VeChain are on the brink of making some considerable changes to their network. This comes off the back of a great month for VeChain in terms of announcements, with the team now working on two key projects, MOBI and a project in line with professional services company PwC in Hong Kong and Singapore. In partnering with PwC, VeChain are working with the group, to explore how blockchain technologies will impact PwC’s customers. It’s a research project by nature, but given the sheer scale of PwC, you might consider it to be a little more exciting than just that.
Unveiling our “Development Plan and Whitepaper” with an updated governance structure, economic model, and new use cases. This piece will gradually be updated throughout its existence to reflect the goals and growth of the VeChainThor Blockchain.https://t.co/6tjZOaWIrK
— VeChain Foundation (@vechainofficial) May 20, 2018
VeChain have recently announced an update to their white paper which points towards a new token rewards system, through a new VeChain blockchain, also known as VeThor. According to the VeChain white paper:
“VeChainThor humbly stands on the previous discoveries of Ethereum (Blockchain 2.0) and Bitcoin (Blockchain 1.0). Because of them, we have been able to design a complete, holistic blockchain with the governance structure, token economics, regulatory compliance, and community ecosystem to continually and incrementally evolve the blockchain protocol to absorb any innovation and satisfy the needs of the community, investors, enterprise clients, and academic and governmental partners.”
This isn’t a standard update, the two-token system is quite perplexing in all honesty which is why the update to the VeChain white paper is so in-depth, in an attempt to clear up exactly what the next steps with VeChain are. Moreover, the VeChain Foundation have passed some comment on Twitter, regarding the logistics of the update and the two-token system:
“Due to the rate of adoption, we recognize that VET would primarily be calculated using fractionals in smart payments. With the mainnet launch’s token swap, we will conduct a 1:100 coin split to alleviate this concern. At that time, every 1 VET owned will be exchanged for 100.”
Now the big question is this, will this news see VeChain skyrocket?
At the time of writing, VeChain is valued at $4.48 and is up 2.10%. The positivity seen within VeChain at the moment is most probably as a result of the positive climate within the markets. Therefore, at the moment this news doesn’t seem to have impacted the value of VeChain significantly. Either way though, this is an update of colossal proportions that does have wide implications. In short, once the update is rolled out the VeChain network is due to see some big changes, as we know, big changes can be the difference between a steady price and a sky high price.
For now, we will wait and see how this develops. Our advice – watch VeChain for now, they are proving themselves to be quite the big deal of late.