I. What is Vechain?
VeChain is a blockchain platform that aims to leverage decentralized technology and the Internet of Things (IoT) to deliver business applications, mainly in the field of supply chain management: providing tracking capabilities tracking, quality control, inventory management, and more.
Specifically, Vechain seeks to change the traditional complex supply chain with more efficient methods, traceability and transparency in the industry, while cutting operational costs.
II. History of Vechain
The VeChain project started to be launched back in June 2018 and has been heavily promoted since then, attracting a lot of partners to join its ecosystem. In fact, hardly a month goes by without Vechain announcing a new partnership or business adopting VeChain technology.
III. Applications of Vechain
The Vechain platform is applied in many different fields, such as:
Verification of the origin of goods: By combining blockchain technology and proprietary smart chips, Vechain allows manufacturers to track products in the most optimal way.
Logistics: The platform provides the ability to improve the Logistic system by tracking products. At the same time, helping businesses always update detailed information about goods accurately, quickly and completely.
Vechain is created to track Identity or VID to track products. Products can be written with QR codes, proprietary RFID chips or NFC (Near Field Communication) tags.
With the use of VID technology, manufacturers can integrate the real-life business world into Vechain’s platform. In addition, consumers will also know all information about the product they are using from the origin to the time of transportation and delivery.
In addition, Vechain coin also has another unique feature that is to report to users when there is a problem related to the quality of the product, causing harm to consumers.
IV. How Vechain works
The Vechain blockchain works not much differently from other business-enabled blockchain platforms. Accordingly, businesses need to use a Blockchain-as-a-Service (BaaS) product that fully integrates Vechain’s functions, which is essentially the Vechain ToolChain toolkit. This toolkit allows easy deployment of mining operations right on the blockchain.
In addition, the Vechain platform also integrates smart contracts. Every transaction on this platform can perform multiple tasks at the same time.
In particular, Vechain does not require users to hold any cryptocurrency but is still allowed to trade. As a result, the user experience will be more perfect.
Vechain’s blockchain uses the Proof of Authority (PoA) consensus algorithm. This is an algorithm that allows users to authorize certain nodes to confirm transactions. This means that if you want to become an authorized node, you must own at least 25,000,000 VET.
(Operational structure of Vechain)
V. What is VET Token and Vethor Token?
1. Detailed Information about VET & VTHO
What is Vechain (VET)?
VeChain or VechainThor (symbol: VET) is a cryptocurrency (Native Currency) of the VechainThor Blockchain platform. Initially, Vechain (VET) was built on Ethereum’s ERC-20 standard. It was not until July 30, 2018, that Vechain (VET) was swapped to run on VechainThor’s Blockchain platform after they successfully launched Mainnet.
What is VeThor Token (VTHO)?
After the successful Mainnet Launching, VechainThor Blockchain has an additional token called Vethor Token (VTHO) coexisting with the VET coin. VeThor (VTHO) has a function as a “gas” fee in the VechainThor Blockchain network. You can simply understand that VTHO is similar to GAS in NEO’s Blockchain.
- Vechain (VET) Coin Basics
- Ticker: VET.
- Blockchain: VechainThor.
- Standard tokens: VIP180, VIP181.
- Token type: Coin.
- Avg. Transaction time: 10,000 TPS.
- Avg. Block time: 10 seconds.
- Total Supply: 86,712,634,466 VET.
- Circulating Supply: 55,454,734,800 VET.
2. VET TokenAllocation
Vechain’s total supply (VET) will be divided according to the following ratio:
- 41% were released to the market through a token sale.
- 9% will be held by Private Investors.
- 23% is held by Enterprise Investors.
- 5% belongs to Co-founders and Vechain development team.
- 12% is the operating budget and technology development.
- 10% is used for Vechain’s business development.
3. Distinguish VeChain (VET) and VeThor token (VTHO)
VeChain’s Blockchain platform has two forms of tokenization.
To put it simply, VET is the pure token or native token of the VechainThor network.
And VTHO is the GAS fee in VeChain’s Blockchain.
In addition, VTHO can support payment transactions and smart contract execution on VechainThor’s Blockchain.
4. Use Cases of VET Token
Vechain (VET) will be used for 3 main purposes in VechainThor:
- VET is used as a means of payment (Smart Payment Currency).
