VeChain (VEN) Cryptocurrency Review

VeChain (VEN) Cryptocurrency Review

VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model as well as advanced IoT integration, and pioneers in real world applications.

VeChain’s solution would first allow manufacturers to integrate Internet of Things (IOT) encrypted chips into every branded product they produce. This will first help with tracking the inventory during warehousing and logistics. The brand would later add and activate each item on the blockchain. This would allow potential customers to verify the authenticity of the items they wish to purchase and track them back to the very beginning of the production process. It also allows brands to track the trends of the goods’ second-hand markets.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

VeChain’s base token is VET. There are exactly 867,162,634 VET in circulation, with many of them remaining in the hands of the VeChain Foundation. A sum of 1 billion were originally generated for the token sale. The VeChain Foundation is important, and its governance is important, because of the method of “consensus” used in VeChain: proof-of-authority.

The project has a few significant partnerships in place. VeChain did a fashion show with Chinese clothing line “Babyghost” last year at Shanghai’s fashion week. There they demonstrated the ability to scan a piece of clothing that had a VeChain chip embedded, and to see a history of other models who have worn that exact piece in previous shows.

VeChain is a blockchain-based smart contract platform which focuses on business applications related to inventory quandaries and, more broadly, tracking. Like most smart contract platforms, VeChain relies on and currently requires Ethereum. In a late-Feburary, 2018 event, CEO Sunny Lu announced the platform would from there forward be called VeChain Thor.

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