Bitcoin, the first blockchain, uses a consensus mechanism known as proof-of-work. This is the same consensus mechanism that many other blockchains that were created after Bitcoin use. VeChain, however, uses another consensus mechanism known as proof-of-authority. Deloitte claims that the proof-of-authority consensus mechanism is better than the proof-of-work. Taking to LinkedIn, Cillian Leonowicz, an executive at Deloitte, said;
“We wrote more transactions than Bitcoin over the weekend by migrating our client work from Ethereum to VeChain – we managed to execute 20+ smart contract transactions per second.”
While the Bitcoin blockchain processed about 359,000 transactions over the weekend, VeChain processed 396,000. However, the total transaction value for Bitcoin is still way above the total for VeChain. This doesn’t mean that the milestone should be ignored. Over the last year, companies have been showing interest in less popular blockchains like VeChain.
VeChain News Today – VeChain Summit
One of the VeChain news during the summit that disrupted the VeChain Thor price prediction was that professional services firm, Deloitte was going to abandon the Ethereum blockchain and develop services on VeChain. The company, at the time, said that it was ditching Ethereum because VeChain is faster and more efficient. After using the VeChain blockchain, the company took to LinkedIn to brag about the VeChain node levels claiming that it is faster than Bitcoin.
During the VeChain summit, BMW also announced that it would be using the VeChain nodes for its VerifyCar app. With this app, auto fraud would be reduced significantly in Garmany. Other VeChain partnerships have also been sealed with more to come before the year runs out. While many of these partnerships do not require the use of the VET coin, they will still help to promote the adoption of the VeChain blockchain and the VET token. This will eventually reflect on the VeChain Thor price prediction.
VeChain Thor (VET) Price Prediction
VeChain (VET) Price Today – VET / USD
| Name | Price |
|---|---|
 | $0.00 |
 | $0.00 |
At the time of writing, the VeChain Thor price was $0.006579. This means that it is up by 1.49% against the USD but down by 0.17% against the price of Bitcoin. The trading volume over a 24 hour period is $11,598,005 and the market capitalization is $361,679,147. VeChain has the potential to move above the $1 level this year with these VeChain partnerships and a positive market sentiment. Let’s not forget that VeChain is going to disrupt the $50 trillion supply chain space in the next few years. So, the VeChain Thor price prediction in bullish.
Cryptocurrency News Today – Bitcoin Bull Run Will Commence if BTC Breaks Above $6,400
The crypto markets have continued to extend their upwards momentum as Bitcoin surged to fresh year-to-date highs, leading most major altcoins to rip upwards. This positive price action marks a significant rise from BTC’s recent lows, which were set after news broke regarding the widely publicized Tether-Bitfinex imbroglio.
According to the latest Bitcoin news on Newsbtc; one prominent technical analyst has now set $6,400 as the price at which Bitcoin must break above in order for the bull run to officially commence, and the crypto’s growing technical strength may be just enough to push its price above this level.
Peter Brandt, an extremely popular analyst who covers a wide variety of assets and markets, noted in a recent tweet that Bitcoin is currently forming some technical formations that are quite similar to those formed in previous years prior to other bull markets, which may mean that further gains are right around the corner.
“The last time Factor’s benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800,” he explained in a recent tweet.
In addition to contributing to growing technical strength, the recent Bitcoin surge has also brought the cryptocurrency very close to a price level at which the next bull run will officially commence, according to one analyst.
Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, discussed this price level in a recent tweet, noting that a break above $6,400 would mark the beginning of a fresh bull market.
“$BTC now at $5750, the 2018 low prior to the November crash. The 2018 bear trend ended once above $4200. Above $6400, 2018’s most traded price, it’s a bull market,” he explained.
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
