Recent developments suggest a growing interest in VeChain, particularly in the Japanese market. Sunny Lu, CEO of VeChain, highlighted the increasing popularity of VeBetterDAO, a decentralized autonomous organization (DAO) built on the VeChain platform. This DAO’s success underscores VeChain’s ability to foster a strong and engaged community.

Read Also: CEO Sunny Lu States Why 2024 Is An Important Year For VeChain (VET)

Technical Analysis Suggests Potential Breakout

Technical analysis of VET’s price chart indicates a potential breakout on the horizon. While VET is undergoing a corrective phase, analysts predict an upward trend with a “blow-off top” that could push the price to between $1.50 and $1.80.

Additionally, VET appears to have formed a descending channel on its daily chart, with a recent break of the trendline on a lower time frame suggesting a possible breakout. If successful, this breakout could double VET’s price in the coming days, potentially reaching the $0.0300 level.

VeBetterDAO Rewards Distribution Boosts Community

More positive news comes with the successful distribution of the first round of voting rewards for VeBetterDAO participants. According to Collin Brown in his X post, VeDelegate distributed 160,000 B3TR tokens to 411 stakers who collectively contributed 63,500 B3TR tokens.

This distribution resulted in an average near-tripling of participants’ tokens, showcasing the initiative’s positive impact on the VeChain community.

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Read Also: VeChain Launches VeBetterDAO Alongside Two New Tokens with Sustainability in Mind

Current Market Position and Recent Performance

At the time of writing, VET is trading at $0.0255 with a 24-hour trading volume of $53,815,442. This represents a 4.11% increase in price over the last day and a 2.97 decline over the past week.

VeChain’s recent developments highlight its potential for future growth, even during challenging market conditions. The project’s ability to foster a strong community, as evidenced by VeBetterDAO’s success, and the technical indicators suggesting a possible price breakout paint a promising picture for VET. As the cryptocurrency market navigates its current uncertainties, VeChain appears well-positioned to emerge stronger.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.

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During the workshop, VeChain CEO Sunny Lu emphasized the importance of 2024 for the organization. He highlighted the development of the B3TR initiative, a comprehensive ecosystem designed to promote sustainability through blockchain technology.

Lu expressed optimism about the year’s potential for VeChain (VET) and the broader cryptocurrency industry, citing anticipated regulatory advancements as key drivers of progress and mainstream adoption.

ICYMI: VeChain was in Belfast for a technical workshop where we aligned with the VeFam on the roadmap for 2024.

CEO @sunshinelu24 explains why 2024 is an important year for VeChain as we build the B3TR ecosystem that will create incentives for a sustainable world pic.twitter.com/5uFo8PrqWf

— vechain (@vechainofficial) March 22, 2024

VeChain ‘s Focus in 2024

A central focus of the 2024 roadmap is the launch of VeBetterDAO, a groundbreaking initiative designed to foster innovation within the VeChain ecosystem. This Decentralized Autonomous Organization (DAO) is notable because it will integrate tokenomics and gamification elements to incentivize user participation and improve the VeChain ecosystem.

VeBetterDAO aims to achieve its goals by introducing Galaxy Member NFTs (GM NFTs). These NFTs function as upgradeable membership tokens that determine the features users can access within the VeChain ecosystem.

During an initial Testnet phase, users will have the chance to acquire GM NFTs to unlock platform benefits. Upon the official mainnet launch, these NFTs will evolve to reflect user activity and engagement, granting access to a wider range of functionalities and decision-making power within the DAO.

The VeChain team firmly believes that VeBetterDAO will be instrumental in propelling the project forward. The DAO is expected to significantly enhance community engagement by fostering innovation and rewarding active participation. This, in turn, will fuel the development of groundbreaking solutions that address global sustainability challenges.

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VeChain’s Role in a Sustainable Future

The emphasis on sustainability aligns perfectly with VeChain’s core mission. By leveraging blockchain technology’s transparency and immutability, VeChain empowers businesses and organizations to track and verify the environmental impact of their operations. This fosters accountability and paves the way for the development of more sustainable practices across various industries.

Looking ahead, VeChain remains committed to delivering on its promises and realizing its long-term vision. The launch of VeBetterDAO signifies a significant step towards achieving these goals.

By establishing a platform that incentivizes innovation and community engagement, VeChain is well-positioned to solidify its position as a leader in the drive toward a more sustainable future.

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This collaboration has made VeChain become the first-ever official layer1 blockchain partner of UFC. Through the partnership, VeChain will receive one of the deepest integrations within the premier UFC assets of any sponsor in UFC history.

