- VeChain price correlation with Bitcoin is 78% but could decouple once industry applications strengthen.
- NFT gaming projects have arrived on the VeChain ecosystem; Mad Viking Games is the latest addition to the list.
- PwC China’s low-code digital service platform “Air Trace” is powered by VeChain.
Proponents consider VeChain undervalued given the recent developments and new partnerships of the smart contract platform.
VeChain Thor mainnet hits a new milestone, processes 10 million blocks without downtime
VeChain Thor powers decentralized applications on its independent blockchain network. In 2018, VeChain was rebranded as VeChain Thor, and the platform developed beyond supply chain management to power smart contracts like Ethereum.
The company behind the development of VeChain’s smart contract platform has announced partnerships with BMW, PwC Asia and Chinese consulting firm NRCC.
Recently, VeChain Foundation announced that PwC Mainland China and Hong Kong’s blockchain traceability solution “Air Trace” is powered by the smart contract platform.
The fully programmable Layer-1 smart contract platform is famous for tackling real-world business problems at firms like Walmart and Haier.
Over the years, VeChain has produced blockchain solutions for businesses working on sustainability and climate change. These include the “ReSea Project” that is working on putting an end to the Ocean Planet Crisis, the “carbon banking solution” for BYD and real estate sustainability through blockchain for Jones Lang LaSalle.
The move to reduce the impact on climate change caused by mining top cryptocurrencies like Bitcoin and Ethereum has garnered mainstream media attention, but VeChain’s contribution to sustainability remains largely unrecognized.
VeChain Thor’s token VET has a 78% correlation with Bitcoin at the time of writing. Analysts have noted that it is likely to decouple from the top crypto with the launch of a strong industry use-case.
#VeChain is a very interesting project, especially as you don’t hear as much about it as you should. Both the number and quality of its partners should have this at a higher valuation.
Use case is clear and one of the strongest for blockchain technology.
— Decentrader (@decentrader) September 11, 2021
The token has jumped in on the NFT gaming trend in the recent past. Vulcan Verse, an open-world multiplayer role-playing game, was built on the VeChain Thor network before migrating to Ethereum layer-2 scaling solution Polygon.
Mad Viking Games is the latest addition to the list of NFT games on VeChain Thor.
A pseudonymous Redditor u/defactow shared their thoughts on why VeChain is undervalued. From tracking products in real-time to tackling complex business problems through smart contract applications, VeChain offers competitive solutions to companies.
Since the platform has two tokens, VET and VTHO – used as smart money and energy for executing transactions, respectively, – there is a reduced likelihood of speculation.
The platform celebrated a key milestone in its progress: VeChain Thor mainnet processed 10 million blocks without downtime. The BTC network has recorded 99.98% uptime since its launch based on Bitcoin uptime tracker data.
With 100% uptime, VeChain Thor has proved its scalability and stability as a smart contract platform.
Since the token is currently considered undervalued by cryptocurrency analysts, there is anticipation of a rally in VET following a short-term pullback.