VeChain (VEN) Cryptocurrency Review! VEN aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, advanced IoT integration, and pioneers in real-world applications.
VeChain’s solution would first allow manufacturers to integrate the 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 things they wish to purchase and track them back to the beginning of the production process. It also allows brands to follow the trends of the goods’ second-hand markets.
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VeChain’s base token is a VET. There is y 867,162,634 VET in circulation, with the man remaining in the VEN Foundation’s hands. A sum of 1 billion was initially generated for the token sale. The VeChain Foundation and its governance are essential because of the method of “consensus” used in VeChain: proof-of-authority.
The project has a few significant partnerships in place. For example, VEN did a fashion show with the Chinese clothing line “Babyghost” last year at Shanghai’s fashion week. There they demonstrated the ability to scan a piece of clothing with a VEN chip embedded and see a history of other models who have worn that exact piece in previous shows.
VEN is a blockchain-based innovative contract platform that focuses on business applications related to inventory difficulties and, more broadly, tracking. Like most smart contract platforms, VEN relies on and currently requires Ethereum. In a late-February, 2018 event, CEO Sunny Lu announced the platform would, from there forward, be called VeChain Thor.
VeChain (VEN) Cryptocurrency Review
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