VeChain trades in the green as the crypto market signs of recovery. Positive developments surrounding its recent partnerships could help the cryptocurrency.
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VET currently reports a 7% profit over the past 24-hours, outperforming other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and 4.9% respectively.
In an official post, the VeChain Foundation revealed its involvement at establishing the “Shanghai Association Standards For Blockchain Service” certification. Created to “expedite” the growth of blockchain based products and services, this certificate became effective in early February 2022.
In order to create the standard, The Foundation worked with Shanghai Municipal Administration of Market Supervision as well as the Shanghai Certification Association. In that sense, VeChain “provided key technical input” based on the project experience, the post claimed.
This standard was created by Dr. Peter Zhou, the chief scientist of the project. He collaborated with several other top blockchain experts to provide guidance. This post was also added
It is important to establish a solid and reliable assessment framework for existing blockchain-enabled enterprise service offerings.
This certification outlines the requirements of entities that offer blockchain-based services products or applications, including technical, regulatory and managerial obligations. In addition, it provides the necessary evaluation tools and “approaches” to certificate potential companies looking to build their own blockchain based application or use case.
The VeChain Foundation claim the standard is “widely applicable”, while adding the following:
The document also provides universal guidance to technology providers who want to offer Blockchain-based Business Services. It is also a useful reference standard for businesses looking for high-quality, reliable blockchain-based Digital Services.
VeChain’s (VET) Profits Might Continue to Increase
The ultimate goal of this standard and the certification initiative is to make VeChain mainstream. As the Foundation said, the project has been involved in several initiatives with a similar goal and has attempted to showcase its “technical capabilities and ability to develop standardized, scalable designs”.
VeChain, in addition to all the previous mentioned improvements, has also been making efforts to make its mainnet a hub for corporate usage of blockchain technology. It appears that these efforts led to the development of the ecosystem.
NewsBTC reports that the new DEX ZumoSwap was launched. This hints at the launch a stablecoin.
| VET breaks major trend line, why VeChain could see massive explosion
VeChain’s recent bullish price action could become the new normal for the coming months, according to a pseudonym analyst. According to the analyst, VeChain is now in a support area that has traditionally been followed bullishly by price action.
For the past 10 months, we have underperformed $ETH. In 2019, 2020 & 2021, after green zone retest, each time it only took 3 months to break the old ATH. If we do not have another retest, the $VETATH will be in May/June 2022.