Read Also: VeChain Treasury Held $1.2 Billion in BTC, ETH, VET, and Stablecoins –Q1 Report Says

The report reads in part:

“VeChain will own UFC’s official fighter rankings titleship, UFC Rankings Powered by VeChain. This unique and new integration offers VeChain incredible visibility across live broadcasts of UFC’s biggest events– its Pay-Per-Views– as well as UFC digital and social channels.  The integration also provides VeChain with a strong association with one of the most important components of UFC matchmaking—the fighter rankings.”

Also, VeChain’s prominence at UFC’s live events will be reinforced with two additional high visibility activations. The blockchain platform will also be entitled to a branded presence inside UFC’s world-famous Octagon® at all 42 UFC events annually and the 10-event Dana White’s Contender Series.

VeChain will also be promoted in-venue at all UFC events, highlighted by frequent, dynamic branding on UFC Fight Deck, and many more.

Sunny Lu says it’s A Historic Moment for VeChain

The report also stated that the partnership will vastly boost VeChain’s global awareness as it is set to be featured within an estimated 900 million TV households in 175 countries that receive UFC’s broadcasts.

Reacting to the new development, Sunny Lu, co-founder and CEO of VeChain, branded the new deal as a historical moment for VeChain and its ecosystem. He said it will also enable VeChain to spearhead the move to push for the global adoption of blockchain technology.

Sunny Lu noted:

“It is a historical moment when VeChain, the Layer 1 public Blockchain with the most enterprise adoption, joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability.

“This is just the beginning of a multi-year relationship with UFC, and we really look forward to changing the world together.”

Read Also: VeChain (VET) Listed On Binance Auto-Invest. $90,000 in VET To Be Shared: Here’s How to Benefit

Paul Asencio, UFC Senior Vice President of Global Partnership, also said:

“VeChain is a globally recognized leader in blockchain technology, and we couldn’t be happier to welcome them as an Official Marketing Partner of UFC,” said Paul Asencio, UFC Senior Vice President of Global Partnerships.

“VeChain’s expertise in using real-world blockchain applications to help the public and private sector achieve their carbon-neutral goals is an effort we are proud to support.  We’re looking forward to working with VeChain to leverage UFC’s worldwide popularity to promote a positive message that blockchain technology can be used to protect our environment for future generations.”

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About three days ago, Ukraine’s official Twitter handle requested donations in cryptocurrencies in a bid to strengthen its defense against Russia’s invasion.

In the tweet, Bitcoin, Ethereum, and USDT were specifically mentioned and their respective addresses were included. This implies that other crypto holders apart from these three major cryptocurrencies cannot donate.

Ukraine tweeted, “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14.”

As reports have it, the donations addresses published by Ukraine have accrued over $30 million and still counting.

A number of crypto community members have been requesting the inclusion of their choice digital currencies to avoid hefty transaction fees on Bitcoin and Ethereum networks.

Cardano (ADA) holders have been calling Ukraine to publish an ADA wallet. The latest to request this special inclusion is the founder and CEO of VeChain (VET), Sunny Lu.

Sunny Lu Vows To donate $8 million If VET Wallet is Set Up by Ukraine

A few hours ago, Sunny Lu took to the viral tweet to promise $8 million support if the country accepts donations in VeChain (VET).

In the tweet, Lu instructed the government of the country to set up a VET wallet and share the address in order to enable his whopping donation, adding that nothing can be compared to people’s life.

Sunny Lu tweeted, “Setup a VET wallet and leave VET address, I’ll donate $8m. Nothing else matters comparing people’s life.”

Setup a VET wallet and leave VET address, I’ll donate $8m. Nothing else matters comparing people’s life.

— Sunny LU, VeChain Ⓥ (@sunshinelu24) February 28, 2022

As expected, Lu’s request for VET inclusion impressed the teeming VeChain community members. Many VeChain enthusiasts promised full support if the country adheres to Lu’s instruction.

Reacting to Sunny Lu’s request, a supposed VeChain enthusiast wrote, “If this is established our team will put together a NFT minting event where 100% of proceeds will be distributed to the same address, direct from the contract.”

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Sunny Lu, who landed in Milan a few hours ago, stated that he recorded a major breakthrough in his first two hours in Italy.

Read Also: VeChain Launches Solution Aimed to Revolutionize the Way Sustainability Is Tracked In the Fashion Industry

According to Lu in the viral tweet, he was able to find a partner that would deliver VeChain merchandise case to European Union (EU) markets. He also joked that VeChain T-shirt could surface in Milan Fashion Show in the future.

Sunny Lu tweeted, “First two hours in Milan and had breakthrough to find partner to deliver VeChain merchandise/demo case to EU markets. Stay tuned. Maybe some day VeChain T-shirt could be in Milan Fashion Show. Lol.”

