As the cryptocurrency arena continues growing to massive highs in both the number of tokens and market size, certain factors come into play on how the token can actually survive. Adoption is the goal for any crypto out there regardless of the stories sold by most crypto communities. VeChain (VEN) is one of the coins aiming for massive adoption through both development of its system and securing major partnerships. After PwC Ventures Ltd. agreed to a partnership with the Ethereum based blockchain, the coin developers are currently working towards releasing VeChain main net. The launch of VeChain’s main net has been a topic of interest since the start of the year and finally it has been announced to come in late June.
VeChain THOR (VET) serves a direct connection to the VeChain network. Here is how it works. If you own VET you can purchase vouchers, THOR, which will be used to access the VeChain main net network to create smart contracts or interact with the dApps on the platform. The platform releases these vouchers sequentially per day and they can be used to develop the smart contracts. The vouchers are measured in terms of the complexity of the smart contract and number of times you visit the main net. The higher the number of VET you own the more times you can visit the main net and the more complex smart contracts you can build on the platform.
What impact does THOR have?
First of all given that the number of smart contracts expected to be built on the VeChain (VEN) will be fairly constant through the year means demand of THOR will be rather stable too. This coupled with the fact that the amount of THOR to be supplied will be known and remain relatively constant, the price of THOR will remain rather constant on an annual basis. This keeps the prices on the platform stable cutting down on high volatility normally seen in cryptocurrencies.
VEN price volatility
The last month has been a productive one in the whole cryptocurrency arena as most of the listed coins saw green lights. VEN however started April poorly as it saw its price drop to $2.26. The coin suddenly took off during the month to see its price hit $5.50 USD per VEN, a 2 month high since late February. VEN is currently trading at $4.34 USD per token and is aiming towards the $10 mark in the upcoming days as the mainnet is launched. This however represents 11% loss in the last 24 hours as trading volumes near crossing the $100 million mark for the 4th day in a row.
The $2.2 Billion USD market capitalization, places the coin 15th on the Coinmarketcap listings.
VeChain meets Singapore Minister of Finance
On Thursday, some of the representatives from VeChain (VEN) and PwC Ventures limited had the pleasure to meet the Singapore Minister of Finance, Heng Swee Keat and discuss the future prospects of the blockchain in real world applications. This meet enhanced the visions of VEN investors and enthusiasts leaving them with a taste of better things to come. Singapore is currently one of the friendliest nations to cryptocurrencies and blockchain technology.