The blockchain is revolutionizing our world as we speak. With all these different aspects into the limelight, we sure do need one for our industries too! Blockchains help us to make transactions anywhere with a small amount of fee.
We can also utilize their smart contract feature for making any project a huge success. With all these changes going around, a platform solely designed for our businesses wouldn’t be a bad thing, would it?
Definitely not! Just imagine a platform where our entire business network is getting connected with each other without any higher centralized authority.
What? Do you think it’s impossible? Obviously not!
A new name is rising to the top drastically as we speak. The name is VeChain (VEN)!
So, what is VeChain (VEN)?
Well, VeChain is new blockchain platform, which can bring all the industries together in one place.
Pretty cool, don’t you think? Let’s see ‘what is VeChain (VEN)?’ and how the system works.
What Is VeChain: A Different View for Businesses
VeChain (VEN) uses the decentralized structure of the blockchain to establish the platform. So, like any other blockchain technology, VeChain also has the basic structure of the core blockchain platform.
But the developers have upgraded the scales to a great extent. The platform is now a scalable, reliable and distributed organizational system running without the need of any central authority.
You will also get access to any information related to the products you are dealing with now. But you have to be a stockholder for that. VeChain allows an all-around view of any product. This level of access links different business operations, such as supply chain management.
Image Credits: VeChain WhitePaper
Just like its name VeChain, chains up all the parts of a business and ensures a fruitful outcome. Supply chain management can never get any easier than this.
Using VeChain to run the protocols would mean 100% transparency between a customer and a business organization. So, there’s no room for scams anymore!
Isn’t that great?
I’ll analyze their network and working process more in this ultimate beginner’s guide: what is VeChain (VEN) to clear things up.
VeChain’s History and Team Qualifications?
VeChain’s journey began back in 2007. The coin just launched recently in 2014. In its early state, it tried to create the blockchain network to IoT in 2016. After that, it partnered up with many leading companies for doing business in logistics, luxury goods, food, drugs, and even agriculture.
Now VeChain owns their offices in Tokyo, Paris, Singapore, and Shanghai!
It was the first cryptocurrency to make a significant impact on the real-life world and ensured their deal with the Chinese Government.
Within just five months it ranked 16th among all the cryptocurrencies, which is a huge deal. It then rebranded as the VeChain Thor today (July 30) and finally established as a platform for business industries.
You know what? VeChain is the first cryptocurrency that didn’t have any negative returns in the first three months. Talk about the influence, right?
Instead of that, it gained more than 28% in April 2018.
VeChain is getting steadily improved by the team, and their central office is in Singapore. Sunny Lu, the CEO of VeChain (VEN) has quite the fame in the blockchain community.
Before VeChain, he founded another company called Qtum, which is one of the biggest sharks in the crypto market. He was involved with Louis Vuitton China.
The original team consists of 90+ employees, almost all of them are developers. The CTO of the group, Gu Jianliang has 18 years of experience in this niche. COO Kevin Feng, worked on many other tech projects along with VeChain over the 12 years!
So, you see every leading member of this team is highly qualified to make this a huge success.
I’m also adding more details about the recent launch of VeChain Thor in this ‘what is VeChain (VEN)’ guide.
VeChain Thor’s Launch: The Beginning of a New Era
As of today, VeChain has successfully launched their VeChain Thor’s MainNet. The first block was mined successfully at 08:00:09 AM. With this block, the new journey of VeChain begins. Other blocks are currently getting created by the 101 Authority Master Nodes.
So, for a few days, VeChain Thor will take up some time to be fully functional. The MainNet will now allow all the users of VeChain to handle their very own transactions and support decentralized applications.
After the release the CEO of VeChain, Sunny Lu, bid farewell to Ethereum. VeChain is the output of the inspiration from Ethereum. The blockchain technology even launched an Ethereum Virtual Machine t be compatible with all Ethereum based projects.
Although Ethereum inspired it, it still had its own set of codes for optimizing the whole industry and including different business mechanisms.
Some additional features were also added. But now, it’s finally free from Ethereum and is starting as a whole new entity.
Now let’s see what changes they made.
Image Credits: VeChain WhitePaper
What Is VeChain’s New Upgrade Summary?
- New VeChain Thor Blocks: The MainNet is up and running and currently producing a new block every fifteen seconds.
- The Migration: VeChain was a private blockchain after the initial launch in 2014. Right now, with the new release of the public domain, the network can finally migrate to a public blockchain. Every existing dApps will start the migration soon and add value to the whole system.
