Lately, we can see VeChain (VEN) trending up as the majority of digital assets are trending up due to the latest phase of recovery which became a trend in the crypto market. Ranked as the fifteenth-best token on the global coin ranking list due to its market capitalization that is being increased in the moment of this writing, we can’t miss on reflecting on the main reason for having VEN progressing at such positive pace of growth. In that spirit, let’s see what VeChain has been up to these days.
VeChain and the Launching of the MainNet
Perhaps one of the primary reasons for having VeChain (VEN) progressing as well as it does is the fact that VEN is waiting for the launching of its own MainNet where VEN and VET, its native token, will finally get their own decentralized ecosystem.
VeChain is predicted to become one of the biggest platforms for integrating IoT, that way changing the way people are dealing with products, services and information, that way aiming at revolutionizing the way business economy is functioning at the current moment. The best thing about this bold objective is the fact that VeChain actually has that kind of power in its blockchain as well as the technological capability needed for this venture to get through with.
Even though it is said that the MainNet will be launched on June 30th, which would at the same time mark the end of the second quarter for VEN and other currencies, Redditors are having a quarrel about the initial date.
While a great portion of Redditors claim that the MainNet will indeed be launched on June 30th, the rest of the Reddit community following up with the subject of VeChain launching its MainNet, claims that the mentioned date only represents the end of Q2 and that the MainNet will be launched somewhere at the end of 2018, but stating that the mainnet launch just won’t happen at the end of the second quarter.
For now, it seems that VeChain is drawing a great portion of gains in the market due to the expected MainNet launch.
VeChain and VeChain Thor Testing
On May 1st, VeChain (VEN) representatives have announced via Twitter that they are officially launching VeChain Thor blockchain ecosystem for testing. Since mid-April, the team has been testing the network internally, but as of today, they are going to start with first public testers that will have enough luck to gain the access to the original code and test the network for functionality.
On this occasion, the VEN team will be “hand-picking” 100 public testers for the beta testing period of VeChain Thor that should last until mid-May when the system will be released to the public as Alpha version of VeChain Thor ecosystem.
The main purpose of the mentioned system is to have VeChain Thor massively adopted and used, which should further change the way transactions are being made.
To make that possible, the VeChain team has designed a special protocol called, Multi-Party Payment Protocol, abbreviated as MPP. This protocol should allow simultaneous payments for multiple users, while at the same time allowing transactions in different assets, currencies, and values.
The main objective is to create a strictly functional, user-friendly and non-fallible system that would provide users with unique experience of making transactions.
VeChain and the Market
Due to the technological novelties that the team behind VeChain (VEN) has been working on, VEN is doing a great job with trending up in the market. The current atmosphere on the market is a bit more “casual” that the atmosphere we’ve had during the last week when the market was still shaky, so we now have the majority of currencies trading up against the dollar.
However, some tokens and coins are doing better than their peers, so we have VeChain trading up against the dollar by 9.38% against this fiat currency. VEN is also trading up against BTC and ETH, which means that VeChain is doing slightly better than these currencies at the moment.
Following the market trend, VEN is going up 7.44% against Bitcoin, while also trading up against Ethereum for 5.53%.
While waiting for the launching of VeChain Thor that should happen in mid-May, which is pretty close, VEN is now trading at the price of 4.79$ per one unit, expecting it to break the value of 5$ in the following days.
At the current rate of increases and with having its trading volume consequently rising, VeChain (VEN) might even get back to its all-time high of around 9$ per one unit, in case it keeps up with the current progress.