The VeChain Foundation in Singapore started off as a supply chain company but has recently announced its plans to move into the decentralized platform and hence evolving to become Enterprise DApp (decentralized application) solutions similar to Ethereum.
VeChain recently tweeted on their official account of their progress.
VeChain’s operations are similar to IBM’s crypto-anchors technology. VeChain functions as a mix of blockchain technology and their in-house built smart chip (tiny piece of code) to track items throughout their lifecycle and also to guarantee you’re receiving the same intended product at every node. VeChain’s strategy is beneficial in many ways and most importantly:
- By implementing the smart chip technology it helps remove the need for trust at every stage the item takes to reach the end user
- It offers counterfeit protection by re-verifying items at every node
- It improves logistics systems through simplified product tracking
- Smart chip scan assists businesses to acquire current and accurate information on each item. It also helps with quality control
- The upgraded platform will use twin tokens such as VeChain Tokens [VET] and THOR power
- Businesses who hold more VET are given high priority and more rights on the new VeChain THOR blockchain
- Rebranding does not mean re-launching of the main chain, but it will be upgraded to use THOR power and also for the creation of Dapps to do business on the VeChain platform
- VeChain THOR mainly relies on nodes in the blockchain system. Nodes are rewarded with THOR for maintaining the network
- Nodes are differentiated by their maturity, date and amount of VET they hold. They are named Strength, Thunder, Mjolnir, and Thrudheim
- VEN tokens will become obsolete once these are fully converted to VET tokens
The VeChain Foundation names this new big change as Apothesis and the team talks about this:
“This apotheosis is not a day………….a full revamp from a private blockchain to a qualified decentralized application…………………………..on a decentralized ledger, capable of evolving ….business ecosystems.”
With VeChain Thor set to launch in June as per VeChian CEO Sunny Lu, the organization is accommodating new tie-ups to add to their already impressive list of partnerships.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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