Singapore-based Vechain began in 2016 primarily as a supply chain solution company but has recently announced plans to evolve and is self-described as "the world's leading blockchain platform offering Blockchain-as-a-Service to enterprises for products and information".
Sunny Lu CEO and Co Founder also announced recently that Vechain is working on an industry standard platform to build ICO's, tools and dapps (decentralized apps) for enterprise level clients. They plan to offer the dapp platform in Q4 2018 and have recently completed a rebranding to Vechain Thor. THOR Power is similar to Neo's GAS and allows investors to earn a passive income.
VET uses a mix of blockchain technology along with an in-house built SMART CHIP to track items throughout their lifecyles. Smart Chip can be implemented in different IoT (internet of things) items like radio frequency identification (RFID) trackers and *NFC chips.
*A NFC Chip opererates as one part of a wireless link. Once its activated by another chip, small amounts of data between the 2 devices can be transferred when held close together.
This technology is the future for ensuring product quality across industries. One of the most talked-about examples is luxury name-brand items. Its estimated over 450 Billion dollars worth of these items are counterfeit. By placing a smart chip on an item, it removes the need for trust and tracks each step of teh supply chain.
Going way beyond counterfeit protection, VET greatly improves logistics system through simplifying product tracking. Logistics is very complex and often includes utilizing several systems that are not integrated efficiently. With Vechain Thor you simply scan the smart chip and gather the necessary information.
Partnerships Galore!
BMW, Renault, Oxford University, Kuehne & Nagel, Price Water Cooper, Jiangsu Printed Electronics, Liaoning Academy, Shanghai Waigaoquia Direct Imported Goods, BitOcean ATM's and more. These huge companies don't just partner with anybody, they are very particular about who they work with. And if that list isn't enough, for you Vechain also has multiple partnerships with the State Council of the People's Republic of China! (the Chinese government).
NODES
VeChain Thor utilizes nodes to maintain its blockchain ecosystem. Nodes receive THOR as a reward for maintaining the network. There is no minimum required to earn the minimum amount which is 0.00042 THOR per VET per day.
VeChain has a very strong team with over 150 employees. CEO Sunny Lu has a wealth of experience in IT and Information Security across luxury retails brands. His most recent role was at Louis Vuitton China as CIO and IS&T Director.
The First Blockchain Powered Fine Wine/Liquor Exchange
Vechain already has a working product through its connection with DIG (Shanghai Waigaoqiao Direct Imported Goods sales Centre Ltd.), also a government owned entity, using their NFC chip (a smart chip that is attached at sources and tracks data on whether the product is authentic, location, temperature, ownership etc.) to enable full and immutable traceability from source.
Vechain foundation is sharing financial reports on their Medium blog.
VET is currently utilizing and Ethereum token and will be switching later this year, mainnet launch is scheduled for June! Its going to be a very exciting year for VET. At the end of 2018 Vechain 4.0 is scheduled to go live, this will include commercial environment system integration with IoT and an "industrial blockchain cloud".
As of today marketcap is 2.25 billion. With all of the high-profile partnerships and ambitious growth plans, I'm expecting at least a 5x - 10x price increase this year and huge growth in the next 2-5 years. This is definitely one to HODL. Another great strategy is to use your THOR rewards to buy more VET.
At today's price of about $5 I think this is a steal and will have no
challenge
becoming a $100-$1000 crypto by 2020.
Disclaimer: this is just my opinion, it's not financial advice and I'm not a financial advisor. Please do your own research before making any investments.
PS. Follow me for more articles/videos on the highest-quality Crytocurrencies. Wishing you good health and great wealth!
Another solid post! I really appreciate that you're creating high-quality articles on high-quality cryptocurrenceis, very refreshing! Thankyou
Thank-you for your comment. I'm all about high-quality : ) PS, I really enjoyed your health posts, keep it up!
Thanks! I'm interested to see which is your next pick!
You got a 16.76% upvote from @luckyvotes courtesy of @dolphinbot!
Vechain for me is very exciting, with an obvious use-case, and clear path to adoption, having said that I only have so much money to invest, and I see a few other projects which I imagine will seem extraordinary growth as well which I currently hold.
The question ends up becoming "when moon?" haha
Truly though the question is whether coin A, will soar in value before coin B, because I expect both to soar, eventually.
Thanks for sharing. Upvoted and resteemed.
Haha, when moon? I say June! (when Mainnet roles out) and much more growth by December when 4.0 is implemented.. I feel very safe with Vechain because of all these massive partnerships, who else has that going on?! Iota has some but I can't get over how bad the wallet is, lol.
guys i need an advice. i know you're not a financial advisors and this is not a financial advice more like a friend talking to a friend. should i change all my TRX to VEN? or atleast a large portion of it? thanks for any response
Recently I had that same question and decided to sell half of my TRX for VEN, Komodo and HPB. I'll dump 1/2 of what's left if/when it gets to 0.10 and then keep the rest just in case it goes to a $1 or more one day.
thanks. will do the same
https://vechainthorcalculator.io/
Thanks for sharing!
If I understand, VEN -> THOR is like NEO -> GAS ? Right ?
It’s a good news, I invested in VEN just after the partnership with BMW.
YES
It’s really nice. 👌🏻😁
Excellent article! You've made VeChain very easy to understand!
Thankyou
Great post. helpful.
my @djamidjalal comes from indonesia, best regards me
Thanks!
I really like your post
Thanks!
You are welcome, friend
We hope the market goes back up soon
Yes, I think its starting too, Bitcoin as our fearless leader is on the rise, lol. 6 weeks of stagnation feels like forever in cryptoland but who knows what the next 6 weeks will bring.. Hopefully new highs!
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It is great really great article & useful valuable information for us..............
Really nice post, nd I am learn a lot from ur posts. I am also try my level best with the help of ur writings. Thx. Tryng this 1,
https://steemit.com/bitcoin/@ahmads/have-u-any-idea-what-is-bitcoin-ven-news
Thanks! My approach is all about giving massive value. I won't be writing everyday because it often takes me 2 hours to prepare a post. : )
Do you know if i need to do something before VET mainnet launches? i know that with EOS i need to register the tokens i have,etc... do i have to do something like that with VET?
@teutonium They haven't announced it yet. Also, Binance plans to support EOS mainnet tokens so you can simply have your EOS on Binance for the snapshot.
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Wow greate article!
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Man I am so bullish on Vechain for the long term https://steemit.com/vechain/@cryptorocko/vechain-to-usd100-in-2018-chinese-government-bmw-microsoft-rebrand-thor-price-prediction-analysis
Totally! : )
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STOPwow your article is very amazing, short, dense, and clear about cryptocurrency ..,
hopefully this great plan to build and run "the world's leading blockchain platform offering Blockchain-as-a-Service to enterprises for products and information" is fulfilled ..., success continues @grateful. I like this article and now I'm following you, thanks
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LISTEN TO THE AUDIO VERSION OF THIS ARTICLE HERE - cool idea TTS!