Tag: vechain

VeChain Releases New Official Block Explorer and Sync Ledger Wallet Interface

The VeChain Foundation has announced the release of a new official block explorer and sync ledger wallet interface, which are in-house developed solutions maintained by the major development team. According to the foundation, the explorer will be available by the end of November, while the Ledger wallet will be available within two weeks starting from Monday, Oct 21, 2019.

According to the announcement on 20 Oct, users can use VeChain Insight, which is a functional and serverless explorer developed by the VeChain core development team to inquire about accounts, blockchain information, tokens, and transactions before the release of official block explorer in late November.

The  Foundation also implored the community to be committed to supporting the ecosystem builders of the VeChainThor Blockchain, believing that with the community’s technical and non-technical support, the management teams and developers will focus on deriving a functional business, monetization and sustainable growth model for their VeChainThor projects.

The report also noted that the Foundation appreciated their soon-to-be one-time partner Totient Labs who contributed earnestly to the VeChain Ecosystem by building much-loved tools and services. However, Totient Labs decided to discontinue their VeForge services to VeChain including the VeForge Explorer and the VeForge Vault on Oct 21.

Since the vault will be discontinued, ledger users will not be able to access their tokens in VeChain wallets in the meantime. However, users are implored to be certain that their VET and VIP180 tokens are entirely safe and secure on the blockchain.

Reebonz Tracks Provenance of its Luxury Products Using a Vechain-Powered Digital Certificate

Reebonz (NASDAQ Ticker: RBZ), the biggest luxury e-commerce company in the Asia Pacific and Southeast Asia, has incorporated blockchain technology into its ecosystem to determine the provenance of its products. 

The blockchain-based approach mushroomed as the company seeks to boost trust and offer authentic products to its members. 

Reebonz’s Blockchain-Enabled Digital Certificate

The company has revealed that all products will be pegged with a blockchain-based digital certificate that will bear a QR code. Some of the information to be stored includes the provenance of ownership, product data, and transaction details and history. The digital certificate will be hosted on the VeChain Thor Blockchain based on an MOU signed between the company and VeChain. 

Consequently, Reebonz’s mobile application will be used in verifying products and digital certificates will be generated after verification. 

The Sell Back Guarantee service will also be made possible through the digital certificate which buyers can become sellers and vice versa. For instance, a customer will have the liberty to sell back a product to the company as it will be in a position to digitally validate the product certificate. 

In case of theft, customers can revoke the digital certificate as this will guarantee product protection. 

Samuel Lim, Reebonz’s co-founder and CEO, noted, “We are excited to use the blockchain technology and work with VeChain to solve one of the key global issues impacting our industry. The authentication of pre-owned luxury items using the blockchain is just one of many high impact innovations Reebonz is pioneering to improve the luxury shopping experience for customers across the Asia Pacific.”

Blockchain is being embraced because of the transparency and trust solutions it offers.

Sunny Lu, VeChain’s CEO and co-founder, asserted, “Our partnership with Reebonz sets a new standard for solutions based on VeChainThor Blockchain, which will be gaining momentum in the luxury industry with increasingly extensive applications.”

He added, “Developing such a solution with a global and local mindset will pave the way forward for innovation, enabling frictionless, trustworthy, and transparent e-commerce of luxury products and finally changing the operating model of the industry.”

By leveraging on blockchain technology, Reebonz seeks to prioritize its mission of making luxury products accessible to everyone through its ecosystem that connects buyers and sellers.

Image via Shutterstock 

VeChain and Bayer China Team up for Blockchain-based Healthcare Project, Here’s What it Means for China

Pharmaceutical giant Bayer is now working with the Chinese crypto project VeChain on a blockchain-based medical traceability and supply chain program. 

In a tweet by the VeChain Foundation, the firm stated Bayer China – the Far Eastern unit of the medical giant – will utilize the former’s blockchain expertise to track clinical drugs across the latter’s nationwide supply chain.

Called “CSecure,” the platform allows firms to load a batch number to a specific product, such as tablets or syrups, and “stamp” it on the blockchain. All drugs can then be tracked in transit across the supply chain, using a native method of participant information and timestamps along the way. No data can be tampered with by any unauthorised third-party, owing to the inherent design of blockchain systems. 

