Weekly Update – July 19th

July 16th – 1.1 million clauses:

With this new record high, VeChain’s daily mainnet activity catapulted into third highest for all public chains. More impressively, 99.74% of this transactional volume came from enterprise dApps, burning over 35 million VTHO. The mainnet now has over 10.7 million clauses (previous monthly high was 5.3 million) with only two-thirds of the month gone. With an average of over 500K clauses per day this month, VeChain is steadily climbing up the rankings of busiest public chains.

Official Mobile Wallet Update:

The VeChainThor Wallet (v1.4.1) expanded the functionality with some new features. Tokens amounts can now be displayed in legal currency values, while VTHO has been restored to its former position below VET on the asset list.

More importantly, users are now able to access Vexchange’s decentralized exchange through the discover tab. This allows users to buy or sell VET and other tokens (such as VTHO or EHrT) without having to leave the wallet.

Vexchange’s VTHO to VET token swaps within the mobile wallet.

Strategic funding in Jur:

Jur have signed a Strategy and Development Agreement with VeChain. This includes an investment to help Jur provide legally compliant blockchain solutions for businesses using the VeChain blockchain as a technical framework. As one of the newest projects entering the VeChain ecosystem, the team’s impressive professional background and connections to European and San Marinese regulatory organizations are sure to catch the attention of future investors.

“As VeChain we decided to invest and select Jur as the infrastructural partner for the legal solutions on blockchain. It is invaluable to create solutions for enterprises for creating legally binding agreements on-chain in an easy way and solve disputes easily and we as VeChain are focused on adoption by businesses. We welcome Jur as our Partner and foresee a great level of use by the community”

Sunny Lu, VeChain Foundation CEO

OceanEx’s Big Week

The biggest announcement was that they had raised millions of dollars in Series A funding, allowing them to move forward with their next steps towards global compliance as a top exchange. They announced that in addition to an IEO platform, they were also planning on rolling out Fiat-to-Crypto services by the end of the year.

On July 20th, OceanEx will have a global meetup in Frankfurt. In addition to team members, VeChain CEO Sunny Lu is expected to be in attendance, as they jointly answer questions while exploring new collaborations with partners and community members. For those who missed it, they also listed Ravencoin (RVN/VET, RVN/USDT) and Decred (DCR/VET, DCR/USDT).

5th Annual China International IoT Expo in Xiamen

July 11th-13th had VeChain’s CTO Gu Jianliang representing the foundation at the international event. An impressive collection of attendees included Huawei, Alibaba, Tencent, China Telecom, China Unicom, China Mobile, Amazon, and a number of universities and institutions.

Gu Jianliang’s speech entitled “Scenario Driven Application, Linking Limitless Possibilities” was delivered during the RFID Industry Application and Innovation Forum. He discussed the combination of RFID and blockchain while also introducing ToolChain and VeChain.

Third Party Projects

Cecil Alliance:

The project dedicated to building the Internet of Animals released their first article in a series entitled Discover Cecil. It covered a section from their upcoming whitepaper, which should be released later this month.

Plair:

The gaming platform released their quarterly update which featured a summary of their last three months as well as a look ahead to the future. They announced new additions to the team, as well as plans to move from alpha testing to public beta by the end of next month.

Decent.BET:

Three weeks after their launch on PlayDecent.gg, the platform announced their new ad series to target new users. Gamers are now able to compete for tokens in PUBG, APEX Legends, Rocket League, DOTA 2, Fortnite, and Hearthstone, with Magic: The Gathering expected to launch in two weeks.

https://www.youtube.com/watch?v=BUqe–O53dE


Lastly, a reminder to keep an eye on the X-Node transfer market as one node sold for only 10,000 VET. With the average price around 400,000 VET, this was quite a bargain. Using email notifications from the Wallü wallet tool, you can be notified if someone lists an X-Node below or at a certain price point.

