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vechain

What is VeChain Coin (VET)? All You Need to Know About Vechain

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Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology. https://twitter.com/basil_kimathi

VeChain was first established in 2015, making it one of the oldest companies in the blockchain industry. This Singapore-based decentralized smart contract platform is focused on enhancing the management process of supply chains. To do this, the team designs business applications which can be implemented into inventory quandaries.

The project recently gained a lot of attention from big investors, with various offers of promising partnerships. However, even before VeChain’s newest collaborations, their blockchain app was already being used by several companies in industries such as agriculture, winemaking, and luxury goods.

In addition, VeChain will also have a rebranding soon, one that will result in having its name changed from VeChain to VeChain Thor VET. This upgrade will make the VeChain blockchain have functionalities similar to those of the Ethereum platform.

The Technologies Behind VeChain

The Platform

VeChain offers a decentralized platform on which businesses can easily interact and transact with each other without any third parties needing to be involved. The VeChain company aims to create an operating platform dedicated to business solutions that can ensure up to 10,000 transactions per second.

vechain platform

Their objective is to change the way supply chain management is currently done by incorporating it into their blockchain platform. The company also plans on allowing dApps and ICOs on the ecosystem, as well as IoT (Internet of Things) projects. All of these changes suggest that VeChain aspires to evolve into a comprehensive blockchain platform dedicated to enterprise solutions.

The platform’s security is maintained by the employment of network nodes. These network nodes can be managed by businesses and organizations that are direct contributors to the ecosystem. The network nodes offer services that include quality inspection and wallet services. They may even serve as a private key management service providers.

Use cases

By using a combination of blockchain technology and their proprietary smart chips like RFIDs and sensors, VeChain enables manufacturers to track products with unique characteristics during the course of their lifecycle.

Therefore, by incorporating blockchain technology into IoT devices, the platform helps improve quality control and logistics methods by simplifying the product tracking process.

VeChain brings an efficient solution to the real-world issue of authenticating and identifying counterfeit products through their developed technologies, helping both the producer and the consumer have the goods verified through asset digitization.

The team

Sunny Lu is the CEO of the VeChain Foundation and has already become an important figure in the blockchain space. Before he established VeChain, he co-founded the Chinese Internet start-up which developed Qtum, a very important digital asset in the crypto space. He was previously the CIO and COO of Louis Vuitton China.

The team behind VeChain consists of over 90+ employees, most of them being developers. Chief Technology Officer, Gu Jianliang, has over 18 years of experience in areas such as mobile devices and the IoT field, and has created over a 100 patents in several technological fields.

Kevin Feng serves as the Chief Operations Officer of the VeChain Foundation. Feng has been actively involved in many technology projects in his 12 years working for VeChain’s partner, PWC, as a consultant and assurance advisor. Lastly, there is their CFO Jie Zhang, who has vast IT expertise, as well as experience in a large variety of technological domains.

About VeChain Thor

Vechain announced an update to its project known as “VeChain Apotheosis Part II: THOR Power Forged.” The update is set to take place in the second quarter of 2018. This rebranding from VeChain to VeChain Thor will take the company from being a supply chain management project to being a full-fledged enterprise dApp solutions.

The network will use two native tokens for its internal operations:

  1. VeChain Token (VET) (Currently known as VEN)- a cryptocurrency that will be used as payment in the VeChain blockchain ecosystem.
  2. Thor Power (THOR) – a token that will be used to execute smart contracts and run apps on the THOR blockchain.

VeChain Foundation

The VeChain Foundation is responsible for building the network along with handling the technological research and development. The Foundation encourages and backs up partnerships with enterprises and businesses that want to use blockchain technology as a service.

VeChain is currently involved in partnerships with the following enterprises and companies:

  • Babyghost
  • BitOcean
  • China Unicorn
  • Directed Imported Goods
  • DNV GL
  • eGrid Consulting Co.
  • Fanghuwang
  • Healthcare Co Ltd
  • Hyperledger
  • Jiangsu Printed Electronics Co Ltd
  • Kuehne & Nagel
  • MadeForGoods
  • Microsoft
  • PwC (Singapore and China)
  • Renault
  • Xiamen Innov Information Technology Co Ltd
  • China State Tobacco Monopoly Administration
  • China National Tobacco Corporation

About the VeChain token

The platform uses its own native token known as VeChain tokens (VET). These tokens will be used as GAS, required for executing smart contracts. In addition to this, VETs will also be used to incentivize users, as tokens will be given to network nodes that assist the ecosystem through their operation.

vechain token

The Vechain price hit the all-time high in January 2018, surpassing the $9 value, with an increase of over 4000% since it was first listed on an exchange. On the ICO, the VEN value was only $0.24. The Vechain price started to grow in December and its now traded at a $3.32 value. The Vechain price is expected to surge in value after the Q2 of 2018.

VET Wallets

Currently, there is no wallet exclusively dedicated to VET/VEN storage. The company announced that a wallet will be released in Q2 of 2018. Until then, seeing as VEN is an ERC-20 token, you can store it in any Ethereum-compatible wallet, such as MyEtherWallet, Mist, and MetaMask.

Where Can You Purchase VET?

While VeChain (VEN) has transitioned to (VET) after the Thor update, many exchanges have still to update their listing. VeChain (VEN/VET) is available for purchase on LBank, Binance, Bithumb, Huobi and many more that you can find on CoinMarketCap (CMC).

The token can be traded for BTC, BCH, ETH, BNB, INR, USD, USDT, KRW, LA, and TRY. VEN is currently priced at $3.80 USD, with a market cap of $1,996,527,284 USD and having a circulating supply of 526,047,017 VEN out of a total supply of 873,378,637 VEN.

Verdict

VeChain offers businesses from various industries blockchain-based solutions for their operational problems. With a growing list of high-profile partners, VeChain is on its way to becoming a very sought after service used for processing and product control.

Additional contact and information:

VeChain website: www.vechain.com

VeChain official twitter: https://twitter.com/vechainofficial

VeChain weibo: @唯链基金会_VeChainFoundation

VeChain official wechat account: 唯链VeChainFoundation

Vechain Facebook: https://www.facebook.com/vechainfoundation

VeChain  Reddit: https://www.reddit.com/r/Vechain/

VeChain Github: https://github.com/vechain

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