.

President and CEO of DNV GL Group, Remi Eriksen, signed on the behalf of DNV GL and VeChain, whereas the President of BYD Automotive Intelligent Ecological Research Institute, Shu Youxing, signed on behalf of BYD, Tsinghua University, and Bright Foods. The majesties of Norway served as witness signatories in the creation of the low-carbon ecosystem.

The main aim of the digital low-carbon ecosystem is to strengthen the VeChainThor blockchain and IoT devices to calculate carbon reduction using smart contracts and accordingly, issue carbon credits. In addition, they can also effectively record carbon emission reduction behavior of an individual and enterprise.

Carbon credits are distributed to enterprises and individuals involved in emission reductions. These credits are further transferred through individual users to achieve the ecological diversion between different enterprises.

The digital low-carbon ecosystem can prepare enterprises and individuals to reduce emissions, which in turn is the main agenda of the United Nations. The technology for the ecosystem has already been tested and stationed to the ecosystem partners. The electric vehicles from BYD is an example of the tech, which is said to go on sale in 2019.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Altcoins

Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report

Avatar

Published

on

Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending