What is VeChain (VEN)?
VeChain prides itself on being the leading blockchain platform for information and products. It aims to create a business ecosystem which is trustless with a basis on blockchain technology. Vechain (VEN) is an Internet of Things (IoT) project that already has some functioning use cases for luxury goods. By connecting technologies like RFID, NFC, QR codes, or even bar codes to a blockchain, items can have a universally readable identity. This allows tracking of items from their origins to prevents counterfeiting. Buy VeChain (VEN) India.
How does it work?
Supply Chain Trust
VeChain uses a mix of blockchain technology and their in-house built smart chip to track items throughout their lifecycle. The smart chip can be implemented in different IoT items such as NFC chips, RFID trackers, or QR codes.
Although this may not seem like the most interesting technology, it serves an important role in ensuring product quality across industries.
Supply Chain Logistics
Beyond counterfeit protection, VeChain also improves logistics systems through simplified product tracking. In other words, logistics are complex and often includes several separate systems that vary across businesses. Because of this, tracking products in the supply chain can be a huge pain. This is especially true when data has to be entered manually or when switching between processes.
How does VeChain differ from others?
As one of the first blockchain technology companies found in the world, VeChain has had more time than other businesses to perfect its technology and deliver products that users truly want. Its standing in the industry also means that the vast majority of the VeChain team has years of experience.
Over the years, VeChain has proven itself with successful blockchain implementation in various industries, such as agriculture, luxury goods, and liquor. Additionally, VeChain is spread throughout the world with branches in Hong Kong, Singapore, and France, allowing for global implementation of projects.
At the end of 2017, VeChain announced plans for a rebrand to VeChain Thor scheduled for February 26th, 2018. VeChain Thor is going to move the company beyond the supply chain into Enterprise DApp solutions similar to Ethereum. The new platform will use two different tokens:
- VeChain Tokens (VET)
- Thor Power (THOR)
VeChain Tokens (VET)
Companies will use VET as the smart payment currency to run business activities on the blockchain. Businesses who hold more VET will be given higher priority and more rights on the new VeChain Thor blockchain.
Thor Power (THOR)
VET holders will receive THOR that they can use to perform smart contracts and run applications on the blockchain. This is similar to the way NEO produces GAS for its holders.
The base generation rate of THOR for VET holders is:
0.00042 THOR per VET per day
This is the minimum that the rate will be, and the VeChain Foundation will initiate votes to re-adjust it based on network usage.
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