- Sync State: Windows and MacOS will allow you to look into the current state of the overall Thor network. You can see the VET tokens and VTHO balance from logging into the network. With this, you’ll be able to track the process of your account too!
The Token Swap
If you want to use VeChain Thor fully, you’ll need to swap your existing VEN token with VET token. So, you will finally get a VeChain based currency instead of an Ethereum based token. The token ERC20 VEN will now become VET.
The token swap will start in mid-July, but the dates could vary. First, the exchanges will swap their existing VEN with VET. The ration of the VEN swap will be 1:100. This means, for every VEN you will 100 VET tokens during the whole swapping process.
Why the increase?
Well, it’s to increase the total number of supply of VeChain Thor in the market. It will make it easier to access. Some popular exchanges such as Kucoin, Binance, and Bithumb stated that they would change the tokens automatically for their users. The users wouldn’t have to do anything to make the swap.
So, if you bought your VEN tokens from these exchanges, you don’t have to worry about the swap.
What is VeChain Thor Sync Client?
The Thor Sync client will allow you to access the primary network of VeChain Thor. It’s kind of similar to etherscan.io. With the client, you will get easy access for scanning addresses, transitions and even blocks available on the network.
Well, currently it’s only available on MacOS and Windows. You can also download it from Github Releases page.
VeChain New Wallet System
Now that it has its very own separate MainNet, it’s only logical for it to have a separate wallet for that. VeChain Thor now can send and receive VET tokens and Thor Power Token. The new wallet will keep your VET safe, and you’ll need to keep the backup key phrase to access it.
By August 1, after the swap completion, the X-node monitoring will continue and by the end of August VeChain Thor will integrate into hardware type wallets like Ledger Nano S.
VeChain Sheds Light on Real-Life Situation
Want to know how it works? Well, let me give you an example to clear the scene.
Now, the world is going through some major crises. One of the enormous challenges is to deal with substandard and counterfeit medicines. Imagine that a drug company in the U.S owns an exclusive patent for a drug.
The drug is only manufactured in the U.S and nowhere else. After producing the drug, it gets shipped across the globe. Let’s say some in Australia needs this drug.
To get this drug to him, it has to travel a great distance, not to mention the specific care it might need to keep it safe.
Image Credits: VeChain WhitePaper
Let’s the specifications are that it needs to get stored above zero degrees and below five degree Celsius. You also can’t send the drug by air, as the air pressure changes in air shipping. You’ll also need to make sure that the drug is authentic and comes from the credible source only.
So, how do you manage all these specifications accordingly? Can you ensure a 100% pure and authentic product without any human errors?
I don’t think so.
This is the situation where VeChain comes into play.
What is VeChain’s Solve for This Problem?
To deal with the situation, VeChain uses a different method. It digitizes all the process starting from the shipment to reaching the patient in Australia. VeChain will label every product with a particular unique ID that can’t be tampered with any more.
It will also assign the products with sensors and RFIDs. These sensors will record and even broadcast the products surrounding environment and condition. This information will get automatically logged in the blockchain network.
As the network is a public chain the stakeholders starting with the manufacturer, the supply partners, and even the customer will get the information from the system without any problems.
Image Credits: VeChain WhitePaper
So, the next time you order the product from overseas or any place, you’ll be able to see just where and how the product is!
I find this new technology or method quite intriguing actually. Just imagine how much time and money it would save in the long run, and also you’ll be able to get authentic products without any problems.
The Work Process
The manufacturers have to use a unique identifier that’s compatible with VeChain’s system on each of the product, during the packaging process. It’s kind of like a tracking device, which will also log in other information.
If you want to see the package, you’ll need the VeChain RFID reader app. The app works on every mobile, so the consumers will only need to log in and see where it is or if it’s genuine or not!
The trick is to place the tags at a particular time. If the manufacturers can set it when no tampering is possible, they won’t have to worry about counterfeit drugs anymore. This way no one will be able to replace the drugs or do anything to harm the contents.
With this, you can also monitor the temperature and air pressure too!
There’s a lot more where these came from.
VeChain Thor: The Superhero for Business
It’s not just about drugs. You can use the same methods to track other products. It’s a great revolution for the manufacturers, as they can now finally be at peace and get the proper channel they need.
Ethereum is also another great platform that uses a wide range of decentralized apps. Like it, VeChain also utilizes the blockchain platform. To do this, it uses cloud services with the Internet of Things (IoT) and ensures a streamline of business activities.
VeChain has already partnered up with a European leather luxury brand. The company integrates the NFC chips into their leather products and then ships to their customers. This way the customers can verify the authenticity by themselves.
