VeChain (VET) is likely the best performing cryptocurrency in the year of 2018. That likely has something to do with the fact the actual token existed for just over a month but this won’t stop many VET holders from pointing it out. Overall the token bottomed out on 14th of August, reaching values of $0.006786/113 satoshi before starting to run. In just over 20 days, the currency managed to reach its current levels of $0.018820 USD (3.55% drop in the last 24 hours)/0.00000255 BTC (4.56% drop in the last 24 hours).
Philosof from TradingView presents two scenarios for VET:
“VET has a nice ascending channel worth watching. It provides a good trading plan. VET bounced of lower trendline and has just had a price pump towards 260 resistance. Will it breakthrough no one knows, but if it does, next resistance will be at 269 and 278. Once these ones are passed price will pass red trendline which should provide some more volume. At 286 there is 0.786 Fibonacci line but with that volume price should go fast forward to 295 or 305 (depending on how much time the whole process will take and where horizontally in the channel the price will be located). That should be the last border in front of leaving ascending channel. Again, no one knows if it will happen but it is a good scenario. Bad scenario is that the price doesn’t breakthrough 260 and we see VET falling to 252 where it will test the trendline again. The more times support is tested, the weaker it becomes. Therefore, it might even fall down to 240.”
His complete analysis contains updated information which he provided after BTC decided to move. The trader feels that VET is heavily influenced by BTC movements so be sure to check out the updated analysis on the link above.
The is project known for its intention to provide infrastructure for a decentralized supply side management system that will reduce costs and remove middlemen/inefficiency from the equation, thus preparing the playing field for the upcoming Internet of Things. The network launched its mainnet, VeChainThor this year in addition to rebranding from VeChain (VEN) to VeChain (VET).
VeChain had a couple of positive updates for its community. VeChainThor mainnet has been upgraded to v1.0.2 delivering various updates, bug fixes and an overall improvement on the previous version. Newly implemented features include:
- Supported subscription for new blocks, events and transfers by making WebSocket request.
- Added –gas-limit flag for solo to allow customized block gas limit.
- Improved solo’s error handling and log printing.
- Added x-genesis-id http header verification to prevent accidentally accessing wrong node instance.
- Accelerated synchronization by tweaking P2P parameters.
- Fixed error in compiling with go1.10.4 and go1.11.
- Fixed panic when data size exceeds 1TB, by upgrade goleveldb.
- Added missing address field in response of POST /logs/events.
In other VeChain related news, People’s Insurance Company of China (PICC), one of the largest insurers globally with total assets worth $126 billion decided to start using blockchain technology with the help of DNV GL and VeChain. With this partnership PICC will attempt to solve many inefficiencies of the insurance world, including issues with data collection, verification, and auditing which lead to restrictive policies and checks which cause price increases for all policy owners. PIIC believes in blockchain technology and its ability to reduce turnaround time/premiums, prevent fraud and improve KYC compliance and claim experience.
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Another potentially game-changing partnership was the cooperation with BYD one of the largest Chinese car brands and world’s top-selling plug-in electric car manufacturer. By partnering with DNV GL and VeChain, BYD is looking to tackle carbon emission problems which are currently one of the biggest environmental issues the world is facing. The project created an app called Carbon Credit and a smart contract on the VeChain’s blockchain which will be used to store driving data that CC collects (mileage, fuel consumption and electricity consumption). People who use the service will then be graded based on their eco-friendliness and distributed carbon credits accordingly. These credits can then be used to purchased goods and products through the Carbon Credit app’s banking ecosystem.
Auto-Drive, Blockchain, AI, Eco-creation. Today’s staring lead character, the new 秦 Pro. $VET #BYD pic.twitter.com/J04y7hXfyG
— Crypto Bang! (@BangCryptoBang) September 5, 2018
Overall, VeChain is probably the most advanced blockchain based supply chain management project on the market. With a live mainnet, working tracking chips and excellent partnerships to boot, its hard to envision this project going anywhere but up.