First two hours in Milan and had breakthrough to find partner to deliver VeChain merchandise/demo case to EU markets. Stay tuned. Maybe some day VeChain T-shirt could be in Milan Fashion Show. Lol.

— Sunny LU, VeChain Ⓥ (@sunshinelu24) October 10, 2021

Read Also: VeChain Milestone: VeChainThor Mainnet Reaches 10,000,000 Blocks without Downtime

CTI Recognizes VeChain as One of the Most Eco-Friendly Public Blockchains

The Centre Testing International Group Co. Ltd., popularly known as CTI, the pioneer and leader in the TIC industry which provides one-stop solutions on testing, inspection, certification, calibration, audit, training, and technical services, has recognized VeChainThor as one of the most eco-friendly public blockchain networks in the industry.

In a report provided by CTI, the number of carbon emitted by VeChain blockchain in a year is compared to that of Bitcoin (BTC), Ethereum (ETH), and some proof-of-stake (PoS) blockchains such as Cardano (ADA).

The report further revealed that the total carbon emissions per year generated by VeChainThor is around 4.58 metric tons, approximately 2.4% of the carbon emission generated for mining a single Bitcoin (BTC).

Read Also: VeChain to Help Catalyze the Digitalization of Carbon Data and Help Facilitate China’s Emissions Reduction Initiative

CTI also said the total annual electricity consumption by VeChainThor is estimated to be 7581.31 kWh, relatively equaling the electricity used to process 4.3 Bitcoin or 51 Ethereum transactions.

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Following an AMA session with Sunny Lu on Discord some hours ago, many VeChain community members have been spreading misinformation regarding when to expect the launch of PoA 2.0.

Read Also: VeChain Milestone: VeChainThor Mainnet Reaches 10,000,000 Blocks without Downtime

They quoted VeChain CEO as saying that the much-anticipated network upgrade is slated to play out by the end of September. However, Sunny Lu himself has clarified this misconception via a tweet a few hours ago.

According to Lu, the launch of PoA 2.0 will play out phase by phase. He said VeChain developers are busy working to complete the first phase by the end of this month. He pointed out that the completion of Phase 1 of the launch will open the door for all-stakeholder voting.

Sunny Lu tweeted, “Sorry, it was pretty late and I was tired. Stand correctly here: Our core dev team has been developing the first phase and it’s going very well. We’ll expect the work to be completed by the end of this month and a network-wide all-stakeholder vote on the upgrade afterwards.”

Sorry, it was pretty late and I was tired. Stand correctly here: Our core dev team has been developing the first phase and it's going very well. We'll expect the work to be completed by the end of this month and a network-wide all-stakeholder vote on the upgrade afterwards.

— Sunny LU, VeChain Ⓥ (@sunshinelu24) September 10, 2021

Read Also: JLL China Collaborates With VeChain to Explore Blockchain for Commercial Real Estate

What Is Proof of Authority (PoA) Consensus?

According to a blog post published on Vechain101.com, VechainThor is a blockchain that is powered by a Proof-of-Authority (PoA) consensus algorithm, unlike Bitcoin and Ethereum that run on Proof-of-Work (PoW) and Proof-of-Stake (PoS) respectively.

In Proof-of-Authority (PoA) consensus, one of the 101 pre-approved validators is randomly selected to generate the next block. This particular model avoids computational competition, thereby enables a faster and more efficient block production.

Read Also: VeChain to Help Catalyze the Digitalization of Carbon Data and Help Facilitate China’s Emissions Reduction Initiative

Why VeChain PoA 2.0 Is Needed

Since VeChainThor’s scaling solution is all about quality, there will always be room for improvement. There are many ways to scale a blockchain network, such as increasing the bandwidth, increasing the block size, etc.

As for VeChain, it chooses to use PoA 2.0 SURFACE (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension) consensus to optimize its bandwidth.

Read Also: VeChain (VET) Gains New Means for Vast Exposure through Latest Partnership with Simplex

In the process of maximizing the percentage of time spent in transmitting data, more transactions can be included in the block, which will raise the number of transactions per second (TPS) and improve the bandwidth efficiency.

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This attainment was tracked and reported on 15th August by LunarCRUSH, a social media analytics platform for cryptocurrencies.

Read Also: VeChain Releases New Version of VeChainThor Mobile Wallet with Price Display Support for VEED Token

On the ranking list as shared on Twitter by LunarCRUSH, Ripple’s digital token XRP occupies the first position, followed by VeChain (VET). While Cardano (ADA), Zilliqa (ZIL), and Dogecoin (DOGE) occupy 3rd, 4th, and 5th respectively.

LunarCRUSH tweeted, “Current Top 10 coins by LunarCRUSH AltRank with leading social + market activity.”

