VeChain: Internet of Apparel specialist with 5,300 service providers in 15 countries on board

  • The VeChain (VET) ecosystem has grown to include more than 300 institutional partners through its platforms such as VeChain ToolChain that enable companies of all sizes to collaboratively create new services and products.
  • VET price is trading around $0.02333108, up 4.8 percent in the past 24 hours.

During the 2019 cryptocurrency market, VeChainThor Blockchain has become a core technology in which members operate through the COSMOPlat platform – the ecological backbone of Haier Smart Home. Through the partnership, the Digital Carbon Ecosystem (DCE) is integrated with Haier IoC, a clothing lifecycle management platform. As such, DCE, VeChain, and Haier have entered into an agreement to use blockchain technology in apparel management.

Fast-forward to 2023 — after the bitcoin price recovered from the 2022 bear market — and Haier’s smart home ecosystem powered by the Internet of Clothing (IoC) and Internet of Food (IoF) announced that it had joined forces with more than 5,300 resource providers across 15 industries. Notably, the on-board resource providers provide a full-cycle intelligent experience covering washing, care, management, wearing and purchasing for more than 65 million users.

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The VeChain (VET) ecosystem has grown to include more than 300 institutional partners through its platforms such as VeChain ToolChain that enable companies of all sizes to collaboratively create new services and products. VeChain product has been endorsed by industry leading companies from different continents who need supply chain automation to ensure credibility. Moreover, blockchain technology has played an important role in advancing business in the post-covid era.

VeChain and Market Outlook

The VeChain ecosystem is made up of companies that are leveraging the latest technologies including Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), Internet of Things (IoT), and 5G, among others. As a result, VeChain (VET) has grown into a billion dollar blockchain with a market capitalization of approximately $1,690,636,812 and a 24-hour trading volume of approximately $70,678,471.

According to our latest cryptocurrency price, VeChain (VET) is trading at around $0.02339085, up about 5 percent in the past 24 hours. During the recent crypto pump, the price of VET is up about 43 percent in the last 30 days. However, the digital asset has fallen by almost 91% from the ATH, $0.280991, achieved in mid-April 2021.

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The versatile Layer 1 protocol started in 2015 but launched its mainnet three years later. With two tokens in operation, VET and VTHO, the VeChain ecosystem has convinced industry customers of its capabilities. Moreover, VET generates a VTHO and acts as a store of value and transfer medium. Notably, the VTHO is used to pay for gas costs, thus separating the need for VET spending when writing data.

The partnership with Haier is expected to increase on-chain activity on the VeChain network, securing a huge rally in the next cryptocurrency bull market.

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