At the early hours of Saturday, June 30, 2018, the VeChain blockchain – that is currency worth $1.46 billion – had its first block mined, making a breakthrough for the blockchain project that is aimed at being amongst the first crypto to persuade businesses to adopt code tied to a digital currency that is traded on a public market.
Why Is VeChain Unique?
VeChain (VET) is aimed at providing solutions for issues (such as app design difficulties, economic model issues, and governance inefficiencies) with public blockchains such as Bitcoin (BTC) and Ethereum (ETH). The project is also aimed at providing solutions such as Hyperledger which is currently a go-to platform for businesses.
VeChain was created by Sunny Lu – a former CIO of Louis Vuitton China, and the firm hopes on being the first to put the application of “real business” on a public blockchain. Another way the digital currency has sought to distinguish itself from other altcoins is by focusing on what the founder of VeChain refers to as “already made” software that minimizes the costs and time of development.
The Partnerships of VeChain
Another thing that separates it again is how businesses are already involved in the process. Over time, the firm has secured a lot of gigantic partnerships. The firm has partnered with Groupe Renault and BMW (automobile manufacturers) and DNV GL – a risk management and global assurance company. Some of its partners are already playing some vital roles in the execution of the project.
More to Come
The launch on Saturday, June 30 will not market the end of the development of VeChain. While this date marks the development of the genesis block and the beginning of VeThor tokens generation, the blockchain will not be fully functional for some time.
Before the tech will go live fully again, the firm must migrate its token from the blockchain of Ethereum to its MainNet, and this process is scheduled for next month.
VeChain Price Today: Current Price of VET
At the time of writing, VeChain (VET) is trading at $2.6 after an increase of 9 percent in the last twenty-four hours. The digital currency has a market cap of $1.42 billion and a trading volume of $167.98 million over the past twenty-four hours.