Counterfeit goods might have been an issue for as long as the market of branded products exists. As a response to this, VeChain launched a technology that is revolutionizing the way we deal with fakes. The project is solving real-life problems, which is not a given in the crypto space – authentication, transparency, and effective manufacturing and delivery process.
VeChain coin is a cryptocurrency that operates as part of the VeChainThor blockchain. There is a lot to learn about this crypto and the special features it offers, so keep reading for more info.
Brief History of the Project
VeChain has come a long way since it was founded in 2015:
- June 2015: A series of technical proofs of concept (TPOC)
- January 2016: Start of the Vechain v0.1 development
- June 2016: VeChain 0.1v successfully launches
- September 2016: Release of the iOS version of the VeChain application along with the VeChain Dashboard
- November 2016: Smart contract templates and models for DBMSP, DBGP, and DGIP
- July 2017: Launch of VeChain Foundation
- June 2018: Launch of mainnet after amassing more than $1 billion in investment
- April 2019: VeChain Summit 2019
- August 2020: COVID-19 safety protection certificates through ToolChain
How Does VeChain Coin Work?
VeChain’s blockchain hosts two tokens to make transaction fees more stable – VET and VTHO. VET is the oldest coin on the blockchain. Its primary use is storage and transfer of value across the network.
VET also facilitates the governance of the platform. If you buy VeChain online, you have the opportunity to participate in future development proposals and vote for/against them. While doing so, you can be rewarded with VTHO tokens.
The maximum total supply of VET carpet at 86,712,634,466 tokens. By September 2021, 64 billion of them are already in circulation.
Example of Application for VeChain
Let’s say there is a chemical product that needs to be manufactured and delivered to a customer. But there is a set of requirements and difficulties along the way – regarding quality tracking, authenticity, storage temperature, and transportation medium. How do you make sure the chemical stays safe?
VeChain introduces smart chips and sensors that transfer all essential information about the product and how it is handled onto the blockchain. Authorized stakeholders can assess the data at any time. If the product isn’t stored according to a prescribed temperature range, the data about it will be immutable.
VeChain has established a number of partnerships over the years, including:
- DNV GL
- Walmart China
Future Outlook for VeChain
VeChain coin has a promising future considering the solid track record and strategic partnerships of the project behind it. There are also expected partnerships with BMW and Renault, not to mention the ever-expanding pool of companies using VeChain under PwC’s banner.
What gives VeChain a competitive advantage is the ability to solve real-world problems across a variety of industries. Even though the price of VET was full of spikes in 2020, it is gaining significant bullish momentum, as does the rest of the altcoin market. Some level of volatility is inevitable so beware of the risks. Overall, VET looks like a good bet for investors.