The price of the VIDT Datalink crypto token is rising nearly 50% at $0.68 per coin in the past 24 hours according to data from CoinMarketCap as buying interest toward the asset that powers the data security blockchain-based protocol appears to be raising.
Trading volumes during that same period are standing at $214.97 million – a figure more than 6 times higher than the project’s market capitalization.
Even though there have been no relevant events that explain this unexpected surge, the VIDT Awareness Team tweeted about a noticeable rise in social engagements and mentions according to data compiled by Lunar Crush.
This recent uptick has trimmed most of the token’s losses this year, which now stand at 15% compared to the 50% or higher drops other digital asses have experienced during the same period.
It appears that increasing awareness about the project’s practical uses and prospects is triggering this rally that seems to have started two days ago.
What is VIDT Datalink?
The VIDT Datalink protocol is a blockchain-based solution that allows creators and companies to securely store their digital information in the blockchain to prevent fraud, create a record of provenance, and transfer ownership if needed.
The goal of VIDT’s protocol is to ensure the integrity of digital documents. Those who would like to adopt the solution can easily record their encrypted files on the VIDT blockchain via the project’s API. This facilitates the integration of VIDT with many well-known programming languages such as Python, PHP, Java, and JS.
The technology can also be used to authenticate non-fungible tokens (NFTs) as the project can conduct the required fundamental checks to ensure that the data recorded and transferred is preserved unaltered over time.
Companies such as IBM, Procentec, Rolex, and crypto exchange KuCoin are among the early adopters of the technology.
The practical applications of VIDT’s technology are quite ample. Companies can use the project’s solution to protect their intellectual property by creating a time-stamped blockchain record while it can also facilitate the sale of these assets via low-cost transactions.
The VIDT smart contract is hosted on the Binance Smart Chain but periodic batch anchorings can also be recorded on the Bitcoin and Ethereum networks.
One prominent example of how VIDT can create value in the real world is the creation of a non-fungible token for a valuable vintage Rolex watch- the Milgauss.
VIDT helped the Rolex dealer to create a certificate of authenticity that included macro photographs of the watch. This document was then uploaded to the VIDT blockchain and it will be stored safely.
The document was turned into an NFT that cannot be altered and that can be stored in a wallet and transferred to a third party if the watch is sold. In such a transaction, ownership will be immediately transferred and the operation will be recorded on the blockchain so anyone can verify who the current owner is.
“Our 1956 Rolex Milgauss is the first watch to have both its authenticity secured and its provenance recorded on the blockchain”, stated Jasper Lijfering, the Chief Executive Officer of Amsterdam Vintage Watches – the company that currently owns the Milgauss.
In addition, the entire chain of custody of the watch can be easily consulted on the blockchain and will stay unaltered and accessible to the public forever.
The files can be easily validated by using a portal called VerifyAllDocuments.com that checks the VIDT Datalink blockchain to determine if the file being uploaded is authentic.
More Details About the VIDT Datalink Crypto Token
The VIDT cryptocurrency is the native token of the VIDT Datalink blockchain. Its maximum supply is 56 million while its circulating supply currently stands at 49.43 million according to data from CoinMarketCap.
VIDT was founded by Joshua Jenster who currently presides the Board of Directors of the VIDT Awareness Team.
According to his Linkedin profile, Jenster previously served as a Business Solutions Specialist on Wididi BV – a company that specializes in workflow and sensitive information management and that also provides solutions for certification and accreditation.
After that experience, Jenster joined WordProof, a blockchain-based protocol that time-stamps and creates certificates of authenticity for WordPress entries.
The VIDT Datalink crypto token is available on centralized exchanges Binance and Kucoin on decentralized exchanges including PancakeSwap and Vauld.
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