VeChain (VEN) is one of the quickly rising names to follow in blockchain technology. VeChain offers revolutionary blockchain as a service technology that solves a desperately needed problem in tracking goods from creation to delivery worldwide.
Why is VeChain Important?
The blockchain technology is growing exponentially in the number of products it is rolling out every few days, and in value as the market has been hovering over an astronomical $700 billion valuation since the beginning of this year. This marvel of a technology has come a very long way from its early days when it was scoffed-off by the establishment in banking and finance (to whom it presented its first challenge) as no more than a bizarre geek idea. Fast forward to the present, there is barely a sector of life and business that this intriguing technology does not potentially have one or two solutions for.
The blockchain technology has made breathtaking inroads and through some difficult moments last year was able to show a level of maturity that it was not previously characterized with. From health to insurance to the gaming industry, VeChain is moving from the talk and plans stage of its existence, to an implementation stage where it is now expected to deliver. One of the niches where this delivery is already well underway is in the supply chain industry, where Vechain has been making its own waves.
What is VeChain (VEN)?
Vechain is a blockchain based startup which has gone through its ICO and now is firmly implementing its goals within the supply chain industry of the world. It is an all-solutions platform which seeks to provide all stakeholders with the supply chain of goods as they move from one region of the world to another. They do this with a seamless, accessible, and ultimately trustworthy source of information on the quality and condition of goods as they make their way from the points of manufacture to their ultimate consumption ports.
Vechain’s goal is to provide companies whose goods travel across the world with a complete breakdown of the supply chain information and the condition under which their products are traveling. It also avails authorities and safety regulating bodies whose jobs it is to ensure that goods making entry into their jurisdictions are delivered in the best possible condition, access to incontrovertible information on the condition of such goods at each juncture before they arrive. Leveraging on the incorruptibility and the decentralization of the blockchain technology, VeChain is offering manufacturers, governments, logistics companies, storage facilities, distributors and retailers with the universal platform where they can effortlessly access the information they need on the transportation history of the product in focus. If you want to read an even more detailed description you can read the team’s whitepaper.
Features of VeChain
VeChain comes with a number of products and features tailored for certain sub-niches, they include:
- Luxury Goods Integrity Platform: One of the lucrative niches that the VeChain platform is already active in is in the luxury goods delivery business, where it helps the biggest brands monitor the delivery of their products to their esteemed clientele. In a business where reputation is everything and where manufacturers of the most expensive luxury goods are struggling with competition from cheap and believable forgeries from the far east. VeChain offers these brands with the opportunity of using their blockchain-enabled anti-counterfeit NFC chips which can be easily used by both the company and the end consumer to verify the authenticity of the product in question. With the blockchain technology, no counterfeiter can insert information on the blockchain of a fake chip or alter info presently on the blockchain to suit their fraudulent motives, thus assuring manufacturers that their products didn’t get replaced along the way and end users that they are getting exactly what they shelled out thousands of dollars for.
- Smart Agriculture: Another distinct sub-niche the VeChain platform is offering all-inclusive solutions to, is the growing area of Smart Farming. With the leveraging of the immutability of the blockchain technology, farmers using the VeChain platform now have a source of the most accurate data on the condition of their farms, with which they can use to improve their productivity. By merging cutting-edge IoT devices, to the decentralization and incorruptibility of the blockchain technology, farmers can now optimize the conditions around their crops to ensure the biggest harvests with the minimum possible damage to the environment. VeChain in the future could be used by farmers to lease out part of their farms to investors halfway across the world who can monitor the progress of their investment without doubting the validity of the data that is being passed across to them.
- Food and Drugs Standards Platform: VeChain as an immutable supply chain database is also leveraged to be used in providing consumers and authorities with a reliable data source on the movement of food and drugs. There are regions of the world such as the European Union, where the importation of drugs is conducted under the strictest standards, and as such the VeChain platform will serve as the clear and undisputable source where the authorities can know if the drugs being imported have been transported under the best possible conditions. With greater consumer awareness, the VeChain platform with its immutable database will serve as a portal with which consumers can trace the whole history of any food product they are buying from the mall, right from its actual date of production to the time it took to transport till the time they are about to buy it all in a seamless platform.
The VeChain Team
The Vechain team is led by Founder and CEO Sunny Lu, and as of the time of writing this the platform has over 45 world class developers on its team and continues to hire more every week. The incredibly talented team continues to grow stronger between internal developments and the partnerships they are securing to expand.
Useful VeChain Links
What is Next for VeChain? Implementation of Thor
VeChain is about to rebrand itself around Feb 26, 2018, followed by the launch of Thor in the 2Q, which will only increase the value of VeChain, and ultimately could increase the price of the coin immensely. This is also an opportunity to essentially set up a Masternode and be paid back in Thor. This concept is very similar to how NEO and GAS work. The base value of the THOR and how it is earned is as follow.
The base value of Thor to VEN is 0.00042 THOR per VEN per day
The amount of VEN you need to hold to run a nod can seem quite daunting at first but no matter what you hold you will still earn the base amount listed above.
- Strength Nodes – 10 day maturity period (minimum 10,000 VEN)
- Thunder Nodes – 20 day maturity period (minimum 50,000 VEN)
- Mjolnir Masternodes – 30 day maturity period (minimum 150,000 VEN)
- Thrudheim Masternodes – 12/21/17 maturity start date (minimum 250,000 VEN)
The three types of economic nodes (Strength, Thunder, and Mjolnir) receive rewards from the VeChain Foundation THOR pool in addition to the normal reward for holding VET.
There will be 101 authority nodes (Thrudheim) that will receive the same rewards as economic nodes plus an additional 30% of all THOR consumed by blockchain transactions. If you happened to get into VeChain early you could be in line for some massive returns by the end of the year and beyond.
Where Can you Buy/Store Vechain?
As of Jan 2018 you can buy VeChain on Binance and Kucoin. I have never tried Kucoin before but hold a majority of my Vechain in Binance currently. If you are looking for someplace other than an exchange to hold your VeChain until the nodes are available I recommend MyEtherWallet. If you want an added sense of security I would recommend a hardware wallet that can grant access to MyEtherWallet such as a Trezor http://amzn.to/2n2X2MO or Ledger Nano http://amzn.to/2F5eCXZ. I personally use the Trezor for all of my other holdings but you cannot go wrong with either one. Whatever you choose just stay on top of when Thor is released as you will need to move them into the officially support wallet to receive the rewards. I will be updating this post with information as that time gets closer.
Conclusion and Trends of VeChain
VeChain continues to trend upward at a rapid rate in the cryptocurrency and blockchain communities. Just look at their increased followings across all forms of social media over the last week.
Their value has defied the odds as being one of the few gainers throughout the large dips the rest of the cryptocurrency market is experiencing in the month of January.
While usually you should avoid buying anything at all time highs this may be one of the few exceptions to the rule as the ceiling for VeChain is expected to conitnue to rise throughout 2018 and could easily become one of the top volume coins traded over the next few months.