Bitcoin (BTC) is the king of cryptocurrencies, and this so especially when you consider its market capitalization. Besides, it was the first decentralized digital asset that was created to remove the limitations of the traditional banking sector. Bitcoin was envisioned as that currency that will bring financial inclusion to all people around the world; importantly an alternate store of value. However, Bitcoin has not been able to achieve the above aspects since its inception. Talk about the high transaction fees and the fact that it barely supports 7 transactions per second. These among other downsides of Bitcoin paved the way for experts to develop other assets; altcoins to be precise. They improve on the Bitcoin technology and strive for better performance. Such is VeChain (VEN), one of the best performing digital assets in 2018.
What makes VeChain Tick?
VeChain Thor (VEN) is one of the few projects in the blockchain industry focused on the delivery of a product to the market. It is working on becoming the best supply chain management platform. Customers of VeChain need to be constantly made aware of the position of their products, their features, qualities and even credibility of the suppliers. VeChain has recently rebranded to VeChain Thor in order to focus more on service delivery as a blockchain. Its protocol achieves high scalability making operations smooth and increases the user experience. The platform will now support other decentralized applications in the industry while allowing other tokens to launch on the network.
Strategic Partnerships: VeChain Collaborates With DB Schenker to Revolutionize Blockchain in the Logistics Industry
VeChain has positioned itself in the industry to be a blockchain-as-a-service kind of platform. It realized the need for enterprises to have a solution based on blockchain to keep track of the supply chain process. One of the latest additions to VeChain’s strategic partners is DB Schenker, one of the world’s leaders in logistics. DB Schenker is active in more than 2,000 locations in the world while it boasts of having at least 68,000 logistics experts. With an aim of improving the way logistics are currently done, DB Schenker collaborated with VeChain Thor and created a supplier evaluation system. Significantly, it marks the first time blockchain technology is utilized for supplier management reasons. The platform relies on the data provided by VeChain which gives DB Schenker the ability to better evaluate suppliers. The collaboration is not going to end with DB Schenker but the two organizations will improve the platform and develop more apps to be used by other logistics providers in the world.
Current VeChain Thor Achievements
VeChain (VEN) recently announced a groundbreaking partnership with ‘Shanghai Wine and Liquor Blockchain Alliance.’ The alliance encompasses several other government bureaus and businesses that work under the ‘Municipal commission of commerce and Shanghai liquor monopoly administration.’ This new partnership will expose VeChain blockchain-as-a-service product to a wide community in Shanghai. The city aims at transforming the liquor industry while enhancing logistics as well as management by the year 2020. Furthermore, it gives both parties a chance to be the best and the first to integrate blockchain to the wine and liquor management systems.
VeChain Q3 Report and Price Overview
The report was released prior to VeChain Thor blockchain launch and states that the foundation holds 39% of all the coins while the remaining 61% is the total circulating supply. The foundation stated that it is committed to ensuring utmost transparency with the community. It also mentioned how VeChain was performing in the industry and especially when it comes to the investors. The team also wrote about the plans to expand to the markets in Asia including Japan and South Korea.
VeChain (VEN) price is trading at $3.0 at the time of writing. There is a bullish trend on the chart which is confirmed by the narrowing gap between the 50 SMA and the longer term 100 SMA. Besides, the stochastic has recovered from the oversold levels heading towards the 50 mark. VEN/USD will face immediate resistance at $3.2 but the key resistance is at $3.4. The zone at $2.90 is strategically positioned to stop declines if the trend reverses.