VeChain, ( and soon VeChain Thor ) takes pride in being the world’s leading platform of blockchain for information and products. VeChain started out as a company that specialized in supply chains. Recently, VeChain announced that they plan to become a platform for DApps (more about this below). The mission is to create “a transparent and distributed business eco-system to allow efficient collaboration and high-speed value transfer.”
What makes VeChain different from other blockchain companies?
VeChain was founded in Singapore in 2015. This means the VeChain staff has decades of combined experience. They have also had a lot more time to develop their products and perfect the technology than any other business.
The project is over two years old and has proven its success in blockchain implementation across various industries including agriculture, luxury goods, logistics, pharmaceuticals, food/drug and government.
You can use technology to ensure authenticity, quality, and track products through the supply chain. It is also possible to maintain quality control for food.
VeChain, with its headquarters in Shanghai, has offices throughout the world, including France, Hong Kong and Singapore. This allows for a global approach to project implementation.
What is VeChain and how widespread is it?
VeChain, in addition to having offices located in many locations around the globe, has deployed 111 nodes, which include nodes in the UK, Germany and Japan. Decentralization and efficiency are possible.
What is the VeChain Foundation ?
The VeChain Foundation was established in Singapore in July 2017. It is a not-for-profit organization that is in charge of technological research, development, construction, and maintenance. VeChain will have the foundation as its sponsor, showing a dedication to VeChain’s development, transparency and advocacy.
It also encourages partnerships and provides support to enterprises interested in using blockchain technology. The Foundation’s services include wallet development, payments, smart contracts, and key management.
The company has built partnerships with a number of large companies in the world. These include names such as Alibaba, Oracle IBM, HSBC Coca-Cola Microsoft PwC Renault Tencent Cisco, and others.
Can VeChain be Applied in Real World Industries
VeChain uses the blockchain technology to benefit a wide range of industries including the luxury goods industry, automotive, agriculture, retail, and logistics. VeChain addresses a particular concern for each sector and provides a solution. In the alcohol industry, food safety concerns are a major concern when it comes to trade relationships. Consumer health and safety can be a problem in the expansion of trade and access to markets. Companies are concerned about counterfeiting, illegal sales, and smuggling.
Think about a wine bottle. VeChain offers a solution that uses the blockchain technology to track and authenticate wine. This allows you to detect any weaknesses in the supply chain and improve your efficiency. Businesses can avoid losses caused by counterfeits while consumers have access to information on where the wine was produced, when it arrived at their store and more.
Let’s take a look at another industry. VeChain offers a completely different, but equally valuable solution in this industry. The industry has been slow in digitizing and the traditional way of working is still prevalent. VeChain, for example, could create digital profiles based on each vehicle’s unique ID. Then, it creates profiles based on different stages of ownership. All the information relevant to a particular vehicle will then be stored in a smart contract-based digital profile.
We can see that agriculture is another good application for VeChain. China’s agricultural industry faces a number of problems, including centralized production, limited scale, inadequate product safety, low productivity of labor, substandard products and improper use of pesticides and fertilisers that pollute the environment. VeChain uses the cloud and blockchain to assist agriculture companies in improving the quality and quantity of crops. It also helps to reduce the use of pesticides, fertilizers and other chemicals.
VeChain’s website also states that it offers specific solutions to the industries of retail, luxury products, cold-chain logistics, general logistics and logistics.
The rebranding will take place on February 26, 2018. VeChain Thor will move VeChain beyond supply chain solutions into Enterprise DApps, like Ethereum. This is to try and push the company up to compete with Ethereum. VeChain Thor will have two tokens.
- VeChain Tokens (VET)
- Thor Power (THOR),
VeChain (VET), the VeChain token, is designed to be used by companies for smart payments and business operations on the Blockchain. The companies with the most VET during the transition will have higher rights and priority on the VeChain Thor Blockchain.
The Thor Power (THOR), on the other hand, will be distributed to holders of VET. It can be used to run smart contracts on the blockchain and perform other applications. The GAS token is produced in a similar way to and NEO.
VeChain was founded as a division of bitSe – one of the first teams to research and develop blockchain technology. In 2014, the company began designing its ASIC chip. It is also home to China’s largest and oldest mining facility. Singapore’s team of 150 employees has grown and the company is awash with talent.
Sunny Lu is the CEO of the company. She has extensive experience working in IT, Information Security and luxury retail brands. He has led IT and Information System Projects for several luxury retail brands. Most impressively, Sunny Lu was CIO of Louis Vuitton China, where he headed the IS&T Team to support the growth of more than 65 stores.
The management team also includes Bo Shen who is the founder of Fenbushi Capital and Jie Zhang, a CFO with 17 years of experience in IT assurance.
To increase the number of customers, they have been forming relationships with different businesses. It has formed major partnerships with PWC, DNV GL Company and other businesses. VeChain participates in the PwC Incubator program. This gives it access to Hong Kong and SouthEast Asia.
