About VeChain

Digital technologies have long entered our everyday life, becoming an important part of it and changing it almost beyond recognition. It is no longer possible to imagine your life without modern technology. One of the innovations of the last decade has become cryptocurrency, which has long ceased to be a simple asset and has now significantly changed the world around it, forming the digital economy. In todays review, we will focus on VeChain, an innovator in the field of cryptocurrency projects based on blockchain technologies.

VeChain is a global cryptocurrency decentralized project that operates on the basis of its own blockchain and IoT technology. Initially, the VeChain digital currency received the VEN stock ticker, but later the project was rebranding, and the VEN token changed its name to VET. It should be noted that after the project switched to its own blockchain, which was named VeChain Thor, VEN coins were exchanged for VET tokens in a ratio of 1 to 100. VET coins are used by network users as a currency for making smart payments when conducting various business blockchain-based operations. It should be noted that those companies that have a larger number of VET tokens have a higher level of importance and receive more rights to the blockchain.

The project team states that the main task of VeChain is data digitization. During the implementation of this process, a kind of bridge is formed that connects the digital and the real world. Initially, the scalability of the project was realized thanks to the smart contract system and the digital code of Ethereum, but in 2018 the project moved to its own blockchain. The platform works with NFC chips, RFID tags and QR codes. The blockchain of the platform stores data about the manufactured product, product or service. The platform stores information about the authenticity of the goods, and is also used to track the supply chain.

The development of the VeChain cryptocurrency project began in 2015. The original idea was to create a platform to track the full path of high-end products from manufacturer to customer. However, the idea was subsequently revised somewhat, and the range of goods, data on which were entered into the blockchain database, was significantly expanded. VeChain is now focused on the entire business sector and is now a full-fledged Blockchain-as-a-Service platform that helps integrate modern technologies at the level of small and medium businesses.

An international team of over a hundred people is working on the platform, led by Sunny Liu, a renowned IT specialist and developer who has collaborated with many companies from the Global-500 list. The project intends to become a blockchain that will be adopted by enterprises and large companies. It should be said that this is a very realistic goal, because the platform has a good economic model and high scalability. VeChain strives to integrate IoT applications, lower operating costs and meet all modern technologies and user needs. The project has a promising Road Map, and in general it can be trusted, because before that, the developers met the deadlines, and were also the first in the cryptocurrency world to implement many technological elements and solutions.

VeChain features

The VeChain cryptocurrency platform is a project that initially focused solely on tracking supply chains. However, thanks to a strong team, many different capabilities have been implemented that allow not only to check the uniqueness and authenticity of any product or product, but also to fully trace its path, starting from the materials of manufacture and the place where it was produced, to the moment when the thing falls into the hands of the consumer. VeChain is a strong and promising project with many interesting technological solutions, of which it should be noted:

API Gateway Service (reverse proxies that connect clients and services) are special AWS services that perform complex calculations that enable developers to create, release, control, maintain, and secure APIs at any scale.
VeChain has formed a special system that can offer third party services to consumers. This means that, thanks to blockchain technologies, VeChain offers services for processing all types of financial transactions for any company.
VeChain has its own information store, which can store data across multiple nodes.
However, complex technological nuances are not always interesting for ordinary users, who are usually focused on results. The VeChain project has many useful tools, integrating them into their business, companies will receive obvious benefits. VeChain offers solutions to problems in many areas of human activity. It is necessary to take a closer look at the possibilities that the platform offers.

For example, thanks to the use of blockchain technology, the VeChain project has signed a cooperation agreement with one of the largest European companies that produces luxury goods. By introducing NFC chips into its products, the company can track the full history of each specific product, thereby protecting itself from counterfeiting. In order to verify the authenticity of any product, the user simply needs to scan the NFC through a special application that can be installed on a smartphone and find out whether the original thing fell into his hands or not.
VeChain technologies also provide ample opportunities for large companies in the field of logistics, because when using the blockchain, the process of exchanging data between different parties in the supply chain becomes much more comfortable and secure. It is worth paying attention to the fact that the use of blockchain technologies significantly increases the productivity of logistics processes, and is also the foundation for the implementation of innovative business models.

