VeChain [VEN] has just announced that their first decentralized application [dApp] has been launched and is currently managed by third parties of VeChain Thor. It has been named as ‘My Story’ and is in partnership with DNV GL.
What is DNV GL?
It is an internationally accredited registrar and classification society with its headquarters in Oslo. It is a service provider for various industries like maritime, renewable energy, oil and gas, electrification, food and beverage and healthcare.
What is ‘My Story’?
My Story is a blockchain based digital assurance solution which is ready to use in the industry. It combines deep expertise in the field of DNV GL with data collection, independent audits, and verification services.
The first industry to use this directly is the Italian Wine industry. The four wine producers – Michele Chiarlo, Ricci Curbastro, Ruffino, and Torrevento are in collaboration directly with VeChain and DNV GL for this disruptive solution.
These leading industry leaders will display the ‘My Story’ label on their own bottles in stores. They will use the VeChain blockchain and hardware labels to present it later this year. This solution will not be autonomous for the wine industry but will transcend the applications in a wide variety of markets.
VeChain is a coin under the spotlight for a fair amount of time now. It is currently trading at $4.08 and is listed top 20 coins in the global market.
Anderson, a VEN follower tweeted:
“DNV GL partnership with VeChain underlines the incredible level of seriousness we have in front of us. VeChain will become a major player globally in a vast number of business areas. It is as solid as never seen before within the world of Crypto. Enjoy the ride!”
Michael Jay, a Twitter user says:
“I strongly proclaim that they’re heading to Alibaba. The products/units there need authentication for customer’s satisfaction, product confirmation, and verification. This is gonna be huge.”
Another happy investor tweets:
“Vechain is doing great things and going places where blockchain has never gone before! Great work guys. I’m hodling my vechain for many years to come.”
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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