VeChain Background Information – VeChain Token (VEN) is a cryptocurrency token based on the ERC20 Ethereum platform that aims to connect blockchain technology to the whole World by providing a structured governance structure, a strong economic model as well as advanced IoT (internet of things) integration, and industry-leading innovations in real life applications. The original idea was to set the supply chain management on the blockchain thereby making it more integrated, efficient, lowering costs, and improving transparency. This idea morphed into a whole global enterprise solution using blockchain. VeChain aims tо build a reliable аnd diѕtributеd business есоѕуѕtеm, whiсh iѕ ѕеlf-сirсulаting and scalable. The current C.E.O. is Sunny Lu From China.
VeChain (VEN) is currently rebranding to VeChain Thor (VET) that will be used on the main net. It is currently trading at $4.55 USD with a market capitalization of $2.8 billion. It has a total supply of 873,378,637 tokens and a circulating supply of 525,899,138 tokens. Having been launched on June 2015, VeChain has been adopted in various enterprise industries such as cold-chain logistics, automobile enterprises, medical & healthcare systems and Luxury & fashion enterprise systems.
Currently, the Dapps (decentralized applications) running on the VeChain Token utilize an escrow-like system that holds funds until the other user receives their ordered goods/services. There are also Dapps in use by companies such as the Shanghai Waigaoqiao Direct Imported Goods (DIG) that facilitate the tracking of produced wines thereby eliminating counterfeit goods in the market. This has helped the company save millions of sales lost through counterfeiting.
Features of VeChain Thor Blockchain and VeChain Thor (VET) Token
The VeChain Thor blockchain is set to support smart contracts, KYC (know your customer) features and governance features such as voting. The VET (currently on Testnet) is based on a Proof-of-authority (PoA) Protocol. VET blockchain is set to launch at a maximum of 10,000 transactions per second (TPS) and settle based on the traffic usage to about 50 TPS. It will apply a two-coin system serving VET and VetThor, with VET as a store of value and VetThor as the currency for meeting the underlying cost of using VeChainThor blockchain and settling payment transactions as well as smart contract fees.
Once The main net is launched, all VEN holders are going to swap them for VET tokens at a ratio of 1:1. The VET tokens are going to generate VeThor (VTHO) tokens on a daily basis. For users who hold tokens on exchanges, the VeChain Thor team will organize with the exchanges on how to distribute the generated VTHO tokens.
VET will be the store of value while VTHO will be used to pay for transactions and apps. All users holding VET will get the generated VTHO for free and then use it to pay for transactions and applications just as NEO holders get Gas. The mainnet is set to launch on June 2018. The more VET you own the higher your VET power, or simply put, the higher your VTHO generation and voting rights.
Dapps on the VeChain Blockchain
After the mainnet is launched, the VeChain Thor network will be ripe for developing dapps. These applications will make use of the VeChain blockchain to serve different enterprise purposes. They will be fully owned and controlled by the users. The VeChain team has already announced the first Dapp on the VeChain Blockchain. It shall be VeVid (VeChain Verified Identification). VeVid shall register, authenticate and audit the members’ identification data thereby serving as a KYC (know your customer) repository for all VeChain users.
There are other Dapps scheduled after VeVid such as VeVot for voting on the VeChain Blockchain and VeSCC for certifying smart contracts on the VeChain Blockchain. The VeChain Thor mainnet will prepare a fertile ground for developing Dapps for use on the VeChain platform. The VeChain team iterated that all smart contracts shall be customized so as to adhere to all jurisdictions in the world.
VeChain Blockchain Partnerships
Due to its impressive capacity to simplify trades, business, smart contracts, and store trade data as well as its flexibility, VeChain has made a lot of big partnerships that reach a global scale. These include, but not limited to:
*Price Waterhouse Coopers (PwC)
*Renault (Automobile manufacturer)
*Trusted IoT Alliance
*Michigan State University
*Shanghai Waigaoqiao Direct Imported Goods
*Kuehne + Nagel
Other partnerships are scheduled to happen including Oxford University Mathematical Institute as the official VeResearch program. There are also rumors of an oncoming partnership with automobile manufacturer BMW in 2018. This will employ Dapps that collect vehicle data such as mileage, consumption, location, system performance and usage.
The above-mentioned partnerships are an indication of how professionals perceive the VeChain Blockchain in general. Their willingness to partner even before the launch of the mainnet shows great confidence in the project. The nature of the companies signing partnerships with VeChain is diverse which implies that the solutions offered by this blockchain will span a global enterprise industry thereby making VeChain the most sought-after enterprise solution in the world.
Summary and Forecast
With all this potential, as explained in the sub-topics above, VeChain Token (currently trading at %5.35) may experience exponential growth based on confidence and informed research into its capacity and potential. Speculators expect it to hit $10 by the end of this month. Once the mainnet is launched in June 2018, the possibilities will be endless. This system will change the very fabric that facilitates global business thereby introducing p-2-p international business that is cheap, affordable, authentic, and cashless.
Major exchanges, especially in Japan, are listing VeChain on their platforms to facilitate the fiat-VeChain swap of currencies. Currently, VEN is available for trading on Binance, Liqui, Kucoin, HitBTC, Lbank, EtherDelta, COSS, and VNBIG exchanges. This has created the necessary liquidity to facilitate fast transactions and efficient use of Dapps. For the major partners who recently signed contracts with VeChain, they will all need VEN tokens especially now that the prices are low and the whole crypto market is recovering from the January dip. This implies that huge demand will pile up thereby raising the price of VeChain tokens. In addition, since VeChain has demonstrated its power to save producers millions of dollars in existing partnerships, more companies will be looking to apply the same technology to make authentic their supply chain systems. This comes with an added advantage of linking the producers with the end users of products.
In my opinion, if a company like D&G (Dolce and Gabbana) adopts VeChain, they would facilitate lower transaction fees, zero counterfeits, higher efficiency, easy tracking, and lower prices for the final consumer thereby expanding their sales and performance in the market. Now, the company I mentioned is a placeholder, insert any company there and imagine the possibilities. VeChain is a project that could rise above the size of Apple Inc.