🧘♂️ALERT: Mystery Altcoin, Explained
Market Meditations | November 11, 2021
What Is It, What’s Happening & What Next?
As the week comes to an end, we take the opportunity to refresh on important crypto market events.
Key Market Updates
Everything You Need To Know About VeChain ($VET)
Crypto x Social Media
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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
? VeChain Gang
VeChain (VET) is a supply chain tracking solution. It authenticates and tracks items anywhere on the planet from origin to destination to address issues like counterfeiting, food contamination, shipping delays, and much more. Originally built on Ethereum, in June 2018, VeChain transitioned to its own blockchain (VeChainThor).
The VeChain network has two tokens:
1️⃣ VeChain (VET) is the main token used to send value on the network. When transferring value on the VeChain network, VET is the token being sent.
2️⃣ VeChainThor Energy (VTHO) is used to pay for transactions on the VeChain network, effectively making it the platform’s gas.
This segregated approach mitigates the effect price volatility has on transaction fees.
TIP: Simply holding VET tokens on many exchanges like Exodus automatically generates VTHO.
How Did Ve Get Here?
In the first quarter of this year, VET saw some major price and market cap action, making a 12x move from January to April.
VeChain is working with BMW to track and prevent odometer fraud as well as Walmart China to track and verify food products along the supply chain.
The list of VeChain partnerships continues to grow, adding many major partnerships in China.
It’s good to see recognizable names working with VeChain to develop real-world uses for the platform. However, there remain some concerns before aping in.
In 2019, the VeChain foundation had 1.1 billion VET tokens stolen in a hack worth $6.5 million at the time.
A large presence in Asia may assume more downside risk than other regions, considering China’s sordid approach to cryptocurrencies recently.
Where Are Ve Going?
VeChain has carved out quite a niche and continues leveraging that foothold into a more disruptive presence in the supply chain space.
An auspicious October followed by growth so far this month might open the door for VET to continue its climb back toward $0.25 as weekly market structure remains bullish.
No project is perfect, and VeChain is no exception, but with positive price action and sustained partnerships and growth it’s worth a deeper dive.
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? We’re All Mad Here
The Economists “Down The Rabbit Hole: The promise and perils of decentralised finance” sought to shed light on decentralised finance.
But which two perspectives were they missing?
Awareness for uses of Bitcoin.
A true understanding of energy consumption.
DeFi is a powerful movement disrupting traditional finance.
? Did Someone Say Crypto Twitter?
Twitter has recently announced that they are building a crypto team!
Twitter had already begun to experiment with different things related to crypto. In the last two months, we have seen Twitter implement a method to tip creators in bitcoin via the Lightning network. Additionally, Twitter has experimented with ways to verify NFTs used as profile pictures. That’s right, pretty soon you will know if that “JPEG is real or fake.”
So what’s new with Twitter’s interest in crypto?
Tess Rinearson will be the crypto engineer lead for the new Twitter crypto team.
The team will explore how they can “support growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities.”
The team will also look into crypto tech to augment identity, community, and ownership on Twitter.
Twitter is not the only social media company moving in this direction.
Reddit co-founder Alexis Ohanian is looking into a Solana-based social media. He is investing $100 million in building social media on the Solana blockchain! Similarly, the social media giant – Facebook – is shifting its branding and doubling down on “Meta” (or metaverse).
1. Awareness for uses of Bitcoin. 2. A true understanding of energy consumption.
For all the pleasantries about DeFi, Bitcoin was grossly neglected in this article. The original cryptocurrency was described as being used to “buy drugs” by “crooks, fools and proselytisers”. They even went so far as to describe it as a “distraction”.
A lot of statements about crypto energy consumption are ill-thought out to say the least. The article states that blockchain platforms “consume wasteful amounts of electricity”. Whilst this may be true today, Bitcoin actually has the potential to be carbon neutral.
These shortcomings withstanding, seeing a positive crypto story on the front cover of a leading institutional publication founded in 1843 and streamed to over 1 million subscribers (including global elites such as Bill Gates and U.S. Presidents) is certainly a good indicator.
To find out the third perspective we think The Economist was missing, check out the full review here.
??♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
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