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VeChain (VET): So Much Utility

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Written by   28
1 year ago

I hear about VeChain all the time on Twitter as people are constantly shilling it as a low cost gem in the crypto-sphere. In the past I have even held VeChain, but never really bothered to understand anything about it except the price in USD. After doing a little more in depth research on the token and the goals of the team, I am really excited about what the future holds for this group.

What Is VeChain?

VeChain is the token that represents value for the VeChain network, a trustless and distributed "business ecosystem" platform. The VeChain platform is seeking to bring transparency back into business for stakeholders by providing what is described in their whitepaper as a 360 degree view of the entire operations for a given product. With VeChain technology, anyone who is a stakeholder in a company could get live information on any part of the production and distribution processes. They use blockchain technology in harmony with RFID tags to provide accurate tracking and measuring of product quality and timing in distribution.

The VeChain network is seeking to be a scalable solution for transparent organization and accountability. The VeChain token itself is used to create and deploy smart contracts on the chain related to product development and distribution. Their protocol helps to reduce (and eventually eliminate) the need for middlemen in the distribution process; VeChain is seeking to automate the supply chain. Transactions on the network burn an 'energy' token called VeChainThorEnergy (VTHO) in order to be completed. The separation of VET and VTHO seem to have been done in order to promote scalability, something that Ethereum could likely benefit from learning about.

The founders of VeChain are seeking to find a balance between centralization and decentralization as evident from their governance protocol. They use a proof of authority concept to run the network via master nodes. There are 101 of these nodes that are tapped to reach a consensus on protocol decisions and you must be KYC verified to run a node; something that makes sense to me personally as businesses typically aren't run anonymously. A business seeking to use VeChain's technology will likely have a very transparent leadership team and thus the KYC here really just seems like a security measure in my opinion that makes sense.

VeChain Goals:

  • Partner with existing agencies and corporations to make their businesses better and more transparent. Businesses currently include PwC, Deloitte and Cointelegraph.

  • Enabling the collection of data on the blockchain from physical products for efficiency purposes. Examples include measuring temperature on a pharma delivery or measuring the speed of a delivery truck.

  • Create an immutable ledger with almost zero transaction fees.

  • Create a system for voting to be done by stakeholders of a business that is immutable and transparent.

  • Create a mobile wallet for convenient interoperability.

  • Create a chain of immutable data that is easily accessible to all relevant stakeholders of a company.

  • Improve company efficiency by providing a network to instantly update and share company related information.

Where To Buy VET?

  • Binance

  • Binance.us

  • Huboi

  • Kucoin

  • Uphold

  • Bittrex

  • Gate.io

  • Bitfinex

  • Crypto.com

Likely more places as well.

Conclusion

I think that VeChain has a lot of utility and could be something that a lot of businesses decide to use in order to acclimate to the coming world of blockchain technology and web 3.0. I can't make any prediction for the price, but this is a project that I personally think could be very successful as the use cases are endless when thinking about how much goes into a supply chain. The transparency for stakeholders is something that has not been there in the past, and once they get a taste of it I can't imagine they will want to be without it again. Oh and the tokens are around 11 cents each. NFA

Source: https://www.vechain.org/whitepaper

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