On January 11th, DNV GL (a global leader in product assurance and certification), in partnership with VeChain, released its My Story service, which took place in Italy. In the collaboration between VeChain and My Story, the first product was presented: “VeChain hardware tags”.
My Story has worked with three Italian wine companies, namely Rick Curbastro, Ruffino Wines and West Wind Wines. These three wine companies will put the My Story label on their bottles using ‘VeChain hardware tags’. Users can scan these labels to learn various interesting facts about the wines, covering all aspects from the early stages of winemaking to the time they were packed into the wine bottles. This is intended to give the consumer a sense of authenticity, connection, verification and trust. On January 11th, DNV GL wrote in a Twitter post:
Today we start in Rome # MyStory ™ feat. leading Italian wineries @Ricci_Curbastro, #RuffinoWines @Torrevento! Scan the QR code to discover the history of each wine, from grape to bottle #blockchain #digitaltrust @vechainofficial @lucacrisciotti @rgrottola https://t.co/98dzTZqhDq pic.twitter.com/K1cEOd0XoO
– DNV GL (@DNVGL), January 10, 2019
This news appeared in the economic department of Brescia (a leading newspaper). My Story is a digital assurance solution supported by blockchain technology. Its function is to examine the information about the product they are buying. The information about the products is stored on VeChain’s tamper-evident blockchain platform and the product history can be reviewed by consumers at any time for review. For example, you can find information such as product quality, authenticity, origin, employee rights, animal welfare, ecological footprint, etc. in the “Product data” category. Before the information is placed on the VeChain hardware tags, it is thoroughly checked and checked by DNV GL. Hence, My Story helps companies add an interesting branding touch to the hardcore efforts they have put into developing or manufacturing their products. According to information from vechaininsider.com, Renato Grottola told DNV GL:
“Traditionally, product properties such as origin, quality, sustainability, etc. have been used to deliver products from a risk-averse risk management perspective rather than a branding perspective.”
With 2 years of extensive experience in offering blockchain-based solutions for a range of industries. It has served industries such as liquor, auto, luxury goods, pharmaceuticals, retail, logistics, supply chain, food and cold storage, etc. This rich experience has made VeChain one of the leading international blockchain platforms for information and products.
VeChain teamed up with BYD back in September last year to develop a proof-of-concept solution for “carbon banking” for automobiles. This is evident from information collected on the investinblockchain.com website. BYD then achieved a good sales increase for BYD vehicles of 25 percent last year, which corresponds to 520,000 BYD vehicles. The company wants to further increase its sales this year. This is good news from partner company VeChain. The partnership enables VeChain to collect data from vehicles sold by BYD. In this way, VeChain can record and store the information in its VeChain blockchain, which leads to the management of the Internet of the vehicle data. Find out more about detailed information in the news in our news area. Let’s take a look at VeChain’s latest statistics.
Price analysis by VeChain Thor-
On the other hand, VeChain has seen its interest rates decline slightly by 3.70 percent over the past 24 hours, bringing the current trading price down to $ 0.003837. If you look at last week’s performance, VeChain Thor saw a 9.86 percent decrease. However, if we compare that performance to last month’s performance, it is still higher at 2.92 percent.
VeChain holds the 25th place in the ranking of market capitalization and estimates the current market capitalization at 213 million US dollars. In the past ninety days, the cryptocurrency has fallen sixty-six percent. The decline has caused the current trade value to fall eighty percent from its all-time high.
According to the 4-hour chart (can be checked on the investinblockchain.com website) there was a recovery in the market from December 2018. At this point it was $ 0.003285. But after that it began to accumulate. According to the information on the investinblockchain.com website, VET / USD has risen into resistance. There was a slight push above the “bearish .236 Fibonacci retracement level”. The level was set at $ 0.005237. Post the resistance level; It was just a downturn that was bleeding into the new year too. VET / USD has hit 0.786 resistance on a short-term Fibonacci retracement level. It is currently priced at $ 0.003780. You can also visit our pricing pages to receive the Live VeChain prize.
It was observed that there was a short-term bearish trend in the market. The collapse of the market at rates below $ 0.0040 is a sign of a short-term bias towards the bearish trade trend. The market would have to break the price hold to achieve a neutral trend. Only when the price movement goes above the price of $ 0.00050 can the market be put into an uptrend.
Close ways of resistance to go higher-
There is a chance that the price movement will rise higher as buyers band together and drive the interest rate movement higher. We can then hope that the fast resistance will shoot up near the 0.618 Fibonacci retracement level near $ 0.004166 in the short term.
On the other hand, if buying pressure continues to drive price action, much higher support can be expected in the near term at 0.5 with a price of $ 0.004437 and 0.382 Fibonacci retracement at $ 0.004708.
This year, below the falling Fibonacci retracement level of 0.236, expect further heightened resistance to shoot up at around $ 0.0050. If this is followed by the bearonacci retracement level of 0.236, prices can rise to $ 0.005237.
There are possibilities that resistance will go above 1.272 (at $ 0.00622) and 1.414 (at $ 0.00655) Fibonacci prolongation levels in case the bulls make VET / USD any higher in the medium term.
The “support below” when the price action goes down.
In the event that sellers start to move the price lower than on the street, expect initial support at 0.786 Fibonacci retracement at $ 0.003780 in the near term. If the decline continues, short term market support can be found at 0.886 Fibonacci retracement at a price of $ 0.00355.
In the event that the bear price action continues to weaken, long-term support can be expected at a Fibonacci extension level of 1.414 at a rate of $ 0.003454.
Currently, according to the 4HR chart, the bears still control the dynamics of the market. This can be said based on the RSI’s recent rebound from its oversold threshold of 20 levels. The fact that the market is trading at 50 levels proves the control of the bears in the market. For VET / USD to heal, the RSI has to break above the 50 holds.
To the limits
Overall, it was found that VeChain exceeded the limits in the past year. In 2018, the company launched 18 technology deployments including:
101 Selection process for master nodes of the VeChain Authority, the VeChain Multi-Party Payment Protocol (MPP), the VeChain Multi-Task Transaction Protocol (MTT), the VeChain Thor Alpha Test, the start of the VeChain development plan and the white paper, the official start of the VeChain Thor main network, VeChain Thor Nodejs SDKthorifyopen on Github, on Github VeChain Thor Web3-Gear Open Source was published, VeChain Thor Sync Open Source on Github was published, VeChain Thor Java SDK, the VeChain Security Identity Hardware was launched, the VeChain Thor Main Net v1.0.2 has been released, BaaS 2.0 has been launched in the Main Net, the use of the Sheet Stock RFID production equipment, VeChain Thor Main Net v1.0.4 and Sync 0.6.8 has been released, the use of the VeChain Uniform The account model, the deployment of the VeChain Thore Node Tokens wallet / service set and the open source version of the smart contracts of VeChain Thore Node Tokens were also prepared set up.