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Vechain is known as one of the most oldest and a very established blockchain projects in the crypto space, with its token, VET, that is currently ranked almost at the top 30 cryptocurrency by market cap. Whether you're new to cryptocurrency or a long-time holder, keep reading to know all about VeChain in the year 2021.
An enterprise-focused blockchain solution for the public, with a very high-profile partnerships under it. Because of it as an enterprise focus, VeChain is not a decentralized like the other blockchain projects. But that is exactly what makes it attractive to enterprises who prefer a centralized authority that they can hold accountable.
As a trade off for its decentralization, VeChain presents other benefits like low transaction fees, central governance and regulatory compliance from industries like agriculture to food supply and fashion. And for its use cases like anti-counterfeit, traceability, product life-cycle management and food safety, VeChain is working with heavyweights from different countries like Singapore, China, Cyprus and Australia for more advance enterprises adoption through blockchain.
Unlike Proof-of-Stake and Proof-of-Work, VeChain use PoA or Proof-of-Authority consensus mechanism. How this works is that a total of 101 Authority Nodes must hold at least 25million VET.
Even though all Authority Nodes known each other, its identities are remain unknown for the public, and this leads to some critics to point out the possible and potential risk of collution and centralization. Also, even though, Grant ThortonCyprus was just identified recently as an Authority Masternode companied with its already known Authority Masternode DNV-GL and PWC.
Like I mentioned above, what makes VeChain different from other blockchains is that it is enterprise-focused. Vechain market itself as a Blockchain as a Service or BaaS platform, with the VeChain ToolChain as its product.
Vechain ToolChain is used as a plug-and-play, off-the-shelf blockchain solution for all the enterprises that have very little to zero blockchain capabilities for development and will allow enterprises to finally start adopting the blockchain technology.
In being in the cryptocurrency space for a while, VeChain is obviously not short on big-name partners such as Walmart China, Shanghai Gas and Deloitte, along with its smaller but a very promising projects in the ecosystem like RealItems and Fresh Supply Co.
Vechain has the most prominent partnership to date is the Germany Risk Management Company called DNV-GL, who co-developed "My Story" - the blockchain-powered digital assurance solution with VeChain.
My Story is now being used by Italian wine producers to track and trace their wine's provenance.
Vechain is undoubtedly one of the most unique blockchain projects that have a feature of a dual-token system with VET as the main token that is used to be as a store of value, and VTHO as the "gas" that is used to pay for the transactions on the VTHOR blockchain.
This dual-token system allows users and its enterprises to have a flexibility to hold a VET token and also generate VTHO token or to buy VTHO from the market without the needs of holding any amount of VET. Those who holds VET will automatically generates a VTHO tokens with a rate of 0.000432 VTHO per day for every VET.
Just by holding VET in your own wallet, it will generate VTHO even while you sleep.
What VTHO and VET holders are watching out for, are the number of transactions everyday on VeChain's mainnet. The more complex and higher the transactions, the greater the amount of VTHO will be burn.
But if the mainnet of Vechain begun to process millions of transactions everyday, the dual-token system will kick in and it will cause both the price and demand of VET and VTHO to increase.
Currently, the mainnet is burning an average of 7million VTHO a day, with the biggest smart contracts attributed to Walmart China, VulcanVerse, DNV-GL and Shanghai Gas.
Blockchain obviously is still in its very early stage, but the roadmap of Vechain is already in full play with 2021 that is set to be a very big year for companies that have greater adoption for global enterprises.