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Target Locked on VeChain (VET)!

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Written by   51
1 year ago

So for those who have been with me all throughout supporting my craft, weirdness, free speech, or whatever you may call it. You probably checked out some of my articles that talked about investment ideas or cryptocurrencies (especially if you also subscribe on my noise.cash page).

Now, I've been having this regretful realization and asking myself why? Why only now that I've found about VET aka VeChain, and why did I miss it on my radar? Since I already have you in my sights, there is no escaping now!

Let me talked about VeChain first, what it is, and if it is a good long-term investment or not?

What is VeChain?

VeChain is a blockchain-powered global business-focused Public Blockchain. VeChain has focused on building a business ecosystem with distributed trust. Totally different from the other cryptocurrencies that revolve around making money out of nothing, this is a unique project built for one sole purpose: "Building Trust".

The beginning...

Vechain was actually started in 2015, and in two years since its conception, it has created a great reputation among the investors. And with this reputation, it has become something that's hard to ignore, especially if you are not from China. However, after many people have realized its potential, VeChain now being listed on many exchanges and exchanges moved slowly.

But how did all this happen?

The beginning of VeChain

VeChain originated from a combination of the words "Verification" and "Chain". Both are a part underneath the VeChain Foundation. This foundation is also responsible for managing the VeChain community, marketing, developing partnerships, and offering grants to third parties within the VeChain ecosystem. The first one was founded in Shanghai, China in June 2015 by Sunny Lu and Jay Zhang. Two individuals who had many years of experience in their respective careers. I won't be elaborating about their background since you can read it yourself on their website or by researching more about them on Google. The first prototype was a smart chip called V1.0. This was used to track the wine from the producer to the consumer. By utilizing NFC, QR codes, and RFID chips, it was able to maintain the product's entire lifetime record. Moving forward there will be an Open Blockchain Platform and a Distributed Data Vending Application. These two things have been already developed by a third party but may soon be integrated into VeChain Thor for easy access and usage by developers and companies all over the world.

VeChain Token (VET)

The native token of the VeChain Blockchain is VET or VeChain Tokens which is used for transactions on their blockchain.

The Supply

50% of the total supply is to be allocated to the VeChain Foundation. Another 25% will be distributed to third-party companies that have partnered with the VeChain blockchain. While 15% remains unallocated for smart contract development and promotion of VET within the community. The last 3% is used for VeChain's airdrop and bounties programs.

Public Blockchain? Not so fast...

VeChain is described as a Public Blockchain since it's open for everyone to join. However, as far as I know, VeChain has gone through a lot of trouble in securing partnerships with enterprises and financial institutions. Although by having those connections they are still technically a public blockchain but not entirely that.

So why would companies use this platform?

How can VeChain help them?

VeChain can help companies by offering them transparency, traceability, and security at the same time by making each product unique and assign an immutability code to the product inside their system. This code is then linked to the blockchain by scanning through the product's QR code or NFC tag. While this may sound very similar to what other startups are doing in regards to traceability and immutability, being a part of the VeChain ecosystem makes products within VeChain more marketable and more valuable.

How does it work?

It works by utilizing RFID chips and NFC tags in its products that have been already embedded into the products. This technology not only allows you to trace products but also their history matching your purchase with all things that were done for it (from production time until delivery) with accurate information like price or any other information on that product. All will be recorded on the blockchain where you can then share this information with others.

Where do VeChain products stand in the market?

The VeChain enterprise-ready platform has already made partnerships with McDonald's, BMW, Renault, and a few others. By utilizing RFID chips and NFC tags in all their products, they are able to record each product from production time until consumption. At the moment of purchase is when they record that data by scanning a QR code or NFC tag to allow them to know each detail about that product except the price.

How good is it?

It is very good; many people already concluded that it's pretty good considering how big companies like BMW and McDonald's have already partnered with VeChain.

Where can I use it?

You can use VeChain at various places; some are online like on the VeChain's website to buy things while others are offline stores. But for now, if you want to buy something online with their platform you can only do that with the VeChain tokens. You will be able to do those transactions by using a web wallet or through the ledger app.

VeChain Thor

This is what we were waiting for! The new and improved version of VeChain aimed at allowing businesses to connect and transact through their blockchain which was created later on in their roadmap called VeChain Thor.

In short, what is VeChain Thor?

VeChain Thor, also known as VeChain 3.0, is a blockchain that allows enterprises and businesses to connect with one another via their own token or chain. The blockchain itself is not public or private but is somewhere in between. Just like the name tells us, it's a twin process of what VeChain was built for which is doing business through the blockchain while being able to connect with other corporations through their own blockchains or tokens. It helps them by giving them a platform where they can transact freely with one another in an environment that offers high levels of security and transparency.

What's the difference between VeChain and VeChain Thor?

VeChain is an enterprise-ready blockchain platform that helps businesses in building their own private chains while allowing them to transact with each other through VeChain tokens.

VeChain Thor is the new version of the VeChain platform which has been upgraded to allow corporations to have their own public or private blockchains with their own token. This new blockchain is then recorded on the main chain (which is a part of VeChain thor). In short, all companies that are using VeChain thor will have their data stored on a single chain so that they can be able to do transactions with one another.

The major difference between VeChain and VeChain Thor is that the new version of the VeChain platform will allow other businesses to build their own chains and transfer hash power to them.

How much has VeChain gained in value?

VeChain started off as a startup in the blockchain sector which gained a lot of attention from large corporations such as PwC, PwC, and Deloitte. They were able to buy into their ICO which was valued at 1 billion dollars with only 14 million VeChain tokens being distributed.

At the moment, they are positioned as one of the top 10 cryptocurrencies by market capitalization which is valued at around 4 billion dollars.

What is VeChain music?

VeChain music is a blockchain application that allows people to get paid for the creation of their music. The way it works is that you can release your own song on the VeChain Music platform. Once it gets at least 50 plays, you will be able to get a share out of the profits that come out from every transaction of your song and also be able to get paid in VEN tokens by playing it on radio stations, streaming services, and more.

Basically, what VeChain Music does is gives musicians an incentive to create quality content so they can receive profits from their songs once they are released because the more people listen to their songs and buy them, the more money they will make off them.

Through this platform, users will be able to register their music and get paid for the time they have put into creating it. Then, after that, they will be able to choose how many times they want their songs to be aired from the various broadcasters on the platform. Once a broadcaster comes along and sees your song has been played enough times, they can stream it and add it to their playlist. The amount of money you can make is directly proportional to how many plays your songs gets.

In addition, musicians get rewarded with 40% of all the earnings made off playing their song on VeChain Music as well as a percentage of sales made off their album.

How does it all work?

The developers of the system have built-in a whole host of smart contracts within the VeChain blockchain that will be responsible for taking care of everything from collecting royalties to issuing tokens to investors.

The way it works is that musicians upload their songs and get paid, but only when they do. This is known as a distributed system, where each part is in total control of themselves and their own profit.

In order or decentralizing the music industry, it also means controlling every single aspect of it entirely.

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IMAGE REFERENCE:

  • https://boxmining.com/vechain/

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Written by   51
1 year ago
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