VeChain has been humming today – a slew of great news hit the shores of VeChain island. Many of them were pre-announced but one did pop out as a very exclusive bit of news. Let’s start with that one first.
— Dimitrios Neocleous (@_DiNeocleous) November 2, 2018
— Crypto_Ed_NL (@Crypto_Ed_NL) November 2, 2018
Arket is a company that is part of the big fashion brand H&M which prompted a wave of speculation in the VeChain community about the possible cooperation. ARKET’s first stores opened on Regent Street in London and online on 25 August 2017, followed by stores in Copenhagen, Brussels and Munich. The head office and design studio is located at Maria Skolgata 83 in Stockholm.
Another Twitter user highlighted this part of the official description of the Arket product that is apparently using VeChain blockchain to manage the supply chain.
— WaZa (@wazapepe) November 2, 2018
This urged the rest of the VET fans to launch some real detective investigations and dot connecting
Ok so i did some research: On 02.02.18: $VET partners with Australian based 188 Business Alliance Association. ("businesses are mainly dealing with export / import business between China and Australia but have global routes" )https://t.co/tNgYC2G6vU..
— Minibestia (@CryptoBestia) November 2, 2018
There is no official stance from VeChain or H&M as they might still be under NDA.
Price of VET shows no reaction
To the disappointment of those who are speculating on VET price, it didn’t move much today or for the last couple of weeks for that matter. How do this and similar news potentially influence the VET price? As one Redditor explained it, “everything that runs on the blockchain needs VTHO. 70% of all VTHO used in a transaction gets burnt. 30% goes to the 101 authority nodes. Holding VET produces VTHO. The more transactions on the blockchain the more in demand everything becomes. The economic model really is genius and well thought out. In the future when all of these partnerships are going full steam the price will go up, it has to. That price point is much much higher than .01 cents. Real world business value. Not speculation either.”
So uploading data to VeChain blockchain costs the uploader VTHO and the more adoption we have, the more the price of VET could jump up.
This was a big day for VeChain and a blow for their direct competitors Waltonchain as they are slowly losing the race with their Asian opponent.
In other VeChain news, Thorblock.io is a new dApp on VeChain blockchain and their site enables pooling of funds for future ICOs. Now everyone can take part in an ICO if they wish as part of a pool overseen by smart contracts, not just those with deep pockets. VeChain, SafeHaven and Arkane helping level the playing field. This is especially interesting for the customers that live in jurisdictions that do not allow ICO investing (like most of US states).
The VeChain-based OceanEX exchange is slated to begin alpha testing this November. Pre-registration began on October 22, though new users are still encouraged to sign up in the coming days.
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