However, VeChain’s VET tokens will not feature in the end-to-end process. Cryptocurrencies and altcoins remain banned and China and across the world, meaning all incentives will presumably be paid out in RMB than a token. 

Instead, VeChain’s proprietary ToolChain software shall be deployed. The product is a Blockchain-as-a-Service (BaaS) protocol geared at enterprises, allowing for the creation of distributed systems as per the company’s requirements. 

VeChain CEO and co-founder Sunny Lu spoke of the development: “We’ve experienced the rigorousness of the medical industry by working with Bayer China.” 

China’s pandemic-stricken environment stands to gain with the blockchain, especially when firms like VeChain partner with private corporations to provide services and ensure verifiability. 

Several other countries are turning to blockchain and DLT-run frameworks to improve the administration of timely healthcare facilities, bolster medical supply chain safety, and increase optimization of revenues. Earlier last week, hospitals in the US started work on a similar project to ensure authenticity in the medical industry, specifically the credentials of doctors and nurses. 

Verification of physicians takes three or four months, the report noted. In this regard, blockchains help quicken the process by ensuring verification comes from “authorized” sources and have been untampered with, eliminating the need for a “time-consuming manual intervention.”South Korea is another country moving for large-scale blockchain-based medical solutions In January 2020, as Blockchain.News reported, the Seoul Medical launch a blockchain-enabled medical information mobile app dubbed Seoul Care, helping patients plan medical treatments, look up prescription details, and check test results using their smartphones.

Image via Shutterstock

Coinbase Considers Support for 18 New Cryptos Including VeChain, Prompting Higher Prices

Coinbase is considering adding a new range of digital assets, including VeChain, Aragon, Bancor, Siacoin, Origin Protocol, and Ren to its potential listings.

Coinbase has been evaluating potential digital assets under its Digital Asset Framework, to review the project’s security and compliance before completing the listing on the exchange.

Other projects on Coinbase’s list include Arweave, COMP, DigiByte, Horizon, Livepeer, NuCypher, Numeraire, Render Network, SKALE Network, and Synthetix.

“Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions,” the Coinbase blog read. “As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.”

With the announcement of the potential listing of the cryptocurrencies on the Coinbase exchange has led to a rise in digital asset value before dumping shortly after the listing has been confirmed.

Most assets have seen a jump in price between 8 to 25 percent, with an average of 17 percent, according to data from Messari. Vechain (VET) price has seen an increase of 12.34% after Coinbase’s announcement. 

However, the US exchange did not give a timeline for listing the mentioned cryptocurrencies. 

Coinbase recently faced outages during Bitcoin price surges which have led to some members of the crypto community refusing to use the exchange. Coinbase users withdrew 22,000 more Bitcoins than they deposited on June 7, which was worth around $214 million. 

The US exchange has also faced skepticism when news came out of Coinbase’s intention to sell a blockchain analytics software, named  “Coinbase Analytics” to the Internal Revenue Service (IRS) and the US Drug Enforcement Administration (DEA). 

VeChain Announces Launch of Blockchain-Based Digital Platform at Cyprus Hospital

In light of COVID-19, VeChain announced the launch of a blockchain-based medical platform at the Mediterranean Hospital of Cyprus.  

As social distancing and quarantine restrictions are highly reinforced worldwide, blockchain technology appears to be the ultimate solution during this pandemic. On June 20, VeChain introduced on Twitter their newly established decentralized ledger technology (DLT) platform, which would employ blockchain to deliver a more secure and efficient medical experience.

VeChain ecosystem manager vouches for the benefits of the app by stating that “more than 1200 people have downloaded the E-HCert App at the Larnaca airport and have asked to receive their novel coronavirus test results on it.”

As opposed to public blockchains, this decentralized medical platform, dubbed E-NewHealthLife, is private. The company states that with the adoption of this e-wallet, the cost of data storage will be reduced, and the digital transformation of healthcare facilitated. In addition, patients’ information will be quickly and securely provided to health professionals.

