This advanced approach on VeChain covers:
3. Work (Supply Chain and Supply Chain Logistics)
4. Rebranding to VeChain Thor (Emergence of VET and VTHO)
5. VeChain Institution
7. Way to buy and store VET
8. Final Words
VeChain is a blockchain platform. Such a platform marks the internet of Things. VeChain is a crypto-currency and the name of a company with a mission. The mission is to put together an ecosystem for business in which the information can flow transparently, people can join forces resourcefully and can convey data at the speed of light. In other words, this company aims to build a trustworthy but disseminated business ecosystem.
It has been only around two years of its commencement and it has already registered its name in the hearts of plenty of customers. Service buyers are found using working products that are still infrequency in crypto recently. There are plenty of industries like agriculture, logistics, food, drug, luxury goods, private or government, which are using the merchandise of VeChain. It is found that these industries are executing in the technology of VeChain blockchain. At this moment, you might have estimated the influence of this company on the marketplace. And why not when it does a lot?
With supply chain from VeChain, one can easily track items. VeChain makes it easy for an individual to certify the authenticity and quality of goods. Besides, it also ensures the maintenance of products.
Primarily, this platform entered the technical market as a blockchain supply. Gradually it evolved into a well developed DApp platform. Now, VeChain uses Supply Chain Trust and Supply Chain Logistics technologies to track items and execute other business works. Let us discuss these pieces of machinery briefly.
- Supply Chain Trust
This machinery can be less interesting to many but actually, it is the most vital technology used in this entire platform. The absolute accountability of ensuring the merchandise quality across the industry remains on the shoulder of Supply Chain Trust.
In this technology, VeChain blends two tools to track items. Here, blockchain technology and its in-house built smart chip are taken together in use. Through this technology, the items can be tracked throughout their lifecycles. The smart chip used can be executed in NFC chips, RFID trackers, or QR codes.
Like other blockchain companies, VeChain eradicates the need for trust. Let us take an example to simplify this multifaceted explanation. Every industry, say food and drug industry, in particular, is fashioned with bogus items. One must, at this moment, need to expect that the person passing along should have genuine stuff, given that the items circulate in several hands during fabrication and allocation. VeChain has a mechanism to scan the product at every simple step. To guarantee that the stuff you are receiving is actually what you desired for; the smart chip used can be scanned on each item. But what if someone muted or disordered it? Well, blockchain is an unalterable ledger. One can therefore blindly trust the information received.
- Supply Chain Logistics
As Supply Chain Trust protects from counterfeit items, Supply Chain Logistics enhance logistic systems. This enhancement is done through cut down product tracking.
In genuine, the process of tracking things is a complex one. It requires numerous separate systems for its progression which indicates that tracking products in a supply chain is a gigantic ache. The pain becomes strong when the business system enters the data manually and also when the system has to switch between two processes.
To sum up, with VeChain, all the data associated with the smart chip integrated with the products can be scanned. All the latest but accurate information about each product can be acquired by the business’s system. Also, when incorporated with loT tools, VeChain becomes extra influential for business utilization by helping with quality control. Food and agricultural industries extremely demand the service of superiority control for protecting the stuff which can be spoiled just by the change of temperature of a few degrees.
Rebranding to VeChain Thor
VeChain Thor is the new brand name of VeChain as per the announcement made by the company recently, in February 2018. It is not just the name that changed, but also the scope of the company. The blockchain platform has moved beyond the supply chain and has fabricated itself into more wide-ranging endeavor dapp solutions. It has now become similar to Ethereum.
The latest version of this blockchain platform makes use of two different tokens which are VeChain Tokens and VeThor Tokens abbreviated as VET and VTHO respectively. Before, the only tokens of VeChain were VEN. These tokens were lively before the functioning of VeChain mainnet and were on the network. As the team separated from Eutherum and created their blockchain, VEN tokens changed over.
- VeChain Tokens (VET)
After separating from Ethereum, VEN tokens swapped into VET. The alteration proceeded at a 1:100 exchange. Now, the company helps businesses run their blockchain activities making VET the smart payment currency. VET is so influential that it decides whether a business deserves to have precedence or not. In simple terms, the business having more number of VET tokens holds superior priority. Such businesses can have access to more number of rights on the blockchain.
- VeThor Tokens (VTHO)
The one who already holds VET can use VTHO to carry out elegant agreements. VTHO also allows the entity to run applications on the blockchain. One can estimate the mechanism of this token through the mechanism with which NEO produces Gas for its owners as both are alike.
The minimum number that the rate will be is 0.000432 VTHO per VET per day. To amend this base generation rate, the VeChain institution will conduct votes based on network handling.
VeChain started work as an auxiliary. It was contributory to China’s largest blockchain company, Bitse. Now, the team has the strength of over 150 members. For top management, this Singapore-based team has limitless talent.
