What is Going On with VeChain (VEN)? [July 2018]
VeChain, now VeChain Thor network has experienced a traffic of activities over the last couple of days.
The activities on the network are not just one-sided, VeChain may be experiencing a significant breakthrough with its new platform, the bearish market still has a grip over the altcoin.
The VeChain Thor Platform is Live
The much anticipated and expected VeChain Thor platform was officially launched yesterday, June 30, 2018, with the first block produced at 00:00:09 (UTC) on the same day, completing the migration from Ethereum to VeChain’s very own MainNet.
After a successful migration, VeChain proceeded with the execution of the first set of activities on the VeChain Thor Network which includes; Authority Masternode deployment, VeChain Thor forge, the snapshot of Ethereum on the network and X-Node monitoring.
Following the migration, Founder and CEO of VeChain Sunny Lu, expressed his gratitude towards Ethereum which formerly housed the VeChain network.
Lu hopes that the VeChain Thor network becomes the first to put real business applications on a blockchain network. Now that the MainNet of VeChain is active, the next major step for VeChain is the token swap.
VeChain would also begin preparations for launching Plair, Mustangchain, and Bitocean; the first three ICO’s confirmed to launch on the VeChainThor platform.
VeChain Thor Mean New Rules
The launch of the Thor Network means that VeChain now uses a system it describes as “Proof – of – Authority” (PoA) to preside over how the rules on the Thor blockchain can be altered.
When speaking on PoA, Sunny Lu referred the algorithm as “a balance between decentralization and Centralization”.
The decentralized part according to Sunny Lu, is the right given to token holders to vote.
The weight of the vote of token holders is dependent on the number of VET tokens they hold and whether or not they have completed a KYC process. Holders will use their voting authority to make a statement on projects in the network.
Token holders in the network will also use their voting authority to elect VeChain’s Steering Committee which will consist of a seven-seat governing body over the VeChain Foundation and the network.
The Steering Committee after voting processes will execute any decision coming from voting processes carried out on the network; this is what Lu referred to as the Centralized part of the Thor Network.
New Wallet for the VeChain Community
VeChain Thor network is now online, and VeChain Foundation has announced the launch of a new mobile wallet for the Thor Network.
LG and Sony are two major companies behind the VeChain Thor Mobile wallet, and the wallet will be available from July 9, 2018; the day the X-Node Binding service will go online.
Price Status of VeChain (VEN)
VeChain looked bullish on its MainNet with a hike of 8.4%, however, those gains have flattened out amidst the activity on the network.
As at the time of this writing, VEN is down by 0.84% and now trades at $2.63. VeChain’s market cap of $1.45 billion USD makes it the 18th largest cryptocurrency.