- VeChain has officially surpassed a million transactions on their mainnet
- They have also surpassed 1 million VTHO tokens burned in a day
On the 31st of December 2018, the VeChain team uploaded a video to their official Youtube page that showed highlights from the year 2018 as well as a preview of what 2019 will bring.
The video starts by stating that over the month of December, VeChain saw a spike in transaction numbers.
VeChain recently broke the record for 1 million VTHO tokens burned in a day and also achieved 1 million York transactions since the mainnet launched in mid-2018.
This is a big deal, as the video explains because the value of the token is derived from how many people use the platform. To make use of the public Blockchain, individuals and firms need to make use of VTHO which is the official VeChain token aswinemakerr the VTHO token goes up, so does its value. The token is purchased on OceanX, VeChain’s official exchange.
The origins of the various transactions can be tracked on the Blockchain and according to the video, a majority of them can be tracked to DMV GL, an Italian wine maker who launched ‘My Story’ this year on the Blockchain.
My story helps show consumers the contents and origin of each bottle of wine. This helps to not only prevent counterfeiting but also to manage their supply chain.
The video goes on to state that in the coming years, more and more firms will likely begin using Blockchain for their own supply chain management and will likely turn to VeChain because they already have an existing partnership with DMV GL.
The video then touched on Walmart and their recent embracing of Blockchain for supply chain management, showing that the use of Blockchain isn’t merely a fad but a legitimate business strategy adopted by leading firms around the world.
It was also said that the idea of a private Blockchain will lose its appeal and that more businesses will switch to public Blockchains that aren’t centralized such as VeChain.
Currently 40 million VeChain tokens are generated each day and as more companies come on board, that number is only bound to grow.
A year in review
2018 has been an interesting year for VeChain.
With these milestones, 2019 is already shaping out to be an impressive year for VeChain.