VeChain (VEN) community fights off Totient partnership FUD as price nears its yearly lows


VeChain has been one of the rare coins that have remained in the green throughout the year, if we look at their January 1st price. This resistance has been broken today, at least when it comes to coins VEN/USD ratio. Back then, the coin was traded at $2,28 USD and its currently traded at $2,24 USD, which is a drop of 1,16% in the last 24 hours. This isn’t the daily low however, as the price fell (alongside the rest of the market) to $2,14 USD before it recovered to its current levels. Coin’s market cap of $1,244,749,451 USD is currently enough to make it the 19th most valuable cryptocurrency, with Tezos recently overtaking it for the spot above.

In light of this fall, VeChain is bringing new updates on the FA side of things. A big announcement was made just yesterday when a partnership with Totient, a San Francisco based technology startup, was introduced to the general public. Totient focuses on “promoting and developing the most promising blockchain projects in order to advance the adoption of new technology,” per their own words.

The start-up is run by people who have a long history in consulting, business development, information security, compliance, and core blockchain development. They have so far developed core software and standards meant to strengthen and increase the VeChainThor blockchain adoption. The Totient team, through both Totient Capital and Totient Labs, will be issuing, vetting, funding, and developing new ICO and enterprise opportunities within the United States market as partners of the VeChain Foundation. The full list of contributions to VeChainThor from Totient includes:

  • Ledger integration
  • VeForge Web Wallet (to be launched with Ledger integration)
  • Code auditing and bug testing during testnet
  • Upcoming integrations into major crypto projects
  • Ecosystem projects and ICO’s in the pipeline

To honor the partnership, they announced the first official Totient product called the VeForge Blockchain Explorer.

Sunny Lu, GenSec of the VeChain Foundation had only words of praise for this cooperation:

“I have been pleased by the initiative and investment that Totient has showcased in the VeChain Ecosystem. The VeChain Foundation encourages community lead companies to model after Totient. The work they have done has inspired me in many ways and I hope they inspire other qualified value creators to do the same.”

The community wasn’t as unified in their praise as the companies involved were. Most people supported the news, with blackjack summing the thoughts up nicely:

“organic grassroots growth of the ecosystem is good”

Reddit user FoxyIT had this to say about the new explorer:

“This is an absolute joke. They copy pasted the block explorer made by some random dude in the telegram and threw a new skin on it. Every day there is something shady surfacing with this project. I’m keeping a log to be published.”

This was quickly refuted by enozym111, who responded with the following words:

“Look at Sunny Lu’s tweet screenshot when the blockchain was launched on the 30th June.

The screenshot looks like VeForge explorer. This predates when VeScan was released. In addition the functionalities of both explorers differ, despite the cosmetic similarities.”

This partnership is just one in line of announcements that VeChain dropped in July, as VeChainThor mobile wallet was launched on July 9th. With the mainnet launch and the accompanying token swap already on the way, the coin will be looking to organically reinforce its fundamentals in preparation for the upcoming market bull run.

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