CRYPTO NEWS AGREGATOR
Sun, Apr 11, 2021 4:58 PM by Valte

Hot Digest: V Is For VeChain

Vechain Crypto

VeChain is a decentralized supply chain management platform created to provide increased insight and tracking of product supply chains. Following its fast development and numerous collaborations with the different companies in 2020, the VeChain Foundation Company will keep evolving and improving its network in 2021. And this helped the VET token to reach new heights. We found the most important stages of VeChain rise during the last 4 months.

VeChain puts huge effort into technological research and development

Crypto News Flash in December 2020 noticed the significant success of VeChain during the year and was looking forward to seeing the network’s success in the upcoming months. Due to Covid-19 pandemic, VeChain platform experienced increased adoption. In their report published in the end of December, revealing the results of the work in August-October 2020. Other than the company’s strengths going forward, the report reveals that VeChain spent most of its funding on technological research ($495’664) and business development ($69’ 695). At the moment they also announced the launch of “SURFACE (PoA 2.0)- consensus algorithm for the improvement of the blockchain security and performance. 

The company also partnered with the top accounting and consulting firm Grant Thornton Cyprus to expand their blockchain solutions over several industries, including logistics, pharmaceutics, and automobiles fields. Another achievement of the VeChain in 2020 is the launch of BaaS helping to improve on-chain safety management for the companies in the food sector. On top of all in December 2020 VeChain received a 5-star rating from TÜV Saarland, European certification institute.

Cypriot Hospital Tracks Covid-19 Vaccination Records With VeChain

Less than a month after summarizing the success of VeChain in 2020, a new achievement of the company came into the spotlight. On January 6 Beincrypto published an article dedicated to the VeChain success in storing Covid-19 vaccination data in an Aretaeio Hospital in Cyprus. Through the VeChain based app, the public can issue certificates proving that an individual got the vaccine. According to VeChain foundation's twitter “With this tech, govs, and individuals are assured of the quality and validity of results.” As the article explains, maintaining the records on a distributed and decentralized ledger can guarantee the quality and validity of the results because the third parties can’t affect the stored information.

VeChain (VET) deploys update and fixes key issues

And two days later CNF informed that VeChain experienced a maintenance upgrade (Version 1.4.0) that adds multiple components for the performance improvement. Specifically, the update concerned 2 components: the improvement of a bloom filter, where a subscription/beat2 API was added to support variations and fixing the issues when building on ARM64 architecture. It became possible to run a Thor node on the mobile.

Bluegate announces VeChain integration with Madini Africa

Just 10 days later Crypto News Flash gets back to VeChain as it cooperates with Kenyan  Madini Decentralized Marketplace, developed by Bluegate Business Solutions LTD, that allows users to apply any mining related services in Africa. Madini’s market intends to build a transparent supply chain in its transactions and operations to increase trust and sustainability in the African mineral industry and for those purposes it partnered with the VeChain, choosing it over other solutions because of the hybrid features oriented on resolving real economic issues. VeChain will record the history of the products to allow customers and other companies to verify the authenticity; additionally, it will enable meta-transactions, so the users can perform multi-user transactions, dependency transactions and also transactions with controllable life cycles.

VeChain enables fee delegation feature for DeFi mass adoption

On January 18 new post appeared on CNF, narrating about implementing Free-Delegation as a Service (DaaS) feature on VeChain that got integrated into blockchain's native fee delegation protocol and facilities transaction payments and that’s how grants reduce the complexity of interacting with decentralized applications (dApps). As VeChain seeks to become a “powerhouse” for dApps fee delegation protocol was complemented with DaaS. So now when the user interacts with the smart contract function the dApp requests a digital signature and at the same time, the system will demand approval from the DaaS provider that will cover the costs. The keys are stored on the VeChain Thor as well as the transaction also takes its place there. Daas can be handled by the dApp operation team or any third-party service provider.

U.S vape company enlists VeChain to fight counterfeits

And more companies turned towards VeChain according to the Crypto News Flash article dated January, 25. This time it is about the U.S leading vape company Puff Bar that decided to use blockchain to fight the counterfeits on the market. The company experienced a significant rising in 2019, but was removed from sale by Food and Drug Administration (FDA) order. After that numerous counterfeits appeared on the market, account for about 95% of the company products on the market, leading to millions of dollars in losses. Reentering the market Puff Bar wanted to be sure the customers can verify its products with the support of VeChain. Such an option will be available through the vendor’ website after a customer takes a picture system immediately scans it to determine originality by the small imperfections invisible for the naked eye.

Vexchange 2 testnet is planned for launch on March, 15

In the first week of March, the news of Vexchange testnet launch came on sight. The first decentralized VeChain’s exchange, firstly presented in October, introduced its testnet on March, 15. Just before that the company attracted the biggest aluminum company to its new DNA assurance service on VeChainThor and got an Innovative Green Technology reward at China Green Economy summit 2020.

