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VeChain Published Operations Report Amid Coronavirus Pandemic

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VeChain published an operations report regarding the impact of the spread of the Coronavirus on the worldwide economy and the business activities. In our VeChain VET news, we find out more about the report.

The Vechain published report shows that the board of the platform decided to suspend the VeChain 2020 summit until the pandemic is under control. The huge impact that the COVID-19  had on the traditional financial markets can be easily seen in the crypto markets as well. The VeChain foundation published a letter to inform all of its investors and the entire community about the implications of the situation. In the document, the VeChain Foundation talks about the current state in the face of the pandemic and says that despite the bad conditions, they will continue to build on the network:

‘’We have been focused on enhancing core infrastructure and delivering improvements to critical elements of our business model, including a new version of VeChain ToolChain.’’

In the VeChain VET news, we can read that the COVID-19 has brought a lot of difficulties, and one of them is stopping al meeting plants, project development, and other activities that will slow down the progress in the short term. However, VeChain reassured the community and the investors that no project was canceled due to the emergency:

‘’However, whether the current pandemic situation will cause greater and prolonged impact on the global economy is still uncertain. We will keep a close eye on the development and carefully assess any adjustments (…). We will take this chance to spend more time on internal management and resources optimization so that we are prepared for any possible global economic recession for the sake of the long term sustainable development of the VeChain ecosystem. The progress will resume at full speed once the global restrictions have been lifted. Nevertheless, the steering committee’s board decided to postpone the VeChain Summit 2020. The event will be postponed until “the pandemic is under control “.

The VeChain foundation also introduced a new iteration of the VeChain toolChain, which was introduced in 2019 to enable business owners to integrate existing processes of the company. The tool proclaims transparency, and also the companies can find innovative ways to monetize data.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Vechain News

PlatformXChain Uses Thor Blockchain For Authenticity Verification

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PlatformXChain started using the VeChain Thor Blockchain for faster toys and collectibles authenticity verification as we are reading in the following Vechain VET news. The leading software provider Arcadier for online marketplaces announced that Vechain ToolChain TM would be used by PlatformXChain for current and new projects in the future. Counterfeit products have become a massive cost for companies, reaching up to $509 billion per year and causing enormous damage to the end consumers as well. VeChain uses VeChain thor blockchain, which is already used as a tool by significant companies that verify the authenticity of products in the value chain. Singapore has a lot of startups that already recognized the potential of this blockchain and will continue working with VeChain in the future. PlatformXChain is based in Singapore and is a company that already made partnerships with many toy manufacturers such as CenturyFugu, Mandarake Co, Machination Studios and Marmit Co, to track products and collectibles using blockchain technology. The company uses a white label version of the VechainToolChain and uses software that is suitable for the specific needs of toy manufacturers and consumers. The VeChainToolChain platform offers various services and allows the companies to implement the blockchain for processes in companies without technical knowledge. PCX optimized the platform for the toy industry, and it is now creating its custom UX and IoT tags, which will allow companies to implement and deploy the technology. As per the Vechain VET news, the blockchain closes the current knowledge gap and enables toy manufacturers, collectors, and fans to track their products in real-time. The platform serves as a marketplace for the creators and owners to list original toys and collectible products and to secure them with smart chips to let the consumers verify before buying a product. The authenticated products will be a part of the immutable ledger of the VeChain Thor blockchain. The world’s leading manufacturer Arcadier also partnered with PXC and became the leading trading platform in Asia for the protection of intellectual property rights and original toys and collectibles. Arcadier will combine the PXC e-commerce platform as well. VeChain could gain a lot from the increased usage and awareness and it remains to be seen whether this will a significant impact on the VET price.
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Ethereum News

Breyer Capital Removes Ethereum, Adds VeChain To Portfolio

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The leading global venture capital firm Breyer Capital added VeChain on its portfolio but removed Ethereum as one of the three blockchain companies. Let’s read more in the upcoming vechain vet news. While the Vechain community speculated the reasons, there was no official statement made by Breyer Capital. The company is among the leading venture capital and private equity investor which is mostly focused on promoting entrepreneurs with major influence in China and the US. Breyer Capital removed Ethereum from its portfolio as one of the VeChain community members noted the day before after checking the company’s website. In the meantime in the Vechain vet news, the company listed Vechain as one of the blockchain companies alongside Circle and High Fidelity. Etheruem was not displayed at the time of writing. Also, there were some extremely bullish signs within the Vechain community as well. Breyer Capital was founded by Billionaire Jim Breyer in 2006 and led multiple Series A investments in the past including companies such as Spotify, Etsy and invested in Grammarly, Facebook, and Marvel. Within the crypto community, there were some concerning reasons for the company’s decision. The rumors are unconfirmed and unfounded since they are related to the audit specifications for Ethereum 2.0 phase 0 was completed. As Vitalik Buterin explained, the launch of the new network is expected to start in April. The launch date was not confirmed yet. In addition, Ethereum enhanced its position as the number one blockchain for smart contracts on the market. Erns and Young published a Baseline Protocol which provides a solution for large companies to map business processes privately with the help of the Ethereum blockchain. VeChain as well, as able to increase the adoption in China thanks to the new partnership with the Chinese natural gas giant Shanghai Gas that uses the Thor blockchain from the VeChain platform. According to the VeChain Vet news, the foundation says the solution will be rolled out to the energy companies and it will serve as an ‘’Energy-as-a-service’’ ecosystem. The VeChain foundation entered into a partnership with the Chinese Anhui Tea Association and got promoted for the first time since February.
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Vechain News