With the permissioned blockchain platform, only network participants will have access to information on the ledger, making personal data more secure. This platform will also enable medical staff to better accommodate patients, as it gathers data on each patient for research purposes.

Blockchain innovations at Cyprus Hospital

The choice to divulge information for research purposes is entirely up to each individual. The E-HCert App is also made up of a Digital Healthcare Passport, which is an encrypted NFC card allowing patients to digitally check-in for their appointment, verify their queue status in the waiting line, and keep a securely encrypted medical record.

VeChain broadens its horizons

With the digital age moving forward, VeChain’s very own cryptocurrency might soon be added to Coinbase. The cryptocurrency platform has expressed its desire to include VeChain’s token on its exchange, should it pass the security and compliance evaluation of Digital Asset Framework.

Jul 6: Make it or Break it?

Trading Crypto with Eugene is a series of daily commentary of market analysis and trading advice shared by Eugene Ng of Matrixport, a veteran trader with 10 years of experience in top-tier global investment banks. If you like the article, please follow us here on Blockchain.News so you won’t miss our future publications.

Happy Monday! BTC managed to close above $9k and getting bid early as Asia opens up with stocks in the region moving higher. We did see $9K getting breached twice over the weekend but bears haven’t had enough strength to push for a sustained move lower. In other tokens, VeChain made an outsized move of > 50% higher over the weekend as rumors of Coinbase listing. Compound continues to hold ground above $190 as the DeFi narrative remains “bid on”. Not many headlines I must say except Larry Summers sharing that he expects a “ton of innovation” around stablecoins. S&P is currently in 250 point range 2970 to 3220 for the past five weeks with no major eco data this week. Next week we will have earnings season with banks kicking off. That is gonna be interesting to watch. In terms of trade strategy this week, looking to buy short-dated vol (less than 7 days) for a break lower: 5-day BTC $8 or $8.5k puts look interesting and are cheap. On the other hand, look to sell longer-dated options such as 1 month and beyond in BTC calls and puts (11k calls and 7k puts). Check out the term structure of BTC (see chart below), it’s never been this steep before. For spot, I am going to lay cheeky bids at $8,400+ near the 200 DMA and offers at $9,300+ (with a tight stop above). Goodluck.Is BTC in the “make it or break it” week? Watch $8,900 level, if we cant hold above there, we may see $8,400. In terms of upside, $9,300 remains key….

BTC term structure; it has never been this steep before… Vol traders you know what to do next…

DisclaimerOpinions expressed are solely the analyst’s own and do not express the views of Matrixport the company.The views and opinions expressed in this article are those of the contributor and do not necessarily reflect the view of Blockchain.News.

What is VeChain?

VeChain was founded in Shanghai in 2015 by the former CIO of Luis Vuitton China, Sunny Lu. It is a blockchain platform designed to improve business processes and supply chain management via more efficient information sharing.

While many blockchains are purposed for financial gain through improving and marketing the underlying technology to attract investors for their cryptocurrency, VeChain’s value lies in serving existing businesses by providing blockchain-as-a-service (BaaS) via ToolChain, a platform that allows businesses to make use of their underlying blockchain.

VeChain aims to increase blockchain adoption by demonstrating to businesses the value that can be had by leveraging distributed ledger technology to enable a transparent information flow, efficient collaboration, and high-speed value transfer.

VeChain’s Blockchain

Initially launched on Ethereum’s blockchain, VeChain soon developed its own blockchain VeChainThor (VET) and rebranded in 2018.

The blockchain is based on a proof of authority (PoA) consensus protocol, whereby VeChain’s steering committee authorizes individual nodes, referred to as Authority Masternodes (AM), to update the chain. In order to become a validator or AM, one must disclose their identity, and therefore reputation, to ensure that they will act honestly.

Block producers are chosen randomly according to an algorithm based on AM’s VET holdings and KYC (identity disclosure). After each AM produces a version of the block, the block that has been approved the most by the others is chosen as the finalized version to be updated to the blockchain.

Governance is achieved by Masternodes in a centralized fashion, who retain voting privileges that allow them to vote on decisions affecting the blockchain. This system, therefore, combines a centralized voting protocol with a decentralized blockchain framework.