New features for Uniswap ported DEX on VeChain ‘Vexchange’ unveiled

On March 16 CNF reported that the second iteration of the decentralized exchange was presented. It got a lot of new features, including price oracles, integration with Sync 2, flash loans, token to token pairs. Still being a modified fork of Uniswamp v2, Vexchange got the features differentiating it from Uniswamp v.2., in particular, the low fees for the use of Vexchange. Just as the news were emerged Vexchange reached $1 million of a trading volume for the first time.

VeChain deploys PoA 2.0 testnet as Sunny Lu discusses mainnet deployment phases

Just a day after VeChain co-founder and CEO Sunny Lu held a Q&A session with the community. Crypto News Flash tells that he invited the developers to test the network's new Proof of Authority (PoA) 2.0 consensus algorithm that makes blockchain more scalable, secure and more capable of including new partners. As Lu said, the VeChain platform will give users and partners the ultimate concern and certainty in the system’s permanence.   He explained that PoA 2.0 will have a two part release VIP-193 and VIP-200.

Yizhiji & VeChain to Supply Lipstick Products with NFC Chips

The news about it didn’t have enough time to subside when VeChain platform partnered with Yizhiji cosmetic brand to supply the lipstick products with the fully traceable NFC Chips. According to Cryptonewsz, this step will help to grant the authenticity of the products. Yizhiji lipstick product will be tagged with NFC Chips to provide customers with all the product related data stored on VeChain. Using WeChat customers can select the color, shade, and tone of the product.

VeChain can take decarbonization to the next level, says Sunny Lu

VeChain CEO Sunny Lu explained the company's position on decarbonization and neural carbon as China put those points in its national plan for the next 5 years. According to CNF, Lu said that VeChain started this initiative in 2018 with BYD and DNV, creating a proof-of-concept blockchain technology named “carbon banking”.  This solution rewards vehicle operators for carbon reduction. As Lu stated, the VeChain solution was ready for mass production back in 2018.

“I believe this initiative could be one of the greatest exports from China to the whole world by uniting everyone in the world to make a better future planet for our children before Elon Musk takes us to Mars, lol,” — Sunny Lu

This is why billion-dollar companies are building on VeChain

Unprecedented performance of the VeChain was noticed by Newsbtc at the end of March, this year as it noted the company's productivity in establishing partnerships including big companies like FoodGates, ASI and DNV, Walmart China, Bayer, and Sam’s Club. Such a success caused a VET increase of over 2,800% in just one year. The Strategic Advisor of VeChain, Jackson Fu explained that the company’s focus on the corporate implementation made it able to deliver strategies and solutions that allow its partners to run business at scale, as VeChain managed to prevent unstable transaction fees with VET-VTHO token, to eliminate the thread of congestion with its scalable network. Fu also mentioned Baas platform and new protocols that reduce the problems of fee delegation.  That all makes him sure that VeChain will be the world’s first mass adopted public blockchain.

Ubitquity teams with VeChain on blockchain-powered tools for the title industry

And in just 3 days after the last publication, Cryptoninjas reported a new update as Ubiquity, an enterprise blockchain-secure platform for real estate and title record-keeping became a partner of VeChain to use VeChain Tool Chain BaaS-platform for the creation of the solution for its Rainier Title customer. The partnership expects to deliver solutions for more secure and transparent transactions for the consumers as well as providing seamless and immutable storage of all the property data.

Vechain Users Can Vote For Change In Base Gas Price

And just after that on March 31, The Crypto Basic informed that VeChain investors now are able to vote on proposals that will affect the future network gas fees that massively rose recently due to increased usage.  As the VeChain foundation declares, its future depends on its ability to keep the costs affordable for the business and to achieve this company tightens up to limit the cost increase, so the platform remains attractive for the investors. By the time of publication four proposals were made and put for voting (keep the gas price, reduce it to 20%, reduce to 6%, reduce to 1%.  After all the votes are received VeChain Foundation will present it to the steering committee and the implementations will be made accordingly.

VeChain cuts base gas fee to 1% of the current level, steering committee voted

The results of voting got to sign on April 9, with the Crypto News Flash report. According to it 1,122 participated in voting that finished on April 6 and the majority of 766 nodes have chosen to reduce the gas fees to 1%, 238 (19,79%) nodes preferred the reduce to 5%, 71 nodes favored reduce to 20% and only 46 votes were in favor leaving the base gas fee at a current level. After considering the result the Steering Committee decided to reduce the current rate to 1e13 wei within the next 7 days.

Enterprise-level partnerships send VeChain (VET) price to new highs

And finally, on April 10, Cointelegraph fixated the break out of the VET price to a new all-time maximum with 400% price gain just in the last month. According to the publication, it happened thanks to the numerous real-world partnerships and integrations that cause blockchain project validation and serves its widespread adoption. In 2021 in particular VeChain token price growth was stimulated by the adoption of its supply chain tracking technology and just recently the company partnered with the software company Salesforce. An early March NFT-related collaboration with VIMworld also affected the prices of VET and VTHO and the general market tendencies were favorable for VET lately.

Conclusion

The success of VeChain doesn’t look random or accidental and our digest proves how the hard work on the technical upgrades and partnerships pays off by the increasing public recognition and impressive market performance. If the VeChain will keep up the good work, we are surely to hear about them many more times.

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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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