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VeChain Tokens – A simple but powerful web-based tool for Sync

VeChain Tokens is the latest addition to the VeChainWorld.io tool hub. Advertised as a token transfer and inspection tool, it has plans to incorporate some of VeChain’s most powerful features. VeChain Tokens can be visited inside the Sync browser, allowing the user to control their wallets and manage the various VIP-180 tokens, including OCE, SHA, EHrT and others. It was also one of the first dApps built with Connex, the set of API’s designed by VeChain for browsers to interact to the blockchain with.

To use VeChain Tokens, visit https://vechaintokens.abyteahead.com/ or directly on the Github from within the Sync browser.

VeChain Tokens stands out for its ability to process hundreds of clauses within one transaction – allowing users to instantly create payments to unique recipients all around the world. Currently, the largest payment sent close to 400 recipients in one transaction, used by a project’s HR department to distribute funds. Users can access this feature by saving multiple addresses into a .csv file, and then upload it directly into the web-based tool.

As a monitoring tool, VeChain Tokens allows users to save addresses in the interface, so that they can quickly track balances, including accounts that don’t belong to them. This comes in handy when monitoring well known accounts such as foundation accounts or addresses used for donations.

Still, the most important features are yet to be released. With the imminent mainnet update scheduled for late July, VeChain Tokens can roll out a host of new features.

Upcoming Features

Users sending mass transactions using a .csv file will be able to create a graph of the completed transaction. This data tree can be a valuable accounting tool, as it provides a record of the token flow for these complex multi-recipient transactions.

Using VIP-191, users can send tokens without using VTHO. Instead, VeChain Tokens can pay the transaction fee, while subtracting a small compensation fee from the original token balance. This removes some of the complication of the two-token economic model, allowing users to transfer tokens without having to buy VTHO on an exchange. Learn more about VIP-191 here.

There are a lot of possibilities stemming from the release of the new mainnet update. One example of the ETH-CONST optimization is the possibility of generating known-address new contracts on chain controlled by a single master contract, this opens the availability of many new tools, for example, building multi-address wallets for a single user on-chain. VeChain Tokens will explore the possibilities of using this, which could give users the ability to generate child accounts from their main wallets. These child accounts will be fully controllable by the root account, giving users more privacy when receiving tokens. Other developers will be able to leverage this feature and create more meaningful applications.

Community Development

VeChain Tokens is another tool to come from the community. The developer, who goes by the name of AByteAhead on vechainworld.io, has years of experience developing on blockchain projects, bringing a deeper understanding of the challenges blockchain users face when trying to adopt new solutions.

Users should download and install Sync to take advantage of these great blockchain tools. In the future, VeChain will release another tool, known as My-Tokens, a user-friendly way to send and receive VIP-180 tokens. Developers wishing to have their tokens listed there are welcomed to submit them using the token registry GitHub.

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Guangzhou Daily reports on Walmart’s new VeChain-powered solution

July 5th – Guangzhou Daily ran a story on Walmart’s traceability and food safety platform, confirming it’s arrival in one of China’s most populous cities.

Today (July 5), Guangzhou Daily’s all-media reporter learned from the Wal-Mart Food Safety Promotion Week in Guangzhou that the supermarket has recently launched a packaged food blockchain traceability platform.

This is the first application of the blockchain technology to the traceability platform in the retail field. Compared with the previous traceability system, the blockchain technology can make the data real-time, tamper-proof, and improve the transparency of product information.

According to reports, the first batch of 23 kinds of products have been tested and entered the platform. In the Wal-Mart stores in Guangzhou, as long as the packaged food with retrospective code is attached, the public scans the QR code on the product through the WeChat sweep function. You can immediately get the details of the source of the goods and the geographical location of Wal-Mart’s receipt of goods, logistics process time, product testing reports and other details.

It is understood that in the second half of this year, Wal-Mart will continue to launch more than 100 kinds of products, covering more than 10 categories including fresh meat, vegetables and seafood, and free brand food. In the future, the Wal-Mart blockchain traceability platform will synchronize the product data of the regional government traceability platform and the supplier’s own platform.