According to VeChain’s whitepaper, a PoA uses less bandwidth for faster transaction rates and is more scalable than other blockchain protocols.

Economic Model

Because cryptocurrency is inherent to blockchain technology, and businesses will have to pay to use VeChain’s blockchain-as-a-service platform, it is important to offset the effects of the currencies’ volatility so that businesses don’t have to worry about price fluctuations.

To create this buffer zone, VeChain created two tokens, VET and VeChain Thor Energy (VTHO). VET is a standard value-transfer token that can be used for trading, staking, and creating VTHO, while the latter is a “gas” that can be burned to perform transactions on the blockchain and to execute smart contracts. Having VET is necessary to generate VTHO, which is produced at a certain rate over time depending on how much VET one has. Basically, this means that conducting transactions on the blockchain is free, as long as you hold some VET and the amount of energy required is lower than the amount generated. However, to perform large transactions on the blockchain, such as running a DApp, one must hold a larger amount of VET.

VeChain’s “Business Consensus”: Value for Businesses and Use Cases

VeChain has supported businesses in agriculture, retail, energy, assurance, logistics, and the automobile industry.

The platform has helped track products from all stages of the supply chain, monitoring their quality, authenticity, transport medium, and even temperature, all the way from the manufacturing facility to the end customer, building trust between businesses, and allowing for greater market transparency.

To do this, VeChain uses Radio Frequency Identification (RFID) sensor tags that broadcast information onto the blockchain in real-time, allowing for greater quality control and customer service, and giving businesses and customers access to a products’ entire lifecycle.

VeChain has partnered with several big companies, including accounting giant Price Waterhouse Coopers, Jiangsu Electronics, and car company Renault.

In the automobile industry, for example, VeChain’s blockchain enables car brands to assign digital passports to individual vehicles to monitor their entire lifecycle, and to assess the quality and authenticity of all their separate parts.

The data acquired by VeChain is broadcast to the immutable blockchain, where it can be shared with third-parties like insurance companies who can use the data to set a suitable insurance rate for that driver, depending on their driving habits and overall maintenance of their car.

Conclusion

VeChain’s goal is to not only streamline and organize businesses’ data storage and supply chain management processes, but to also act as the central information storage and infrastructure hub of the Internet of Things (IoT) in the near future. The technical consensus of blockchain technology was the first phase, according to their white paper, then business consensus, and finally community consensus. VeChain is already in the second phase.

UNI, LINK, VET Price Analysis-March 9,2021

Bitcoin broke through the psychological barrier of 54K today, clearing its previous resistance level around $52,000. 

Currently, Bitcoin is trading at $54,035. A bullish technical pattern signals that Bitcoin (BTC) may be poised to retest its all-time high of $58,000. With Bitcoin’s bullish momentum, altcoins such as Uniswap(UNI), Chainlink (LINK), and VeChain (VET) have also rallied higher.

Uniswap(UNI) Price Analysis

 

Source: UNI/USD Daily via TradingView

Uniswap, the leading decentralized financial platform running on Ethereum blockchain, has grown by 29.59% in the past 7 days. According to Coinmarketcap, it ranks 8th with a market value of $1,17,299,907,165, behind XRP.

On March 7, Uniswap (UNI) formed a long green candlestick, breaking through the previous high of $33, and setting a new high of approximately $34.962. The reason why the bulls have managed to make Uniswap’s price soar may be because the Ethereum Improvement Proposal (EIP) 1559 finally received the green light for implementation and will be launched in July. EIP 1559 aims to improve the user experience and curb the increasing transaction fees on Ethereum. This upgrade will undoubtedly benefit Uniswap and other DeFi protocols that run on the Ethereum blockchain.

Although the price of the UNI/USDT currency pair dropped yesterday, the candlestick pattern illustrates that the market is still controlled by the bulls, who have held onto their UNI reserves. UNI/USD is still trading within the ascending channel drawn in the figure.

The next step for UNI price is to stabilize its operation above the support line of the rising channel and consolidate the price above the 9-day moving average. Before reaching the $50 mark, the bulls may face the upper resistance line of the ascending channel. UNI’s current support level is the 20-day moving average of approximately $26.95.

