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VeChain CEO Says By 2022 Blockchain Business Models will be at the Top

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To expedite mass adoption, blockchain needs

to work with established businesses.

The leading enterprise-friendly public blockchain platform, VeChain believes blockchain is at a critical stage. Speaking at “The Capital”, a conference by CoinMarketCap, CEO Sunny Lu emphasized its high time for the technology to prove its business value.

According to Lu from VeChain, both technology and resources are ready. And blockchain has also reached the national strategic level. Now it is all about finding and testing the right business model. Sharing his insights, Lu said the period till 2022 is the most crucial for the technology. It is at a stage where it will face maximum challenges and prove its business value. 

Blockchain mass adoption

VeChain positions itself as the enabler of the mass adoption of disruptive technology. And that’s where Lu explains the need for a public chain like VeChainThor. As per Lu public blockchain is the foundation of a positive cycle. And that brings out the best out technologies like AI and IoT. What would trigger mass adoption? It seems VeChain has identified the roadblocks in the mass adoption. Lu says for that to happen, blockchain solution developers need to drive value from the established businesses. And the major supporting reasons are: 

  • Limited user base

 Bitcoin and Ethereum have a limited user base – 470k and 254k. On the contrary the established businesses like WeChat, Facebook and Amazon have a massive user basis of 1,000,000k, 2,700,000k, and 350,000k. 

  • Legislative support

 The established businesses have a high standard of R&D, legislative influence and long-term network effect. Both of these aspects will expedite mass adoption.

VeChain tools for mass adoption and commercial applications

 Currently, VeChain is supporting 31 proven solutions across 16 industries. And it is because of the innovative toolset. VeChainThor blockchain is currently used by enterprise giants like DHL, Haier, BMW, Walmart, AWS and more. 

And its features like governance model, economic model and proof of authority make it even more valuable to the system. At the same time ToolChain integrates enterprise data and assets with blockchain increasing the collaboration.

opportunities. Previously, we covered how VeChain launches Foodgates, an international food tracking system.

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VeChain

VeChain CEO to Address Community Live on Twitter About Recent Hack

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After the recent VeChain hack and the loss of 1.1 bln VET, the company’s CEO Sunny Lu intends to address the community live on his Twitter page

On Friday, VeChain made an announcement, saying that at 8.30 Beijing Time, 1.1 bln VET coins was stolen and transferred

to the hacker’s address. As the reason for the incident, VeChain referred to human error and VeChain staff members mismanaging the private key.

“After a responsive investigation, the incident was caused by the fact that the private key of buyback address was stolen during the wallet creation process due to the negligence of the staff member.”

The VeChain mainnet and the company’s official mobile wallet were not damaged or compromised, the statement says.👉MUST READ

The VeChain account writes that the company’s CEO Sunny Lu intends to talk to the community live at 10 p.m. (UTC+8) on his personal Twitter account on Saturday, December 14.

In the comment thread, community members thank Sunny Lu for this move, saying that after the hack this measure is important and many would love to hear what the CEO has to say.

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VeChain

VeChain announce hack

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In an annoucement on Medium VeChain have said the VeChain Foundation buyback address was compromised.

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. All the addresses associated with the said hacker’s address have been tagged on VeChainStats, the list is automatically updated as so

on as the hacker sends any funds from the original hacker’s address.

They go on to say, the VeChain Foundation has been tracing the transfer of these VET Tokens in real-time and has taken several steps as outlined below to contain the situation.

In an initial reaction the price has broken the support zone of 0.00581390. The next major support is at 0.00482947.

VeChain Hack

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Source: fxstreet

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VeChain

VeChain (VET) Manifests Two Major Losses Over a day

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  • VET shows a 7.04% fall in one day; currently trades at around 0.0068 USD
  • There may not be any solid signs of strength in the upcoming few days while support level may come at 0.0066 USD

VeChain (VET) has become one of the worst-hit coins due to the effect of the current market-wide slowdown. It has made a loss of 7.04% over the last 24 hours and shown three major price variations in the range between 0.0077 USD and 0.0067 USD.

VeChain Price Analysis:

VeChain Price
VET Price Chart By TradingView

VET was being traded at 0.007394 USD at the opening of the day and the first major price variation happened between 00:51 UTC and 09:50 UTC and over these 9 hours, VET lost 10.31% and got placed at 0.006916 USD. It was followed by a 7.45% hike that

added 0.0005 USD to the value and pushed it to 0.007439 USD by 13:16 UTC. However, this high figure could not be sustained for long and it took a plunge to make a loss of 8.72% over the next 13 hours and 41 minutes to fall as low as 0.006797 USD.

VET’s market cap on December 3 was 388.039 million USD and over the last 24 hours, it has gone as low as 380.533 million USD.

VET Price Prediction:

VET’s 20 days average is now at 0.00685801 USD and its 50 days moving average rests at 0.00685118 USD. The current price trend at 0.00687379 USD is 0.33% and 0.23% more than the 50 days average and 20 days average respectively. VET may soon seek the support at 0.006691 USD. Investors are advised to hold on to their investments and the perfect selling point may take some time to appear.

Resistance and Support Levels-

VeChain (VET)
1st Resistance0.007460333 USD
2nd Resistance0.007923667 USD
3rd Resistance0.008229333 USD
1st Support Level0.006691333 USD
2nd Support Level0.006385667 USD
3rd Support Level0.005922333 USD

Source: cryptonewsz

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