2018-7-1 01:20 |
One in a sally of recent main net launches, VeChain has officially moved away from the Ethereum blockchain and mined its genesis block today, June 30th, 2018. The cryptocurrency is currently ranked 18th by market capitalization and has seen its price rise by around 8% in the last 24 hours. VeChain’s total market cap is currently valued at about $1.46 billion USD.
Established in 2015 by Sunny Lu, the former CIO of Louis Vuitton China, VeChain is one of the older blockchain companies and cryptocurrencies. VeChain’s focus is on enterprise-level blockchain applications, particularly for supply chains. The platform combines smart contract, blockchain, and IoT technologies for use cases such as tracking inventory, digital vehicle passports, and the tracking of biometric data.
VeChain aims to compete with other business-blockchain frameworks like the Linux Foundation’s Hyperledger. To that end, VeChain has already formed major partnerships with companies like BMW and Groupe Renault.
Now that the genesis block on the VeChain blockchain, titled Thor, has been mined, existing tokens must be migrated from the Ethereum blockchain to VeChain’s new mainnet.
The migration period in a main net launch can leave cryptocurrency firms open to attack when large numbers of coins are being transferred at the same time. According to reports, VeChain has recruited a number of cybersecurity firms to test its code and has created an emergency response team (ERT) ready to deal with any issues.
The current VeChain token, VEN, is likely to be swapped to the new asset token VET in July. The token swap is supported by key exchanges including Binance, Bithumb, and KuCoin.
The move away from Ethereum has been an amicable one for VeChain, with Lu tweeting his gratitude to the community and to Ethereum founder Vitalik Buterin:
Salute & Respect, Ethereum where we start from but are marching to the new world! Thank you @VitalikButerin and entire ETH team and community #VeChainThor #GenesisBlock pic.twitter.com/6cB7pXVKCU
— Sunny “No-Any-Promotion-Link” LU (@sunshinelu24) June 30, 2018
For a more thorough description of VeChain, check out our Beginner’s Guide.
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