- Enterprises use VET to operate business activities running on VechainThor Blockchain.
- The more VET businesses hold, the more rights they have on VechainThor Blockchain.
VeThor Token (VTHO) has the role of supporting payment transactions and implementing Smart Contracts on VechainThor’s Blockchain network.
VI. How to earn & own VET Token?
There are quite a few CEX and DEX exchanges that help users own VET as well as VTHO tokens, maybe to a few prominent names such as: Binance, Kucoin, Okex, Bitfinex, Huobi, etc
VII. Which Crypto Wallets are suitable for VET Token?
Depending on your need to use Vechain coin, you can choose the appropriate wallet type, specifically as follows:
- Cold Wallet: Suitable for Traders who want to store VET coins for a long time and with few transactions. The wallets you can find are: Ledger Nano S, Ledger Nano X, etc
- Software wallet: It is recommended to use Trust Wallet for safety
- Exchange wallet: Suitable for regular traders. Some reputable exchange wallets that you should know are: Binance exchange, Huobi exchange, etc
VIII. VET Token Recent Developments
- Explanation of (Project Token) growths recently
IX. Teams, Funds & Partners of VET Token
1. Team
The team behind VeChain is the VeChain Foundation, an organization established in Singapore, that manages and maintains this project.
- Sunny Lu is the CEO of VeChain and one of the founding members of VeChain. Before founding VeChain, he was the CEO of Louis Vuitton China. He has over a decade of experience working for Fortune 500 companies in IT executive positions.
The team behind VeChain is the VeChain Foundation, an organization established in Singapore, that manages and maintains this project.
- Jay (Jie) Zhang is the CFO at VeChain. Due to the hack that occurred in December 2019 he took full responsibility, and is said to have resigned as chief financial officer, although the VeChain website still lists him as the project’s chief financial officer. . Before joining VeChain, he worked at Deloitte and also has more than ten years with PwC.
- Kevin Feng is a partner of VeChain and serves as the COO of the project. He has over 12 years of experience working at PwC. His expertise is in cybersecurity and risk assurance, and driving the development of PwC’s blockchain services.
- Jianliang Gu is CTO at VeChain, from the R&D center of TCL & Alcatel. He has more than 16 years of mobile software and hardware development experience. He has accumulated more than 100 patents in the field of mobile communication.
2. Partners
The success of the Vechain project depends largely on how many partners use its platform. And it seems that Vechain (VET) also understands this, so they themselves are always active in creating partnerships.
So far, there are more than 30 partners that VeChain is testing with. And any of them could lead to a breakthrough and wider adoption of Vechain’s blockchain. Among them, the most prominent are:
PwC: allows VeChain to reach many companies across China and Southeast Asia, very beneficial in spreading information about VeChain.
LVMH: VeChain is developing a limited edition luxury items tracking system. The piracy and trademark infringement of these products is common, especially in China and Southeast Asia. With Vechain’s technology and LVHM’s popularity, this is a perfect partnership, good for both parties.
DNV GL: VeChain has developed a blockchain-based solution they call MyStory. Using this dApp, consumers can learn about the story behind a bottle of wine: from the vineyard, to the bottler, to distribution, and to their store shelves. All this is done simply by scanning the QR code on the wine bottle.
BYD: A Chinese automaker where VeChain is working on dealing with carbon emissions imbalances. They build a dApp that will track and record the emissions data of millions of cars, buses, trains, and other vehicles into the public VeChain blockchain.
X. Where can VET Token information be updated?
Currently, Crypto users can fully consult, research, and analyze information about Vechain through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of Vechain and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
Conclusion
The top blockchain in the industry, Vechain is a project with a focus on supply chain management and business applications. Vechain (VET) is being widely implemented, and it is working with a number of significant partners.
Because VET is still quite speculative, the development of the Vechain initiative does not guarantee that the price will rise in tandem. Vechain is still a viable option for long-term investment since, all things considered, it is a coin with many positive attributes. VeChain will have a significant year in 2019 when it can introduce PoA 2.0, which will help it gain more users and grow in popularity. So, now would be a good time to add Vechain (VET) to your portfolio. Have a clever capital allocation strategy, though. wishing you luck with VET Coin.
The above is Meta Lion’s comment on the Vechain project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
