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VeChain recognized by Early Metrics as one of the most valuable start-ups

  • VeChain was recognized by Early Metrics as one of the most valuable startups worldwide and praised for the potential of VeChain’s technology.
  • The VeChain Foundation has published its new financial report, which shows in detail for which activities funds of the foundation have been invested.

VeChain states in a new article that Early Metrics, a world-renowned rating agency for start-ups and innovative SMEs, has recognized VeChain as one of the fastest growing start-ups. Early Metrics looks at the development and growth logic, market positioning, technical professionalism and operational implementation of all set objectives.

Despite the coronavirus pandemic, VeChain has been able to advance the development of its proprietary technology. For some applications, such as E-HCert, COVID19 even acted as a catalyst and supporter for the acceptance of the app. VeChain has introduced the app in cooperation with I-Dante, which enables the storage and management of test results of COVID-19 RT-PCRs and rapid tests.

Another important partnership for the VeChain Foundation was the cooperation with Sarah Regensburger at the end of February to track products along the value chain. VeChain has also partnered with one of the world’s largest natural gas producers, Shanghai Gas, to build an “Energy-as-a-Service” ecosystem.

Financial report shows investment fields of the foundation

As of April 30, 2020, the amount of VET (64,315,576,989) in circulation has remained almost unchanged compared to the previous period. The quantity in circulation accounts for just under 74.8% of the total supply. 21.833,053,627 VET are in soft-lock-ups, representing 25.4% of the total supply. At the end of the reporting period (30 April 2020), around 49.4% of the total supply was available for free trade on the market.

VeChain has invested a total of $725,374 in various areas. $480,238, 66% of the available funds were invested in research and development to further develop the VeChainThor blockchain as well as the VeChain Toolchain. The second largest item is the further development for measures of the entire ecosystem, for which more than 120.000 USD were provided. The following table gives a detailed overview.

Source: https://medium.com/vechain-foundation/vechain-financial-executive-report-vol-11-2a5f1f75bb23

In the area of research and development, one of the most important updates was the VeChainThor Mainnet code update Entropy (v1.3.0). The Foundation describes this upgrade as the most important since the introduction of Mainnet, as the improved redesign has resulted in many improvements in performance and efficiency.

The update can significantly reduce hard disk usage by 80% and RAM usage by 50% as well as query latency. Furthermore, several updates to Sync have been released to improve usability when signing with ledger devices and when selecting the VeChain wallet. In addition, numerous innovations for the VeChain Official Explorer were released. This version allows users to download account transfer records.

VeChain price still on the upswing

Within the last 24 hours, the VeChain price has risen by 5.82% to a price of $0.0092.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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