VeChain Enters Another Partnership With Chinese Natural Gas Giant

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The VeChain foundation entered into a partnership with the Chinese natural gas giant in order to create a new ecosystem that will have an ‘’Energy-as-a-service.’’ In our Vechain VET news today, we find out more about the partnership. The gas giant Shanghai Gas will work with VeChain and all of the new information on LNG will be collected and stored on the VeChainThor blockchain. VeChain is still gaining a lot of attention in China. The Chinese president Xi Jinping spoke about the blockchain technology and crypto assets back in October and said that China has to ‘’seize the opportunity’’ that this technology has to offer. Vechain was able to make a few notable partnerships in China. For example, VeChain enters partnership with Anhui Tea Association as well and got promoted by the state media in the country. Yesterday it was announced that China’s shanghai Gas group Co, LTD, which is a subsidiary of Shenergy Group Company Limited has a share capital of about $592 million, and will work with VeChain to build an Energy-as-a-Service ecosystem. VeChain now works with another major company and will try to revolutionize the energy sector in China with the help of the VeChainThor blockchain. Shanghai Gas is among the biggest companies on the Chinese market for natural gas and it accounts for 90 percent of the gas market in Shanghai making it the largest supplier in China in terms of storage and customer size. The company worked with ENN Energy and now with VeChain to implement a pilot project for the liquefied natural gas and its distribution in Zhoushan. As stated in the latest Vechain vet news, Shanghai was happy with the pilot project and the partnership aims to optimize the business processes:
‘’Under such circumstances, a more transparent solution to solve the problems of transaction processes, security issues, the imbalance between supply and demand, pricing mechanisms has become a must need in the industry, in which blockchain technology has emerged as a viable solution.’’
Vechain is optimistic that the use of this new service will be extended to other energy companies of the Belt and Road initiative, by joining the development strategy for about 70 countries in Asia, Africa, and Europe. The VeChain Foundation stated:
‘’With the continued development and reform of the LNG market in China, a huge and vibrant natural gas market potentially brought by the countries along “The Belt and Road” is being expected. […]’’
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Vechain News

VeChain Processes Transactions 11 Times Faster Than Ethereum

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VeChain processes transactions 11 times faster than Ethereum with a record of 165 processes transactions per second on the main net, according to the latest data that we have in our Vechain news today. VeChain is a popular project on the crypto market which was been offering a working product since the beginning. Since then, VeChain made partnerships with a low of well-known companies in different areas such as the beverage, textile, automotive, food, and pharmaceutical industries. Especially in the area of counterfeiting, the Vechain Thor blockchain proves that it can help a lot of the companies that are constantly affected by counterfeit and lose billions of dollars. The Twitter user Jake.com explained on his profile that according to the latest data of the Mainnet at block 5,274,015, about 165 transactions per second were conducted and 1,652 clauses could be processed. Vechain processes transactions with a new record time and surpassed other blockchains. With the 165 TPS, VeChain can now process 11 times more transactions each second than Ethereum does which is able to only achieve around 15 transactions per second. Another special feature of the Vechain Thor Blockchain is the new clauses that are embedded into every transaction. These fields have the values ‘’to’, ‘’value’’ and ‘’ data’’ and can be used to conduct simple tasks such as processing payments or processing smart contracts. The platform further explained that the Vechain Thor blockchain has a lot more flexibility features and better performances than other blockchains because of the ‘’Clause System.’’ The feature prepares the VeChain Thor blockchain that the companies need:
‘’With the Clauses and the Transaction ID systems, the VeChainThor blockchain can accommodate businesses both when they require transaction dependency and when they desire independent transactions.’’
The performance increase is mainly caused because of the last protocol update after Vechain got hacked at the end of 2019. VeChain also aims to implement an improved Proof of Authority 2.0 which could make the revised consensus model much more secure, fast and less vulnerable to hard forks. To increase the transaction latency and security, the new update will add another committee allocation mechanism to the VeChain blockchain which will finalize the transaction confirmation similar to the bitcoin blockchain.
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