It should be noted that VeChain technologies can be used in the provision of government government services on the Internet. Many features of VeChain can provide free and most transparent exchange of data, as well as increase the speed of interaction between users.

Another important industry where VeChain technology can be applied is the food and drug industry. VeChain can digitize information about the manufacturer of products or drugs, and transmit the data to the consumer through scanning the code. As a result, the user will be confident in the freshness, composition and quality of the product that he purchases.

Providing consumers with detailed information about any product increases the level of trust in the manufacturer, which in turn increases sales. It is for this reason that the implementation of blockchain technology, as well as IoT, is in demand among both consumers and manufacturers.

How is VeChain created?

In the process of reviewing a cryptocurrency project, you should establish how VeChain is created and how you can get VEN tokens. Here it is immediately necessary to say that VET mining is not provided at all, since the system operates on the basis of proof of the PoA priority. All financial transfers are checked by 101 trusted nodes.

According to the development team, such a mechanism was formed in order to ensure a balance between centralization and decentralization of the entire system. You can get tokens for keeping them in your account, as well as for making financial transfers. However, for this you need to be a node (node). In order to form your own node, you need to own 250,000 tokens. This is an extremely large amount, and therefore ordinary users cannot qualify to participate in transactions.

But you can get tokens in a much simpler way. To do this, you just need to buy VeChain on one of the cryptocurrency exchanges.

Is VeChain endless?

Currently, there are many different digital currencies on the crypto market. Some of them can endlessly generate new tokens, others are issued in limited quantities. Speaking about the VeChain project, it is worth noting that the number of coins is not infinite. VeChain issued 873,378,637 coins, which were distributed as follows:

41% hit the market during the IPO;
23% - for partners who will integrate VeChain into their business;
12% are left for further platform development;
10% - to implement the strategy and support the systems performance;
9% - for private investors who advertise the project;
Developers will receive 5%.

Strengths of VeChain

Naturally, in the process of reviewing any cryptocurrency project, it is necessary to pay special attention to its main advantages, as well as consider its strengths. Undoubtedly, the main advantage of the VeChain project is the support of the Chinese government. Few cryptocurrency projects have managed to achieve this level, which means that VeChain is promising and promises to be stable and reliable. Also among the strengths of VeChain should be noted:

an experienced development team of over 100 people;
active development of the platform. Currently there are 111 nodes in 5 countries;
the use of advanced technologies such as the Internet of Things and blockchain;
a well thought-out Road Map, which the project clearly follows;
positive dynamics of the cryptocurrency exchange rate in the market, which attracts investors from all over the world;
scalability through the use of sidechains;
cooperation with many large organizations and companies, including such giants as Microsoft Corporation, Renault Group, BMW, BABYGHOST, DiG, PwC;
thanks to the use of the Cryptocurrency Disaster Recovery Plan (CDRP) system, the network is highly reliable and secure.
It is necessary to pay attention to the fact that this project is really promising, because it allows you to identify the original product and distinguish it from a fake. All that is needed for this is to install a special application on the mobile phone. Definitely, VeChain has an extremely high chance of being implemented in everyday life, because even if similar projects exist, their implementation is extremely weak.

VeChain in TOP currencies

To date, VeChain cryptocurrency is ranked 30th in the TOP digital currencies according to the CoinMarketCap platform. Total market capitalization $ 305,857,746. The daily trading volume of VET exceeds $ 107 million. The VET cost is $ 0.005510. Naturally, this price is not ideal, but given the fact that VET is the internal coin of the platform and is intended to pay for various operations within the ecosystem, this cost can be justified. It is also worth paying attention to the fact that the token underwent a rebranding only last year, however, its rate is almost stable, there were no sharp increases or decreases.

The VeChain platform has a strong and experienced team, an impressive list of partners, many investors and fans, as well as real plans to integrate blockchain into peoples daily lives. But its too early to talk about a high return on investment in the VeChain cryptocurrency. Taking into account the prospects of the project, as well as new technologies that the platform is introducing, some crypto experts believe that the VET token may grow in value. But it is worth noting that you should not count on this in the near future.

According to analysts, the project needs three to five years to fully develop. If VeChain is able to realize all its plans, then the platform will definitely take the TOP positions in the crypto market, but this takes time.