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CyberVein partnering with Chinese government to build blockchain-powered governance system for aerospace smart city

Singapore-based blockchain data firm CyberVein is one of 12 companies involved in the construction of China’s Hainan Van Xuong International Aerospace City.

CyberVein partnering with Chinese government to build blockchain-powered governance system

Construction began last month. The project is described as “China’s first aerospace tourism and culture city”, which will serve as a development hub for aviation products and support services for use in launch missions. Chinese satellites and spaceships.

The 12 million square meter facility will be the country’s first aerospace supercomputer hub. It will focus on developing 40 technology areas, including big data, satellite remote sensing, and high precision positioning technology.

CyberVein will work alongside major Chinese companies, including Fortune 500 companies like Huawei and Kingsoft Cloud, and will leverage its blockchain technologies, artificial intelligence, and big data to support the development of the city’s Smart Brain Planning and Design Institute.

The release of CyberVein stated:

“Smart Brain is its primary project, a data-driven governance system based on the firm’s proprietary technology that will process real-time data to organize urban public resources.”

However, a few details regarding how blockchain will be employed in developing the governance model have been made public.

The city’s development is part of Hainan’s ‘Free Trade Port’ development initiative, a significant infrastructure program that aims to turn the island into an important free trade port globally in 2050.

China has been looking to partner with leading distributed ledger technology groups to develop smart cities for many years now, with the blockchain notary service Factom in partnership with the Chinese government in 2016.

CVT price up 5000% in 2020

Cybervein (CVT) has had an epic price run in 2020. It has risen by just shy of 5000% in terms of USDT value since its all-time low in early January 2020. Is this run showing any signs of slowing down? What might be good price levels to buy back in at?

blockchain-firm-partnering-with-chinese-government-to-build-blockchain-powered-governance-system

Since recording an all-time low of 0.0295 USDT in the first week of January 2020, CVT has experienced almost a phenomenal 50x increase in price. This occurred when the CyberVein price reached its all-time high of 0.14499 USDT on August 31, 2020 on the Malta-based OKEx cryptocurrency exchange.

The past several weeks have seen very low volume compared to the previous leg up. This is a warning sign that this current move up does not have as much credence to it as the previous large move up which we saw in March, April, and May. It does not imply that the CyberVein price will correct but it does indicate that there is less confidence in this move up than there was in the last ones this year.

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