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VeChain [VEN] revamps to VeChain Thor [VET], evolving into a DApp platform

Sherin A

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VeChain [VEN] revamps to VeChain Thor [VET], evolving into a DApp platform
Source: Pixabay

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 Foundation's recent Tweet

     VeChain Foundation’s recent Tweet

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

VeChain Thor



  • 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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I am a content lover and a passionate writer. Writing is my way of relaxing, I write when I am happy, even when I am sad and sometimes when I am mad too. My whole career life is a gross learning in the financial domain and to no surprise, my interests are now inclined to cryptocurrencies and the blockchain market. F is not just Finance, but also Food, for me. I love to eat because I love to cook.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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