June 2018 came up with a major transformation intuitive for the institution. This was the time when along with launching its mainnet, the company got separated from Ethereum, created its blockchain and changed VEN into VET. Now the next step the company is focusing on is to expand the ecosystem. It aims to own more dapps while it already has a significant number of the same. The company intends to expand its ecosystem with more planned venture partnerships.
- Chief Executive Officer– Sunny Lu (also the Chief Information Officer, CIO for Louis Vuitton China)
- Chief Financial Officer– Jie Zhang (expert in IT assurance with an experience of 17 years)
- Advisor– Bo Shen (also the founder of Fenbushi Capital)
- PwC-this program has helped VeChain access enormous worldwide network of clients of the firm.
- DNV GL- it supplies services to oil, gas, and power, maritime and renewable industries. Partnership of VeChain with this $20 billion company will help the platform earn gigantic amount of latent clienteles.
- Chinese Government– the tough government of China has preferred VeChain as the blockchain technology partner of the government of Gui’an.
Both these blockchain technologies are gathering the same fame from worldwide clients as VeChain though the competition is not direct since each of the three platforms focus on different niches. Moreover, in 2017, DApp platforms like Ethereum, Cardano, EOS, and NEO joined the completion. The reason for which VeChain is on the top in the competitive world even though it has released its mainnet only recently is the sheer number of partnerships. Partnership with strong collaborators has helped VeChain strengthen its position among other supreme market projects.
VeChain began trading at $0.25. The trade began at the end of August 2017 and the price remained flat till the beginning of October 2017. It was only at the beginning of December 2017 that the price got a lift which helped it climb the highest of all time. The news was dispersed enormously through media and helped in the promotion of VeChain. Although swapping from VEN to VET caused difficulty for the industry in analyzing the price, usage of the enterprise DApp platform by new partners will surely increase the pricing.
VeChain has employed a Proof of Authority agreement showing it isn’t shooting for a decentralized organization. The consensus has 101 known validators who synthesize blocks. The company depends on four additional nodes, strength nodes, thunder nodes, mjolnir masternodes and Thrudheim masternodes, for maintaining the ecosystem. These nodes receive a reward in the form of VTHO for sustaining the association.
The authority nodes are required to pass KYC process. Besides, maturity data and minimum VET requirements, these nodes have to pass assured supplementary needs and formulate their personality public.
Recently in March 2018, a new node called X node is added into the list. A certain number of VET tokens is decided by the VeChain Foundation such that if one holds the same number of VET, he will be considered as an X node, as a benefit of which he will be rewarded with additional reward along with early access to VeChain ICOs. Are you wondering about the number of tokens needed to have this pleasure? Calm down your nerves, you can still take benefit of daily Thor reward. It doesn’t consider the number of tokens you own. But the distribution of VET tokens determines a lot. Along with determining the consensus, it drives the VeChain governance model which may prove to be of extreme importance to you. Let us see how.
The individuals who own large volumes of VET tokens directly decide the future of the network as these stakeholders vote on the Board of Steering Committee. The committee formed by the stakeholders is responsible for developing and managing the technology and manoeuvres of the platform. Even the public relation and other similar aspects are looked after by the members of this committee. Now it worth to gather a number of VET tokens!
Way to buy and store VET
One can buy a VET in exchange for Bitcoin or Ethereum. We recommend you to buy VET from Binance. In case you don’t have either of the three, you have to choose a different place for making a purchase. GDAX or Gemini can sell you the crypto programs for USD. Buying bitcoin or Ethereum and then transferring them/it to Binance can do the work for you. With these simple steps, you can start to make a trade.
Now, as you have learned the way to buy these tokens from the appropriate place, the next thing which may suffer you is the place to store it. The place of storage is now changed as the VEN tokens are replaced by VET tokens. Now, the recommended place to store the tokens is VeChainThor wallet which is available on iOS and Android. Also, the wallet is available in juxtaposition with Ledger wallets.
When the tokens are purchased from Binance, the buyer can have additional benefits. When the VET tokens from the exchange are moved into the official wallet, there are chances that the owner may be rewarded with VTHO. Not every exchanger distributes rewards like Binance.
With clients using functional products, a team with far-reaching experience in the industry targeted and giant partners, VeChain has become one of the largest reputable blockchain companies in the industrial market. The amount of clients is growing at a very speedy pace due to the support provided by PwC and the government of China.
The dApp space of the company may seem questionable to many. Though, for fulfilling explicit business needs of clients who want a more vigorous blockchain solution, the company’s shift to enterprise DApp space is playing a vital role.
VeChain is progressing at such an enormous pace that if this continues; the day is not far when the newspaper will read VET as one of the peak performer over the next five to ten years.