VEN has been moved by the Bitcoin breakout as much as any other altcoin out there. Starting the month at $2.60, the coins price fluctuated a lot in the past couple of days, reaching the highs of $2.88 before retracing heavily to $2.71 in the last couple of hours. TheWolfOfPoloniex, infamous crypto twitter/medium chart analyst, had this to say about the latest VEN breakout:
“As altcoin spring starts to gear up, VEN looks prime for a little pump soon. Falling Wedge showing on the hard candles + some big wics from when either A) fat-finger panic sellers dumped and the market ate up the panic, or B) whales are hunting stops to accumulate @ lower levels before a breakout trade.”
And VEN did indeed pump, as his following chart shows:
He also suggested that now might be a good time to spread your wealth into a couple of altcoins:
“Diversification into an altcoin portfolio would be most beneficial as coins will take turns pumping into rallies and dumping, while BTC -0.58% goes on its trend reversal bounce.”
Heading back to VEN, it’s currently valued at $2.75 which is a 7.07% rise in the last 24 hours. The coin has a market cap of $1.51 billion and is sat tightly at the 18th spot of the coinmarketcap’s list of most valuable cryptocurrencies.
Following the re-branding of its blockchain into VeChainThor, the release of an updated whitepaper and the successful alpha testing, the platform officially transitioned from the Ethereum blockchain onto its native one. The mainnet migration happened on July 29th and was endorsed by all the major exchange platforms including Binance, Bithumb, Huobi, Kucoin, and Coinspot. VeChain Foundation confirmed that the move was successful by tweeting out the following post:
“At exactly 08:00:09 the first block was successfully mined. The VeChainThor Blockchain has officially launched.”
This made VeChain, the blockchain based platform focused on product supply-side data management, officially independent from Ethereum. Sunny Lu, the founder of VeChain, recognized Ethereum’s role in bringing his platform to where it is right now with a short tweet:
“Salute & Respect, Ethereum where we start from but are marching to the new world! Thank you @VitalikButerin and entire ETH team and community #VeChainThor #GenesisBlock”
The blockchain will run on a so-called “proof of authority” algorithm, which focuses on achieving a delicate balance between centralization and decentralization. The algorithm is similar to a PoS one except it requires that all nodes on the network are approved and validated by a trusted central party, referring to them as authority master nodes. This algorithm brings low resource (computer and electricity) usage, no communication between individual nodes being required to achieve consensus and promises to stay operational regardless of the number of nodes on the network.
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The token swap should be concluded by mid-July, and VET tokens will become tradable then. The platform will use two-token system, where VET token will be the main token of the network supplemented by VeThor token, a coin meant for on-blockchain payments. The VeChain mobile wallet will become available on July 9; this will give all VEN investors an ability to remove their tokens from exchange wallets and store them in cold storage. Check out the full VeChain post-mainnet launch timeline here.
All in all, VeChain is looking good. The partnerships it has with Groupe Renault and BMW (automobile manufacturers) and DNV GL – a risk management and global assurance company – will be gaining more traction as the mainnet becomes more operational. Look for VeChain to continue the tradition of being the only top coin that managed to stay green in the year of 2018.
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