Cryptocurrency

With VeChain, My Story Launches Wine Bottle Verification System

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On 11th Jan, DNV GL (a leading global provider of product assurance and certification) in cooperation with VeChain released its My Story Service, it took place in Italy. The collaboration between VeChain and My Story put forward its first product- ‘VeChain hardware tags.’

My Story has partnered with three Italian Wine companies, i.e. Rick Curbastro, Ruffino Wines, and West Wind Wines. These three wine companies with the help of ‘VeChain hardware tags,’ will tag their bottles with the My Story label. The users can scan these labels to learn about various interesting facts about the wines that cover all the aspects starting from the initial stages of the wine production till then it was packed into the wine bottles. This is to give the consumer a sense of authenticity, connection, verification, and trust. On 11th Jan, the DNV GL in a twitter post wrote-

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This news appeared in the economy section of Brescia (a leading newspaper.) My Story is a digital assurance solution that is backed up by Blockchain technology. Its function is to dig into the information related to the product they are purchasing. The information about the products will be stored on the VeChain’s tamper-proof blockchain platform, and the product’s history will be accessible to the consumers to check any time they wish to verify. For instance, you can find information such as- Product quality, Authenticity, Origin, Worker rights, Animal Welfare, Ecological footprint, etc, under the ‘product data’ category. Before putting the information on the VeChain hardware tags, the information is thoroughly verified and audited by DNV GL. Therefore, My Story helps companies to give an interesting branding twist to the hardcore efforts they put into creating or manufacturing their products. As per information gathered from vechaininsider.com, Renato Grottola DNV GL explained-

“Traditionally, product characteristics, such as origin, quality, sustainability and so on, have been used to deliver products in a risk-averse, risk management perspective rather than a brand-building perspective.”

With its 2 years intensive experience in offering blockchain technology-based solutions to n number of industries. It has served industries such as liquor, auto, luxury goods, pharmaceuticals, retail, logistics, supply chain, food and cold storage, and so on. Such a rich experience has made VeChain an internationally leading blockchain platform for information and products.

Back in September last year, VeChain joined forces with BYD with an aim to make a proof of concept solution for ‘carbon banking’ for automobiles, as per information gathered from investinblockchain.com site. BYD then gained good sales increase during last year for the BYD vehicles by 25 percent, which accounts to be 520K BYD vehicles. The company aims to push its sales further this year. This proves to be good news from the partner company- VeChain. The partnership allows VeChain to gather data from vehicles that are sold by BYD. This will further enable VeChain to record and save the information on its VeChain Blockchain which will result in building management of the internet of vehicles data.

Price Analysis of VeChain Thor-

chart

On the other hand, in the past 24 hours trading session, VeChain has seen a minor downturn in its rates with 3.70 percent, that has pulled the current trading rate to 0.003837 U.S. Dollar. If looked at the past week’s performance, VeChain Thor has witnessed a total dip of 9.86 percent. Yet if we compare this performance with the past month’s performance, it is still higher than that with 2.92 percent.

Holding the 25th position in the market cap rankings, VeChain’s ongoing market cap estimated value is of 213 Million U.S. Dollars. In the past ninety days, the cryptocurrency has seen a downturn of sixty-six percent. The dip has resulted in its current trade value to go eighty percent lower in comparison to its all-time high rate.

As per the 4HR Chart, (can be checked at investinblockchain.com site) there was a rebound in the market from December 2018. At that time it was at 0.003285 U.S. Dollar. But after that, it started to rally.  According to the information gathered from investinblockchain.com site, the VET/ USD moved up into resistance. There was a slight push above the ‘bearish .236 Fibonacci Retracement level.’ The level was priced at 0.005237 U.S. Dollar. Post the resistance level; there was only a downturn to be seen that bled into the New Year too. VET/ USD, at a short term Fibonacci Retracement level, has reached the resistance of .786. It is currently priced at 0.003780 U.S. Dollar.

The TREND-

It has been observed that there has been a short term bearish trend in the market. The breaking down of the market at lower rates than 0.0040 U.S. Dollar is a sign of an inclination towards the bearish trading trend in the short term. The market would need to break the price handle to gain a neutral trend. Only when the price action will break above the rate of 0.00050 U.S. Dollar, can the market be seen coming into a bullish trend.

Near possibilities of the resistance to go higher-

There are chances of the price action to shoot up higher if the buyers unite and start to push the rates action higher. We can then hope to see quick resistance shooting upwards in the short term at .618 Fibonacci Retracement level, with a rate of 0.004166 U.S. Dollar.

On the other hand, if the price action gets further driven by the buying pressure, then much higher support in the short term can be expected at 0.5 with price 0.004437 U.S. Dollar and 0.382 Fibonacci Retracement levels, with 0.004708 U.S. Dollar.

This year, under the bearish 0.236 Fibonacci Retracement level, one can expect a further increased resistance is shooting upwards at approximately 0.0050 U.S. Dollar handle. If the bearish .236 Fibonacci Retracement level follows it, then the rates may get to 0.005237 U.S. Dollar.

There are possibilities for the resistance to go further than 1.272 (at 0.00622 U.S Dollar) and 1.414 (at 0.00655 U.S. Dollar) Fibonacci Extension levels, in case the bulls make the VET/ USD to go even higher at the medium term.

The ‘support below’ if the price action dips-

In case the sellers start to bring the price action any lower than at the road going down, one can expect the first support below at the short term at 0.786 Fibonacci Retracement level at the rate of 0.003780 U.S. Dollar. If the dip continues, then the next market support below can be found in the short term at 0.886 Fibonacci Retracement level with the price- 0.00355 U.S. Dollar.

Further, in case, there is a further pull down in the price action by the bears, one can expect another support in the long term downside at 1.414 Fibonacci Extension level with the rate 0.003454 U.S. Dollar.

Currently, as per the 4HR Chart, the bears are still controlling the momentum of the market. One can say this based on the recent rebound of the RSI from its 20 levels oversold threshold level. The fact that the market is trading at 50 levels proves the control of the bears in the market. If VET/ USD want to heal, RSI will need to break above the 50 handles.

Pushing the boundaries-

Overall VeChain was found pushing the boundaries last year. In 2018, the company launched 18 technological deployments that include-

101 VeChain Authority Master-nodes selection process, the VeChain Multi-Party Payment Protocol (MPP), the VeChain Multi-Task Transaction Protocol (MTT), the VeChain Thor Alpha Test, the launch of VeChain developmental plan and whitepaper, the official launch of the VeChain Thor Main net, VeChain Thor Nodejs SDKthorifyopen on Github,  on Github VeChain Thor Web3-gear open source was released, VeChain Thor sync open source on Github was released, VeChain Thor Java SDK, the VeChain Security Identity hardware was launched, the VeChain Thor Main net v1.0.2 was released, BaaS 2.0 was launched on the main net, the deployment of the Sheet Stock RFID production equipment, VeChain Thor Main net v1.0.4 and sync 0.6.8 were released, the deployment of the VeChain Uniform Account Model, the deployment of VeChain Thore Node Tokens Wallet/Service set, and the VeChain Thore Node Tokens Smart Contracts open source were also deployed.

 

 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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