VeChain is among the handful of useful and well-implemented blockchain projects that has managed to get some recognition from the marketplace and establish its niche among the many startups. What was the reason VeChain achieved its goals and what are the next steps of the company?
History of VeChain
The idea for the startup VeChain was announced in the year 2015. The idea behind the project was to utilize blockchain technology to monitor the authenticity and origin of products, as well as to regulate the supply chain of foods and luxury items (according to the creators the project, counterfeit and counterfeit items are the most common in these categories of products).
The system’s operation relies on two fundamental components:
- smart chips, with the aid of which items are marked that allow the identification of an item as a particular unit;
- Blockchain Fundamentals include information on every product.
All the consumers or regulators must just scan a card or QR code to access all the data stored in the database, which includes the name, the date of production, and the raw materials used in manufacturing. The assurance of authenticity lies in the impossibility of altering the blockchain register and the complete security it offers against hacking.
This is how VeChain was able to resolve multiple problems simultaneously:
- Supply high-quality products for the consumers.
- Make it easier for screening products for government departments.
- Improve supply chain efficiency.
Rebranding and launching VeChain Thor
In the year 2018 The VeChain group decided in 2018 to broaden the scope of its activities and shift from logistics to the creation of the company’s personal Enterprise DApp Platforms that provide an array of tools for blockchain app developers. In order to achieve this, various protocols have been developed to improve smart contract performance.
The choice is made uncertainly as VeChain was not in a position to compete with major players (only Waltonchain and Modum work in the transportation and logistics sector). As it enters an entirely brand new marketplace, the company must compete against Ethereum, Cardano, and NEO and other seasoned players that have more experience developing tools for development.
However the project team comprises 60 experts with years of experience who are knowledgeable and VeChain continues to grow efficiently, adhering to the timeline. Additionally the company has also been given support by the Chinese government, and also entered into agreements with a variety of companies and suppliers of products.
Read more: CryptoKitties – take care of your cats during the game of cryptocurrency.
The cryptocurrency VeChain-VEN is utilized for internal settlements as well as trading on other platforms. The amount of tokens used totals 873 378 637 There is no prospect of mining. The company hasn’t announced its own wallet as of yet however you can put VEN into wallets.
- Nano S register.
It is also interesting to traders who are interested in the different platforms on which that this currency is exchanged. Some of the most well-known exchanges which are adding VEN to their listing are Huobi and Binanceas as well as a variety of smaller rooms.
Change to brand new blockchain
VeChain Thor plans the transition of the project to its own blockchain which will result in several technological innovations. So in particular:
- In lieu of the current cryptocurrency VeChain VEN, the cryptocurrency currently used by VeChain VEN Two currency types will emerge simultaneously:
- VET – used for settlements in contracts. As many VET there are the more rights that members of the network enjoys.
- THOR is needed for running apps or smart contracts. It is charged to VET owners in proportion to their savings
- Network operation is supported by nodes split into four levels:
- Force knots – knots for 10 days.
- Nodes for Thunder – 20-day nodes.
- Mjolnir Masternodes – 30-day nodes.
- Trondheim masternodes are masternodes that are permanently active.
There isn’t any details about the airdrop for VeChain as of yet, however the owners of the nodes that make sure their performance is maintained will be able to get the cryptocurrency THOR for free.
When the project has first launched the project in the year 2015, the price to purchase VeChain tokens was $0.25. However, as of the end of 2017, the VeChain token stood at $0.25 At the close of 2017, due to partnerships that were established and efforts by the team to expand and improve the platform, the cost was raised to $5.5. In terms of the future development of VeChain experts’ predictions differ, but the majority of experts suggest that the token will cost around $10 towards the end of the year.
At present, the value of the cryptocurrency is growing because of rebranding and a wider reach however, its ability to remain on top of the pack is dependent on the smooth switch to its own cryptocurrency and the stability of its operation. To make a profit keep up-to-date with the latest updates.