Dreary bear market drags on but VeChain (VET) delivers small dopamine shots for its holders

The blockchain project with one of the most ardent communities in crypto world, VeChain (VET) has informed us about newes developments within their ecosystem in the past few days. VeChain took to Medium on October 16, 2018, to throw some light on the high level partnership they entered with the “DNV GL – VeChain Digital Low Carbon Ecosystem” in Beijing.

According to Medium.com, “The signing of this document serves as the official creation of a new partnership between the influential Norwegian assurance company DNV GL and key partners of the Thirteenth Chinese Five-Year Plan: BYD, PICC, VeChain, Tsinghua University’s Sino US Relations Research Center, and Shanghai Xiandao Food (a subsidiary of Bright Foods).

The purpose of this newly established ecosystem is to advance DNV GL’s existing actions working with the United Nations. The goal is to advance the UN’s environmentally-focused Sustainable Development Goals.

The digital low-carbon ecosystem will be using the VeChainThor blockchain and other Internet of Things (IoT) tools in order to calculate carbon reduction. The company take advantage of benefits offered by VeChain smart contracts and issue carbon credits based on the smart contracts data. Emission reduction behavior of both individuals and enterprises will be tracked and registered on the platform.

VeChain community is also in a campaign of getting their token listed on Hoard mobile wallet and decentralized exchange. The eventual addition of VET to Hoard won’t be a gigantic story, however, getting further exposure and liquidity, no matter how paltry it is, is a small win in the dreary bear market.

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There is also a community effort to get VET added to the Hoard mobile wallet and associated decentralized exchange. VeChain is one of the options users can vote for, this is it of the utmost importance other community members cast their vote accordingly. Although it remains to be seen if and when this addition would occur exactly, it certainly offers another option worth exploring.

VeChain Market Update

The market is currently stuck in sideways momentum with occasional twitches upwards or downwards. VeChain is no different although VET holders have hoped that the DNV GL partnership would prop them up more than it actually did.

Over the past 24 hours, the VeChain price stalled with a miniscule 0.5% increase in both USD and BTC value, but it was too weak to set off any stronger run. Transfer volume also failed to grow and remained on the same level as in previous days.

At the press time, VeChain is trading at $0.011614 and it is likely that this level remains dominant and stable (unlikely bears will be taking over) until there is some positive momentum around the the whole market, triggering a bullish market.

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Sarah Wurfel
Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

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