DNV GL provides quality assurance, risk management, and other services for oil & Gas, renewable energy, maritime companies, and power. VeChain’s strategic partnership with DNV GL will allow it to reach out to a large number of clients, and these clients could end up making an investment with VeChain.
What is VEN?
The VeChain token VEN, soon to be called VET, is used by users to purchase services or products and to receive money when they provide them. The VeChain Token Crowdsale distributed 41% of total tokens. This money will go towards funding the VeChain Foundation’s development, marketing and finance.
Another 23% go to investors that will be using the VeChain Token as their main development goal in business. Additional 12% tokens are reserved to cover the costs of operating the VeChain and technological developments. Private investors are given a 9% token allocation to help with technology and business developments. 10% of the tokens will go towards business implementations. The remaining 5% goes to the cofounders.
How do I buy VEN?
You will have to purchase another currency first if you want to buy VEN. Bitcoin and Ethereum are the easiest currencies to buy. The easiest way to buy them is through Coinbase, using debit or credit cards. You can then exchange that VEN for VEN on an exchange like Binance.
CoinMarketCap has a complete listing of all exchanges that accept VEN.
Register at Coinbase
Coinbase is the best cryptocurrency exchange for first-time buyers, as it accepts both credit cards and bank transfers. It is easy to use, and is regulated by US authorities. This makes it one of the most trusted and safest places to purchase cryptocurrency. Currently, Coinbase allows users to purchase Bitcoin Ethereum or Litecoin. It does plan to include more currencies on the platform. Coinbase charges fees that range from 1.49% up to 3.99% depending on the payment method. Charges for credit card transactions are higher, but currency is delivered instantly.
You will be required to verify your identity when you sign up because they adhere to strict financial rules.
Click the “Sign Up” button to get started. You will then be directed to an online registration form, where you can enter personal information such as your name, your email, or phone number.
In this guide we’ll be purchasing Ethereum in order to exchange it for the target cryptocurrency. Ethereum has lower fees for sending than Bitcoin, and transactions are also much faster. In Coinbase click on the tab “Buy/Sell” at the top and then select “Ethereum”. Then, select your preferred payment method. Enter the desired amount – either a number in Ethers or USD.
Once you confirm the transaction, Ethererum is added to your account.
Important Notice : When paying by card, it is possible that you will have to verify your payment with the card issuer.
Buy VEN on Binance and Kucoin
Binance allows you to buy VEN using Ether. You’ll first need to select the trading pair you wish to use (VEN/BTC), enter how many VENs you would like to purchase and choose whether you prefer the market price, or your own set limit, before you click “Buy VEN”.
VEN can also be purchased on the Kucoin Exchange.
Market price for VeChain VEN
VeChain began trading in August 2017, at about $0.25. (0.00005 BTC). The price has been relatively stable, with an increase at the start of October.
The real price increase was seen in December 2017 and January 2018, where the VEN’s price grew by 2825% from $0.240301 up to $7.03. Price increases are a result of VeChain THOR rebranding and news about more partnerships.
Prices have been on a slight downtrend since 11 the of January 2018 and currently, a VeChain token is selling for $5.48 US dollars. There is no reason to panic, as the price retracement seems to affect all crypto currencies.
How Does VeChain’s Roadmap Look?
VeChain v1.0 was developed in January 2016, after the Ethereum TPOC approval and development. VeChain v1.0 was launched a year after the initial commercial application, and three months afterwards, v1.5. There were improvements made to v1.5 in November 2016. These included the readjustment of the service infrastructure and an iOS application, as well as functional smart contract template, API gateways, 2nd generation VeChain chips, and an update on the VeChain chip. VeChain v2.0, which includes smart contract models and templates for DBGP and DBMSP was released in November 2016. VeChain 3.0 launched in May 2017 with new business cases including automotive, luxury goods, audit, and agriculture.
In the fourth quarter of 2017, BLACP and DCCP went live, as well as CHAOS and PBCP. A 3rd-generation smart chip was also launched, VeChain BaaS, the Asymmetric Blockchain Checksum and other business implementations.
In the second quarter of 2018, VeChain v3.0 will be live. This update includes rust-restructuring and VeChain Token related services including VeChain Token wallet (VET), audit service, exchange gas, etc. The VeChain Token and ERC20 token will be exchanged 1-to-1.
VeChain V4.0 is scheduled to go live in the fourth quarter. It will include a commercial eco-environment system integration platform, integration with IoT and more details for industrial blockchain clouds.
VeChain, one of the leading blockchain companies on the market today, offers solutions for a wide range of problems that companies face. VeChain’s team has extensive industry experience, which is why they are growing.
They should not have any problems growing their customer base, as they are in partnerships with giants such as PwC Company and DNV GL Company. Some may doubt their decision to turn into a DApp Platform. It appears to be beneficial to customers looking for more robust solutions to meet their business requirements.
The current nodes in different countries are a good start. As the number of nodes grows, VET will likely be one of the best performers for 2018.