Coin Review: Beginners guide
VeChain (VEN/VET): Supply chain and anti-counterfeiting solution
Industry type: Product supply chain infrastructure.
What is Vechain coin? VeChain (VEN) is a business ecosystem built on the blockchain to enable information tracking, supply chain efficiency, and high-speed value transferring. It does this by digitising physical products such as produce and luxury goods with a unique code to track distribution from factory to retail outlets. At the time of writing this article Vchain, is about to go through a rebranding to VeChain Thor (VET) as it moves off the Ethereum network and launches its own blockchain mainnet.
What gives it value?:
- VeChain (VEN) is an Ethereum based ERC-20 token.
- VeChain Thor (VET) is a decentralised applications (dApp) platform built for business-focused projects to create their own digital assets, data storage and product tracking systems.
- It aims to fulfil a major need in trusted supply chain infrastructure and the insurance of quality consumer goods.
- Products are tracked throughout production, transportation, importation, and distribution for businesses to save money on supply chain losses while customers can easily access information about product quality.
- It will digitise physical items and store the information on the blockchain in a distributed and trustless system. It does this by assigning products with a unique QR code and branding them with an RFID chip or NFC tag at the beginning of their lifecycle.
- The VeChain Thor blockchain is a modified version of the Ethereum blockchain. It will have two kinds of native cryptocurrencies, VeChain tokens (VET) and Thor Tokens (THOR). VET tokens will be used to make transactions between accounts and to prioritise accounts based on how many tokens they hold. Accounts that hold VET tokens earn THOR tokens as a reward, and THOR is used to pay for dApp services on the blockchain.
- The new blockchain will be maintained and built with Thrudheim masternodes that require 250,000 VET tokens to qualify the be the most influential nodes that stand to earn the highest reward. Mjolner nodes (150,000 VET), Thunder nodes (50,000 VET), and Strength nodes (10,000 VET) are also economic masternodes of varying sizes that stake tokens to build the blockchain and receive voting power on important decisions.
- The VeChain Foundation is a not-for-profit organisation based in Singapore that is directed by the Board of Steering Committee to sponsor Vechain in its commitment to developing governance, promotion, and transparency on behalf of its stakeholders.
- Sunny Lu is the CEO and founder of VeChain. Lu has previously served as an IT executive in Fortune 500 companies for over 13 years and is the former CIO of LV China.
- Jianliang Gu is the CTO of VeChain. Gu has over 16 years experience working as a hardware director for ALCATEL and Blackberry, as well as having 149 mobile communications patents to his name.
- DNV GL is a leader in global assurance and risk management providing corporate audits, advisory services, software solutions, and certification.
- K&G is the largest global sea freight forwarder, and second air cargo distributor in the world. VeChain will be working with K&G to smart-track its shipping parcels.
- The China State Tobacco Monopoly Administration and the China National Tobacco Corporation will work with VeChain to provide smokers with the ability to track tobacco products through the entire supply chain to combat counterfeiting.
VeChain Review: The Good
- It was one of the first blockchain businesses and has offices in China, France, Singapore, and Japan, and much experience gained with an expert team from long-term development.
- It helps to identify genuine products and disempower the counterfeiting industry which is an invaluable service to big industries.
- It has strong industry and government partnerships.
- It is a co-operative technology rather than a disruptive technology.
- It has an effective marketing campaign that is transparent and stays connected to its community.
VeChain Review: The Not So Good
- It has a lot of promising competition to contend with, including WaltonChain, Modum, and WaBi.
- It is still in development. For all of its promising solutions and partnerships, it is yet to have a working product.
- VeChain (VEN) will be soon rebranding to VeChain Thor (VET) in 2018. This will coincide with the launch of their own blockchain network that will be very similar to the Ethereum network.
- VeChain cross chain side chain implementation in 2018.
- Further expansion of the VeChain Thor ecosystem in 2019.
VeChain is one of the first ever blockchain based businesses that has developed an expert team with more experience than most other projects. In my opinion, it’s product tracking and identification solutions are one of the few legitimate problems that Blockchain can solve. If VeChain can develop the technology it promises and develop the relationships needed then it could very well have a winning business and technology. However, with equally promising projects that are competing for similar solutions, it is still too early to tell who will come out on top.
The current VeChain price, market cap and charts.
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: www.exodus.io
WaltonChain (WTC) – A business ecosystem blockchain..
Modum (MOD) – A supply chain on the blockchain.
WaBi (WABI) – RFID tracking on the blockchain.
Ethereum (ETH) – dApp platform,