VeChain... the public blockchain that derives its value from activities created by members within the ecosystem solving real world economic problems.
Have you heard of it yet? VeChain was recently mentioned in the Forbes Blockchain 50 event by Archana Sristy, Walmart Senior Director of Software Engineering, Blockchain, and Walmart Global Tech. Archana told spectators that VeChainThor, VeChain's public blockchain, was being utilized for Walmart China's food traceability platform. Salesforce is now looking to team up with VeChain with help on their CRM platform.
This is massive exposure for VeChain, but what is VeChain all about?
Let's take a look into VeChain and everything is has to offer!
I am not sponsored by anyone or anything mentioned in this article.
This is not financial advice. I am not a financial advisor.
Please do your own research before making any decisions before investing.
This article is meant for educational purposes only.
VeChain...Thor? Like the Marvel movies? Not quite, although VeChain does make leaps in innovation, partnership, and pricing like lightning. Founded in Singapore in 2015 by Sunny Lu, the original token was actually called "VEN". VEN was a token that functioned on the Ethereum blockchain. Sunny saw bigger aspirations for blockchain, and transitioned onto its own blockchain and underwent rebranding in 2018. This rebranding was completed and VEN because what we know today as the VeChainThor (VET) blockchain.
VeChain has been striving to provide blockchain-based solutions for businesses. It's now 2021, and they have taken massive leaps to achieve what they have set out to accomplish, and it's only the beginning.
The VeChainThor blockchain utilizes PoA (Proof-of-Authority) consensus, delegating specific nodes within the platform to complete and confirm transactions. The blockchain also supports smart contracts on their platform. Another key note is that the blockchain has a fully functional BaaS (Blockchain-as-a-Service) product called ToolChain. Businesses themselves can use this program to create their blockchain-based solution software directly onto the VeChainThor blockchain.
So let's talk about those business partnerships VeChain has already acquired, shall we? The list is massive, so I'll only cover some notable ones here! The hyperlink just mentioned outlines all current partnerships with VeChain and businesses around the globe if you want to dig deeper!
China National Level Partnership: China currently has an economic development zone ib West China that is controlled entirely by the Central Chinese Government. China's main focus here is cloud computing, data softwares, and, you guessed it, blockchain technologies. This is becoming a test zone for the utilization of high and innovative technologies to improve the efficiency of the Chinese government. VeChain is mandated to be Chinese government's blockchain technology partner to plan, design, and implement blockchain powered processes.
BMW Group: VeChain is aiding the BMW Group in a Startup Garage Program. They are doing this by testing a functional prototype with BMW Group to implement blockchain technology as a solution for storing vehicle data across the world. BMW seeks to provide traceability and security of their vehicle databases, and VeChain has the power to provide both with ease.
Shanghai Gas: Ever run out of gas while driving? Probably not... because you are always at the gas station refilling your tank. Shanghai Gas Group is a China-based company that produces, distributes, and sells natural and liquefied gas. Shanghai Gas uses the VeChain ToolChain, as I mentioned above, to track their delivery information and liquefied gas quality. This is all done on the VeChainThor blockchain. This helps the company maintain transparency throughout all levels of production with the use of a reliable database.
H&M Group: If you've ever been to basically any mall ever, you've seen an H&M clothing store. H&M is the second-largest clothing retailer with over 5,000 stores throughout the world. H&M utilized a tool that is ran on the VeChainThor blockchain to collect supply chain data for some product lines and this data is then shared with customers. Another cool keynote... Arket, another brand of H&M, has been using VeChain to track sustainable wool since 2018. Sustainable wool? Who would've thought!
Walmart China: Okay... settle down now. WALMART?! Yes, you read that right. Walmart! With the much needed help of VeChainThor, Walmart China launched the Walmart China Blockchain Traceability Platform. The tracking of 23 different product lines from source to store is made publicly available to consumers, setting a new level of trust to whoever is purchasing their goods. They can confidently purchase an item and trace it back to exactly where it came from and where it went along the way until it ended up on the shelf. Their main source of tracking is utilized with their food products. This VeChain-powered platform can only continue to rise as Walmart continues to grow and build new stores and warehouses, especially in China.
What else?
VeChain has two separate crypto tokens, VET and VTHO.
- VET (VeChain Token) is the token used for financial transactions completed on the VeChainThor blockchain.
- VTHO (VeThor Token) is the token used to power transactions on the VeChainThor blockchain. This is a "gas" token. If you are holding onto VET, VTHO is automatically generated for you to use on the blockchain. Gas price was recently reduced to 1% of the previous price, making partnership adoption more viable in present and near future.
As this article outlined, VeChain appears to be the blockchain of business enterprise. Some may even speculate it is the blockchain of the future. Having been around for only 6 years, VeChain has made substantial leaps in obtaining business partners and helping them solve their economic issues. They have done so while building a massive online presence and community at the same time.
Since VeChain's arrival into the crypto market, it's done nothing but prove to itself and everyone that the product works and it is highly sustainable. I haven't spoken to a single VET holder who doesn't believe in what the VeChainThor blockchain has to offer.
Will you be the next one to believe in it as well?
Current VET Price: $0.2363
Current VTHO Price: $0.02157
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