Chainlink(LINK) Price Analysis

Source: LINK/USD Daily via TradingView

At the time of writing, Chainlink (LINK) is trading at $31.31. LINK/USD closed a long green candlestick yesterday, pushing the price above the 20-day Moving Average of $28.87. Bulls may potentially push the trading pair to the inflection point of $33.28, which is the previous 9-day Moving Average line.

The candlesticks with a long lower shadow from March 5th to March 7th showed that the bulls were working hard to defend their dominance against the bears’ depreciating prices. If the LINK/USD currency pair can stably stand above the short-term Moving Average and successfully break above the $33 point, the bulls will then set the bullish target price to an all-time high of $36.92.

However, if the price fails to stabilize above the 9-day Moving Average of $29.09, then LINK/USD will move down further to the next support level of $24.74. If the price falls and breaks below $24.74, this trend may benefit the bears and buyers will suffer greater losses. Such a move of Chainlink may lower the price to $20.

VeChain(VET) Price Analysis

Source: VET/USD Daily via TradingView

VeChain (VET) hit a new high today, a new all-time high of $0.067834. At the time of writing, the daily chart shows that many investors sold their VET holdings at around $0.060. However, the bulls have been hard at play in preventing VET’s price to plummet. VET is trading at $0.064427.

From the graph of the recent daily candlesticks, it can be seen that recently, VET has stood on the 9-day Moving Average line. The Exponential Moving Average (EMA) ribbon is sloping upwards, which indicates that the bulls are occupying the main market. If the bulls can push and maintain the price above $0.065, then the VET/USD pair may start the next uptrend. The first target for VET is $0.08. If the altcoin succeeds in breaking through this level, the currency pair may rise to $0.10.

However, if the price falls from the current level, the currency pair may fall to a 23.6% Fibonacci retracement level of $0.0592585. If VET is unable to sustain above $0.05926, VET will then fell to a 50% Fibonacci retracement level of $0.05217629. Currently, the strongest support level for VET is the 20-day Moving Average of $0.0506. If the currency pair rebounds from the 20-day EMA, the bulls will try again to push the price above the strong upper resistance level around $0.065.

However, if the price falls below the 20-day EMA, the selling of VET may intensify and the price may fall to the next support level of $0.042.

VeChain Reaches Record-High, Soaring by 12%

VeChain (VET) set a new all-time high today. touching a high of $0.1911.

Recently, the VeChain Foundation announced a collaboration with American cloud-based software company Salesforce to test, trial, and build applications on the VeChainThor blockchain. The cooperation with the technology giant specializing in customer relationship management (CRM) company Salesforce has contributed to the surge in VET’s prices.

VeChain, the 15th largest cryptocurrency with a market cap of $11,944,387,252, has risen by 12.11% with 24 hours and 65.68% in a week. VeChain has shown strong growth this year, increasing nine-fold since the beginning of this year.

Currently, VET/USD is receiving resistance at the upward pressure line of the ascending channel. The scope of transactions has narrowed. At the time of writing, VET is trading at $0.1847.

VeChain (VET) Price Analysis

Source：VET/USD Hourly via TradingView

Judging from the hourly candlestick chart, VET formed a bull flag shape with the 34% gain between created the pink flagpole of this pattern. The consolidation period of the first half of today formed the purple flag of this pattern shown on the above chart.

According to the increase of the upswing flagpole, this altcoin would likely exceed $0.22.

The transaction price of VET/USD is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD indicate that the bulls are currently dominating the market.

However, The Relative Strength Index stepping into the overbought zone, forming a bearish signal that suggests that VET is encountering strong selling pressure at approximately $0.19 along the upper line of the ascending channel. The VET price will experience a slight retracement, and it is likely to trade sideways for a period of time around $0.18 before resuming its upward momentum.

If the price can stabilize above 20 hour-Exponential Moving Average of $0.176, then the upward trend of VeChain may open a faster upward channel. As VeChain hits a new high this will mean that the altcoin will not encounter strong selling pressure on its way up. However, it is very likely to break through $0.22 in the short term.

Conversely, a surge in the number of sell orders will push VET below the $0.16 support level and may trigger a more severe correction to $0.13.

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