Image Credits: VeChain WhitePaper
Not only this but they can also use in auto industry. The manufacturer will upload the car’s details on the blockchain network including spare parts, servicing and their authenticity.
They can also include any theft records or insurance policies along with the cars. So, with all these information being uploaded any party can use it such as the insurance company or the service partners and many more.
You can also use VeChain in the agriculture sector. All you need to do is enable the real-time data monitoring and surveilling equipment’s. Thus, you’ll get the highest level of output your farm can give you.
So, not only does it get rid of counterfeit products but it also ensures the best output possible.
VeChain Price Prediction and Status
After the initial ICO release, the prices swooped up unlike anyone else. Now the prices are stable and range from $9.45-$2.48, according to CoinMarketCap. Even though it decreased a bit than the last week, still it’s holding firm in the market.
Image Credits: CoinMarketCap
The token circulating supply is now 550,061,872 VEN, and the total amount of supply is 873,378,637 VEN.
With this massive amount of supply the industry now holds a capital of 1,364,477,980 USD! The market value is a big deal for a blockchain company!
VeChain now ranks at 17th among the 1597 cryptocurrencies. With its growth, it’s only fair to assume it’ll soon be one of the top 10 cryptocurrencies in the world.
The VEN/VET Token
Looking for the VEN tokens or want to invest in VeChain?
VeChain traders are all popular ones. The VeChain traders are Binance, HitBTC, COSS, and BIgOne. However, you can only buy this crypto with other cryptocurrencies like Ethereum or bitcoin.
Purchasing with direct fiat money still isn’t possible. The network has only 111 nodes across the world. With the release of VET, the swapping will occur in mid-July and after that, they will be available on the exchanges.
Before you couldn’t mine VEN. VEN was only available in tokens, and you can buy the tokens from different exchanges. You can also get your hands on the tokens from the yearly token sale. With the new public domain launch, you’ll likely be rewarded with VET coins based on the consensus algorithm.
As of today, only 41% of the tokens are already distributed among the stakeholders.
As they didn’t have any coins, they didn’t launch their designated wallet yet. Although the company announced that they would begin it in 9th July of 2018, still we have to wait for it to start. Till then, you can use Ethereum based wallets to store your VEN tokens such as Mist, MyEtherWallet, and MetaMask and wait for the token swap.
VeChain is slowly expanding the business reaching out to different organizations. One of their leading partners is PWC.
PWC is a renowned professional service platform. Together they want to launch a third party servicing platform for any participants.
The list moves on to DNV GL, a global assurance company. The list also includes DIG (wine importer), Renault (French car manufacturer), Jiangsu Printed Electronics, and many more.
So, what is VeChain’s motive to partner up with so many industries?
Image Credits: VeChain WhitePaper
Simple really. Along with PWC VeChain is strengthening their marketplace with every client. VeChain also partnered up with the Chinese Government. China will use it to ensure transparency in their construction plans.
They are still developing many cities and wants to utilize VeChain’s services for that. BMW has also confirmed an announcement of a partnership with VeChain. Some people claimed it was bogus, but BMW confirmed the statement.
The Competitors of VeChain
If you think it’s the only cryptocurrency that fuses blockchain with supply chain, then you are dead wrong. There are other competitions in the market. Stratis and Request Network also promises the same type of strategic system.
It’s only because of all the partnership VeChain is way ahead in the race. However, with supply chain being in almost all the industries, there will be new cryptocurrencies to compete with VeChain.
On the other hand, China never indeed accepted cryptocurrencies, that’s why most cryptocurrencies couldn’t get into this market. However, VeChain getting national-level access surely is a huge deal.
So, it’s safe to say for now at least they don’t have that much competition in the market.
VeChain is preparing a lot of milestones in this year. It will all start with their launch of v3.0. Their platform will get a massive upgrade. Also, they’ve already launched VeChain Thor in today (June 30).
This upgrade also means the technological upgrade as well. After the update, it’ll be much easier to create dApps for businesses.
After finalizing all this, they will take on two type of tokens VET (now VEN) and Thor Power Token. The primary token will still be VET (renamed from VEN), but users will get Thor Power token as a reward point.
The next upgrade will be in Q2 of 2018, which is version 4.
By far you know ‘what is VeChain (VEN)’ and how their blockchain works. If we compare it to other recent platforms, then VeChain always takes the winning cup. With time, the partnerships are growing, and VeChain is becoming one of the influential industries in the world.
The developing team is working hard, and it’s finally paying off.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research!