Despite the positive news and plans, the VEN market price continues to slide after the locking of more than 50% of coins into nodes.
The VeChain (VEN) project has announced its vision of a data ecosystem where users would be able to guard their personal data, or be rewarded for sharing it.
After the token started its node and staking program, in 2018 the network will have to prove its usability, especially after the launch of the main net.
But despite the positive news, the market price of VEN continues to slide. VEN lost more than 12% in the past day to $3.23, unraveling from the initial hype when the nodes program was first announced and the price spiked briefly.
However, with more than 51% of all tokens held in wallets, trading has thinned out, and the market price may go through another discovery period. The token is also facing the challenge of migrating to a new network, as well as awaiting a general return of interest to altcoins.
VEN still trades at 10 times the price before the December spike. What is encouraging is that VEN has also kept a similar ratio in BTC prices, showing that the project has gained enough interest not to be dumped for Bitcoin, at least for now. At the moment, VEN benefits from the relatively weak position of Bitcoin, as new funds are flowing into the trading pair.
VeChain BMW Partnership
Recent social media noise saw VeChain announced as a business partner to BMW USA. However, the automotive corporation issued a clarification of the type of partnership:
In general, the VeChain Thor network has ambitious aims of servicing sensitive data industries, as well as the luxury retail sector. However, showing actual business partnerships is still a work in progress. One of the goals of VeChain Thor is to provide a secure enough data exchange to even service the health data sector.
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