Source: GZcankao

The products have now been confirmed in Walmart in both Shenzhen and Guangzhou, two of Southern China’s biggest and most influential cities. News of potentially integrating with a regional government traceability platform will be quite encouraging for VeChain investors, who have heard rumors of government partnerships in the past.

Photos courtesy of Guangzhou Daily.

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TIC price dumps over 80% after IEO, CEO issues apology

Just days after launching an IEO on MXC, the CEO Tao Ran accepted the blame for mismanagement of the TicTalk foundation. He acknowledged that his words might make people angry, and apologized for the fluctuations experienced by the TIC token.

“I don’t understand marketcap management. I only understand investment incubation and operations. In the first few days after IEO, I was as excited as the friends of the whole community. With the efforts of the community partners and the cooperation of investment institutions, the TIC token rose 5-10 times, and the momentum made a lot of people excited.

However, the market is so cruel, the more excited you are, the more crazy you are, the more dangerous it is. If you don’t respect the market, you will definitely be educated by the market. In the past 24 hours, Bitcoin has risen by 20%, causing huge fluctuations in the price of the the entire MXC market and the TIC token price.”

The CEO Tao Ran went on to discuss how they had released 600 million additional tokens on the exchange in order to launch the IEO. In order to protect the community, investment institutions bought back 400 million tokens, spending ¥10 million ($1.5 million USD) in the process.

He later insisted that he was not running from the problem, and vowed to “serve the community for free for an entire lifetime” as he refuses to let the TIC token fail. This apology, issued entirely in Chinese, may not be enough to win back the favor of angry community members, who raised questions about the project’s ethics on social media.

Undoubtedly, the IEO was nothing more than an attempt to manipulate the token price and please investors. Having already been on OceanEx for over 6 months, there was little reason to hold an “Initial Exchange Offering” as the project should have been past the token issuance stage. Their IEO was loaded with dubious decisions, including selling tokens at 1/3 the active trading price on OceanEx. In their Chinese language IEO information guide, they claimed to be the world’s largest incubator, with more than 1 million registered users. Other questionable statistics included boasting about 200,000 high-value users and 100,000 paid app users, despite not offering any evidence or sources to support this claim.

This comes just weeks after the project announced its intention to switch from a decentralized social media project to a project incubator. While seeing an apology may alleviate fears of an outright exit scam, the damage may already be done to investors left holding the token.

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What can we expect from Walmart’s public blockchain platform?

On June 25th, Walmart China announced the creation of a Blockchain Food Safety and Traceability Platform alongside partners VeChain, PwC, China Chain Store and Franchise Association (CCFA), Kerchin, and various other food producers. Walmart will use VeChain’s blockchain technology to verify products along the supply chain, increasing consumer trust. Customers will be able to scan products directly through WeChat as they browse products in stores.

What’s the significance?

Food safety and product verification were always recognized as a use case blockchain could have a major impact on. Industry-wise, the painfully slow development process has gone on for years, leaving only an underwhelming slew of pilots and proposed solutions to show for it. Walmart China’s platform is the closest we’ve seen to a fully mature implementation, with 23 active product lines making a major spike of traffic on the VeChain mainnet.

Walmart China is making notable progress in a competitive market. A revenue of $10.7 billion in 2018 gives them the 4th highest market share of all retailers, a strong return from their 443 nationwide locations and online platforms. Walmart Global boasts a higher-than-average inventory turnover, which reflects positively on their ability to rapidly stock and sell inventory, an important metric for forecasting blockchain traffic.

With 23 product lines already available, the platform is already burning more than one fourth of the average VTHO produced each day. With plans for Walmart to expand a further 100 product lines this year, it’s easy to imagine the large VTHO surplus quickly becoming a dwindling reserve, especially when considering that Walmart China is just one of a number of multinational partners. This creates some very encouraging scenarios for VeChain investors, who might suddenly find the token in high demand. If these scenarios were to play out, the foundation would need to increase the VTHO generation rate, providing VET holders with an even higher rate of return.

Who is watching?

