VeChain has joined hands with BYD for a carbon ecosystem after adding largest insurer PICC to its list of partnerships. Recently, VeChain released mainnet v1.0.2 while VET has surged over 200% in less than a month since bulls came charging into the crypto market last month.
VeChain initiating a carbon ecosystem
The world’s 18th largest cryptocurrency is onto big and futuristic things as it announces yet another partnership. However, VeChain CEO, Sunny Lu did the revelation with an interesting Tweet.
I know partnerships cannot satisfy you guys any more, so let’s go app directly. More players will join one by one for this Carbon Ecosystem. https://t.co/Obah3P6cEW
— Sunny “No-Any-Promotion-Link” LU (@sunshinelu24) September 5, 2018
BYD, the manufacturer of electric vehicles and batteries along with battery-electric busses and high tech instruments, and automobiles has joined VeChain for its VeChainThor public blockchain platform and DNV GL, a global quality assurance and risk management company for carbon banking solution.
Reportedly, a carbon banking solution for the car models has been already completed that will involve the data of millions of vehicles by utilizing the automobile lifecycle management solution of VeChain.
According to Sunny Lu,
“As the global leader in green car manufacturing, BYD offered us the opportunity to pioneer real change. It takes innovators like BYD to make the world a cleaner place. Carbon banking will be a new reality for billions.”
This solution further rewards the vehicle operators with carbon credits based on carbon reduction and the driving performance of their vehicle. Additionally, the solution will also benefit government bodies and insurance agencies.
Shu Youxing, the President of BYD Automotive Intelligent Ecological Research Institute, shared:
“This technology not only improves our current offering but allows us to create completely new markets. The unique aspects that VeChain provides will empower carbon monitoring development and sustainable ecosystems. This solution is a glimpse into what we think we can achieve through this partnership.”
Adding big giants to its name & surging over 200%
Just a couple of days back, People’s Insurance Company of China (PICC) one of the largest insurer globally with $126 billion assets entered into a partnership with VeChain to digitally transform the insurance industry.
On this partnership, Lu had commented:
“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”
Only last month, VeChain has been chosen to be the first batch of partners for the 5G Open Partner Program launched by the Japanese Telecom giant, NTT Docomo.
Moreover, the day before yesterday, the new version i.e. VeChainThor mainnet v1.0.2 has been launched that is available on GitHub. With bug fixes and new features, VeChain team has focused on performance improvements.
VeChainThor mainnet v1.0.2 has been released. Key updates include new features, bug fixes and performance improvements. For more details, please visit https://t.co/vm6Zqa169W pic.twitter.com/rufoUTDSYT
— VeChain Foundation (@vechainofficial) September 3, 2018
Also, Criptolete, a VET enthusiast recently shared a few details on Reddit on his trip to VeChain office in Shanghai, that in part states:
“We should start seeing more activity on the mainnet in September. They are working really hard on migrating clients at the moment and making sure all works well.”
For the backdated VTHO they promised, “it’s a complex calculation as there are several factors to consider, and they are working on it, but to count on it.”
As for the VET price, as you can see in the chart below, on August 14, it has been on $0.00643 and then as it rose in tandem with the crypto market, it reached $0.01973 today. The surge has been of about 206% in about 20 days.
At the time of writing, VeChain has been sitting at $0.0193 with a market cap of $1.07 billion and the 24-hour trading volume of about $34 million.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.