Sunny Lu Reacts to VeChain (VET) Steady Increase in Popularity

Sunny Lu, the CEO of VeChain (VET), also reacted to the positive development. It is believed that the ranking indicates a steady increase in the popularity of the blockchain and its native token among crypto enthusiasts.

Read Also: Here’s What Is Next for Ethereum (ETH) and VeChain (VET) As Mapped out by Crypto Michael

Quoting the tweet shared by LunarCRUSH, Sunny Lu wrote, “Power of #VeFamm Love it!”

Power of #VeFamm Love it! https://t.co/km30ZtYwS6

— Sunny LU, VeChain Ⓥ (@sunshinelu24) August 14, 2021

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In the course of the presentation that lasted for about 7 minutes, Sunny Lu discussed the success of VeChain in conjunction with its viable partners, such as DNV and PwC.

Below is Sunny Lu’s speech as shared by VeChain Foundation a few hours ago:

Hello everyone, it’s great to be here again at the 2021 World Conference on Artificial Intelligence (AI). I attend every year and talk about blockchain every year. The development of blockchain is also particularly fast but I think that no matter how fast and chaotic the blockchain develops, ultimately, the industry has to return to its essence.

What is the essence? It is to transform the value of technology into the value of real economy. So today, I would like to share with you how to help enterprises build a blockchain application quickly and effectively.

So how do we do it? In fact, VeChain has made many attempts. After building about 70 to 80 enterprise-level applications, we have summarized our 3-layer-service model. I believe that each enterprise will find its own suitable one.

The so-called 3-layer-service model has a bottom layer, BaaS, blockchain as a service. It is difficult for most of the commercial enterprises except technology companies to build their own blockchain technology teams. Our BaaS platform allows enterprises to directly use public smart contracts, browsers, wallets, etc.

It can also help enterprises to customize the development of smart contracts and eventually deliver an API so that enterprises can use blockchain more quickly and do not need to entangle with blockchain-wise development. The middle layer is PaaS platform. It is our initiative attempt – low code blockchain PaaS.

We found that many enterprises will definitely generate new business scenarios or new business values in the process of using or trying to build blockchain applications and at the same time, you do not want to change the original business system too much while building new applications. This is a very common situation. That’s why we made such a PaaS platform for enterprises to make innovation on this platform.

PaaS is especially useful for multi-participant collaboration because all interactions happen on the blockchain PaaS and are developed in low code environment. This will greatly reduce costs and improve efficiency. The top player is SaaS.

DNV has talked about My Story, a digital product based on VeChain PaaS, which is a very interesting product that has greatly changed the TIC industry. My Story has greatly helped DNV’s global digitalization process during COVID-19.

Originally, wine certification in Europe was more expensive because experts needed to go to the customer’s site to conduct research, do audits, and form a report. But during the pandemic, experts could not travel so they could use this digital tool. On the one hand, experts can handle many customers at the same time.

On the other hand, it also greatly reduces the cost of digital verification or audit. For the customer, a digital certification product that may have cost hundreds of thousands of euros for an expert can now be reduced to as low as a few thousand or ten thousand euros.

The next step is to extend it through My Story, a digital product that records each link in the supply chain and takes out some of the special data to calculate the contribution of the product to sustainable development.

Recently, there is a hot topic, NFT, and we think that at the moment, NFT is more important to focus on use case. Recently, we have also used the PaaS platform to quickly develop a vaccine passport for the Republic of San Marino. It is the country of Italy with a 33,000 people, but in just a few days more than 31,000 passports have been issued, which covers a considerable majority of their citizens. It’s equivalent to an experiment that we have made with the national NFT application, which citizens can quickly use to achieve freedom of movement.

In the future, we hope to extend this technology to more European countries. Our PaaS platform enables rapid development iterations based on a low-code environment.

Another partner of ours, PwC, re-iterated a digital product based on PaaS. From the beginning to the delivery of this product, the total lead time is only three weeks. We only need to implement a UI and business logic on the front-end and the back-end can be directly implemented with the PaaS platform.

The last case, besides the big partners we talked about is a small startup, VeTrust. They have developed “Safety Code”, a digital management platform for public safety and public health, based on the low-code PaaS platform from VeChain. The development was amazingly fast. In the process of development, while (technology) is iterating, (platform) is connecting more application scenarios. But with the PaaS low-code environment, we can build templates quickly, maybe even one template a day.

I always believe more and more enterprises will embrace blockchain technology and more businesses will be running on blockchain. However, I believe that each enterprise has its own needs to achieve this quickly and efficiently. I hope this sharing can give you some inspiration and we can accelerate the implementation of blockchain applications together.

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