VeChain (VET): The modern era has evolved and there are a lot of restrictions for firms to run under different laws and regulations. So being approved from legal authorities is very much important for a firm to make an impact among users and do all their activities at the highest level.
As the blockchain technology is still new and different governments are still resisting against it, so it is very much important to have registered under a specific blockchain law.
VeChain among other 200 companies has registered under the new Chinese blockchain Canon. As per the news from a Chinese news source, Yicai, the Cyberspace Administration of China has allotted the registration number to the blockchain firm and other 200 firms.
This allows VeChain (VET) to work under Chinese regulations without any hesitation and work on its market in China. The CEO of VET, Sunny Lu had to say that these regulations are very much in favor of VeChain and these official standards would help the blockchain industry to grow at a faster pace.
VeChain has a prominent stature in the crypto industry and this news sums up to be a good one for the multi-dimensional crypto. Moreover, VET recently collaborated with Haier, which would allow VET to integrate into the Haier ecosystem i.e. Cosmoplat solution.
VeChain is basically more leaned towards collaborations with different international firms and the core focus is to impact those industries with its VeChainThor blockchain technology.
These partnerships have always resulted in positive for the blockchain firm and VET has seen growth in the market. But, if VET wants to last for a very long-term period than the key aspect for VeChain is that they have to have a key position in real-world usage, just like Dogecoin. VeChain is still growing and once the world knows its significance, we would see it trading volume increase.
The VeChainThor blockchain is full of idiosyncratic features and has a great ability to improve the dApp user experience with the help of EVM. The developer’s bounty and application development program which is about to start on the 18th of April provides developers to participate in this program and come up with new ideas.
In this program, the participating developers would get paid for their thought-out ideas, documentation, and applications. To capstone these long-term campaigns, the participants can win a share of the 40 million worth of VET pool in the VeChain Application Developer Challenge. So, it is a great opportunity provided by VeChain to new developers to showcase their talent and give new innovative ideas.
The market has looked good and due to bullish momentum, in the last seven days VeChain (VET) has gained up to 15%. At the time of press, VeChain was rising at a rate of 6.70%, in the last 24 hours. The market cap of VET was around $361 million and the trading volume was $21 million.