VeChain (VET) continues to maintain an impressive momentum when other cryptocurrencies are faced with decline. While the gains of VeChain is nothing astronomical, the current state of the market makes it majestic.
With the swap from VEN to VET tokens still ongoing, VeChain has shown remarkable strength in the market, maintaining an upward course, although at a slow pace.
Maintaining a gain of 1% over the last 24 hours, VeChain (VET) is currently exchanging hands at around $0.01023. A market capitalization of $567.8 million makes it the 20th most valuable virtual currency.
VeChain’s consistency in the market can be attributed to some positive developments and announcement in the VeChain ecosystem. Over the last couple of days, there are some laudable announcements from VeChain.
VeChain to Lead Blockchain Backed Liquefied Natural Gas Solution
VeChain would be pioneering a blockchain based solution for the movement of liquefied natural gas (LNG), the foundation would, however, be doing so with partnerships with leading Chinese companies.
China has continued to show commitment towards the adoption of clean energy sources, joining leading nations of the world to reduce the emission of carbon to reduce the effects of global warming.
At the China International Gas & Heating Technology and Equipment Exhibition 2018, a partnership between VeChain Foundation and ENN Energy Holdings Limited and Shanghai Gas Group was announced.
The partnership will see these organizations pull their resources together towards developing a better liquefied natural gas (LNG) management solution that will be powered by the VeChainThor Blockchain.
Roles of the Different Organizations
The different organizations will assume different roles as they work to build and distribute clean energy.
The partnership will see ENN Energy Holdings construct the necessary equipment needed by the technical team. Landing projects and surrounding tests will also be carried out by the company.
Shanghai Gas will oversee the distribution of the LNG products across markets in the nation. Shanghai Gas will also provide policies to regulate the development of the LNG related business in commercial markets.
The necessary software to run the corporation (which would be based on blockchain core technology), would be developed by VeChain Foundation. Since migrating to VeChainThor, the blockchain has attracted a lot of attention.
Safe Haven and Morpheus Labs to Use VeChainThor Blockchain
It has been a great week for the adoption of the VeChain MainNet, with Morpheus Labs and Safe Haven Foundation announcing that they would be integrating the VeChainThor blockchain into their respective networks.
Morpheus Labs announced on October 31 that the Singapore based startup will be using the VeChainThor blockchain that significantly reduces cost and increases performance to build its own blockchain.
With its own blockchain, the Singaporean startup aims at building a full-stack blockchain platform and marketplace.
On the same day, the Safe Haven Foundation announced that it would be using the VeChainThor blockchain. The Safe Haven project is aimed at providing affordable housing, and the Thor blockchain would be at the heart of it.
