VeChain Unveils App to Help Fight COVID-19 Pandemic

VeChain Unveils App to Help Fight COVID-19 Pandemic
September 15, 2020


The cryptocurrency market has turned slightly bullish, with Bitcoin (BTC) crossing above $10,500 once again in its effort to break above the short-term resistance level of 12,000. At the time of writing this article, Bitcoin was trading at $10,717, reflecting a gain of 3.7% in the past 24 hours. Ether (ETH) has gained 3.4% to trade at $376.32. XRP has gained 1.3% to trade at $0.2461.

Major altcoins which have recorded gains in the past 24 hours include OKB (OKB-$6.52, 2.1%), Monero (XMR-$92.31, 8.4%), Litecoin (LTC-$48.87, 1.7%), Bitcoin SV (BSV-$163.79, 1.4%), Bitcoin Cash (BCH-$226.86, 1.9%), Tezos (XTZ-2.66 2.8%), EOS (EOS-$2.73, 0.6%), Huobi (HT-$4.82, 0.1%), Cardano (ADA-$0.0966, 2.2%), Polkadot (DOT-$5.33, 0.5%), ChainLink (LINK-$12.09, 1.2%), Cosmos (ATOM, $5.35, 1.5%), Stellar (XLM-$0.0802, 0.2%) and IOTA (IOTA-$0.2839, 2.0%). Major altcoins which have lost value in the past 24 hours include Tron (TRX-$0.0301, -0.7%), LEO (LEO-$1.15, -7.5%), Dash (DASH-$74.82, -0.6%) and Binance Coin (BNB-$29.79, -0.1%).


Government level initiatives

Swiss Parliament approves new finance and corporate law policies

Swiss Parliament has endorsed a new batch of finance and corporate law guidelines that acknowledge the blockchain and cryptocurrency sector.  Notably, several rules related to securities trading and bankruptcy of firms have been amended by the government.

The latest batch of rules specifies that the guidelines be followed for exchanging digital securities and also the policies for retrieving crypto assets from enterprises that become insolvent. The laws further establish the legislative requisites for operating crypto trading exchanges while nullifying the possibility of money laundering utilizing cryptocurrencies.

These changes have come after the members of the House of Representatives unanimously endorsed the “Blockchain Act” earlier this summer. The approved law is expected to become effective next year, which will provide a significant boost to the blockchain and cryptocurrency sector. Currently, there are over 900 blockchain and cryptocurrency enterprises in Switzerland, including Facebook’s stablecoin venture Libra that employs about 4,700 people.


Private sector initiatives

Tron Foundation partners with 1inch exchange

Tron Foundation, the firm behind TRON blockchain, has entered into a partnership with 1inch exchange, arguably the biggest decentralized exchange (DEX) data aggregator running on Ethereum blockchain. Under the agreement, Tron’s latest decentralized trading covenant JustSwap will be embedded on both 1inch and Mooniswap, which is 1inch’s in-house automated market maker (AMM).

The collaboration implies that another reputed Ethereum blockchain-based DeFi venture has selected to work with Tron, which is widening its scope of operation at a rapid pace. The first exchange covenant on Tron blockchain, JustSwap, is a TRC20 standard-based substitute to Uniswap. JustSwap was developed to assist liquidity providers in earning money for their service. The inclusion of Mooniswap facilitates liquidity providers to grab their piece of the profit, which otherwise goes to arbitrageurs. Furthermore, Mooniswap safeguards traders from attacks by hackers. Tron aims to reward liquidity providers on Mooniswap by offering them Tron (TRX) token, which is one of the top 15 cryptos in-terms of marketcap.

Commenting on the partnership, Sergej Kunz, co-founder of 1inch, said, “We believe that users and liquidity providers will benefit from Mooniswap’s implementation of virtual balances. At the same time, Mooniswap will enjoy the best-in-class advantages that come standard with TRON’s blockchain. These include faster, cheaper service, high-throughput scalability, a huge developer community, and a massive social media following.”


VeChain releases a new app, VeTrust

VeChain, in a medium post, has published a new app, named VeTrust, to battle COVID-19. VeTrust was created in partnership with DNV GL and offers a blockchain-powered app to self-assess risk and enhance the security of the firm and its employees not only now but also in the aftermath of the COVID-19 pandemic.

VeTrust intends to achieve the following objective: “By using the one-stop data BaaS platform VeChain ToolChain, VeTrust combines DNV GL’s hospital-grade My Care methodology and track record to help businesses start managing COVID-19 risk factors, starting with small to mid-scale hotels in China.”

The medium post further states that VeTrust merges DNV GL’s hospital-grade app (My Care) with VeChain ToolChain (a Backend-as-a-Service or BaaS platform) to aid firms to evaluate COVID-19 risk elements. In the initial trial run, VeTrust will be offered to small and medium-sized hotels in China for real-life applications.

Using VeTrust hotels can ensure hotels follow tamper-proof and dependable cleanliness and safety criteria by continuously monitoring of food preparation and housekeeping process.



Bitcoin locked in DeFi increased 20x

The quantum of Bitcoin (BTC) frozen in decentralized finance ventures rose by over 30% last week, in spite of erosion in the price of Bitcoin (BTC) and Ether (ETH). The TVL (Total Value Locked) can increase or decrease irrespective of a change in the number of crypto tokens locked in a project due to price fluctuations. Between September 2nd and September 10th, the TVL fell from the historical high of $9.60 billion to $6.10 billion, before bouncing back to $7.80 billion.

As per the DeFi monitoring platform DefiPulse, the quantum of locked BTC rose from 67,038 (~$694 million) on September 2nd to a historical high of 87,752 BTC ($904 million), mirroring a rise of 30.9%. That reflects an increase of 20x the BTC locked in Lightning Network.

Over 50% (51,295 BTC) of the locked Bitcoin is held on Ethereum via WBTC, which represented 63% (or 13,000) of the BTC increase since September 2nd. RenVM, which also facilitates the tokenization of Bitcoin on Ethereum, has paved the way for locking of 17,630 BTC, an increase of 2,500 BTC since the beginning of September.

On the contrary, Bitcoin’s Lightning Network represents only 1.2% (or 1,061 BTC) of the aggregate BTC held in DeFi. The BTC locked on the Lightning Network increased by merely 4 BTC (or less than 0.02% of BTC’s overall growth). Since the beginning of this year, only 198 BTC has been added to the Lightning Network, mirroring a growth of 23% and is eclipsed by WBTC’s addition of more than 50,000 BTC during the same period, reflecting a growth of more than 8600%.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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