Over the last two decades, China has been hit by a string of food safety scandals that have rocked public trust. These include counterfeit milk formula, heavy pesticide use, re-processed dead pork, and recycled “gutter” cooking oil. The Walmart China announcement took place as part of China Food Safety Publicity Week, hosted by 23 government departments, including the food safety commission of the State Council and the National Health Commission. The state council and Communist Party have recently proposed goals that would see 97% of food fulfill food safety requirements by 2020, placing pressure on farmers and manufacturers to improve. This partnership illustrates the usefulness of blockchain technology to government and corporate organizations, setting a trend for food producers, retailers, and policy-makers to follow.

As a co-host of the event, the China Chain Store and Franchise Association (CCFA) is not to be overlooked. They are a non-profit organization that represents retailers and franchises in policy-making and industry management, including most of the large franchises such as Walmart, Carrefour, and Tesco. Being able to give the CCFA a firsthand glimpse of VeChain’s blockchain technology is yet another positive takeaway from the partnership announcement.

The Future of Shopping in China

In the land where eCommerce, delivery services, and mobile payments are ubiquitous, it’s not unreasonable to expect blockchain solutions to be massively popular.

As the top employer in the US, Walmart knows the importance of innovating to maintain or gain market share. Over the past few years, Walmart China has made significant investments in technological partners, including China’s second largest eCommerce company, JD.com. This strategic alliance allows them to offer their products through a platform that saw 352 million active users in the last quarter of 2018. In addition to eCommerce, Walmart China is focusing on last mile delivery, as fleets of eBikes bring products directly to the door of consumers, with a delivery time guarantee of under an hour.

Blockchain is the latest attempt to improve the online-to-offline (o2o) customer experience. Customers browsing the physical stores are now able to scan food items using WeChat, to learn more about the products they are considering. Walmart-China recognizes the importance of this, as a joint industry report (JD.com and Walmart) in 2018 highlighted the fact that “product quality” was the most sought after trend, edging out “convenience” and “value for money” in a survey of Chinese consumers. This makes the VeChain-powered solution an integral part of their core business offering, as having verified data about products will make their goods much more attractive.

Long-term, it’s not unreasonable to expect nearly all food products to have their own unique data that consumers can view and provide feedback on when shopping both online or in physical stores. QR codes have essentially replaced cash in modern China, and their power to convey information gives blockchain a fully developed infrastructure to build on. This is an area Walmart and VeChain are primed to take advantage of as they continue to innovate and empower consumers.

Additional statistics: Wal-Mart 2018 10k

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Breaking News: Wal-Mart China announces Food Safety platform powered by VeChain

This is an updating story – we will update as more info becomes available.

Tuesday, June 25th – Wal-mart China announced the creation of a Blockchain Food Safety and Traceability Platform alongside partners VeChain, PwC, China Chain Store and Franchise Association (CCFA), Kerchin, and various other food producers. Wal-Mart will use VeChain’s blockchain technology to verify products along the supply chain, increasing consumer trust. Customers will be able to scan products directly through WeChat as they browse products in stores.

This product, scannable with WeChat – gives customers vital product info

The announcement of the Walmart China Blockchain Traceability Platform came with the introduction of the first batch of 23 product lines that have been tested and launched on the Platform. The Platform is expected to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, cooking oil, etc. It is expected that the Walmart traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.

Wal-mart hosting the announcement ceremony.

The announcement was closely followed by some very important organizations in China. The ceremony saw VeChain COO Kevin Feng sitting next to a member of the China Academy of Information and Communications Technology, an organization directly under the Ministry of Information and Industry Technology, the top bureau in charge of key technology policies in China.

“Food Safety is at Wal-Mart”

Rice tracked via VeChain

Wal-Mart VeChain, and other partners at the ceremony

Wal-Mart China has a large national chain with over 400 stores nationwide. After heavily investing in e-commerce, curbside pickup, and home delivery platforms in 2018, they are planning to open 30-40 new stores each year. Focusing on food safety is an important area in China, where the government is keen to reduce the number of scandals and become a leader in this field.

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