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VeChain

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Description

What does VeChain do?

VeChain combines IoT applications with blockchain technology to tackle real world business issues. Although the team plans on providing support for dApps in the future, they are currently focused on internal projects related to the supply chain management industry. They are creating smart chips to be placed at different points in the delivery process for goods. These smart chips can record data to the blockchain and trigger alerts to different counterparties.

The restaurant industry serves as a clear example. If a restaurant receives bad meat, their customers can become sick. If smart chips were part of the delivery process, then it could have been noticed that one of the vans transporting the meat was not set to a proper temperature, which caused the meat to spoil. Since data is recorded and processed live, the platform can be used both proactively to avoid issues and retroactively to settle disputes.

What is VET/VEN used for?

VET (which will be rebranded to VEN) is used to pay for fees associated with using smart contracts.

Once VeChain supports dApps, it will be rebranded to VeChainThor. When this happens, there will be a token called Thor Power (THOR) which will be used similar to GAS in NEO. THOR is the “gas” that pays for fees on the VeChain network. VET is still the currency which people can send to one another and hold to accumulate THOR in a dividend-like structure.

How can VET/VEN value appreciate?

Supply chain management applies to any physical business. This, along with their intention of adding dApps means the potential audience for VeChain is extremely large. If VeChain is the chosen cryptocurrency solution for businesses, then it is expected that the coin will increase in value due to high demand.

What is the difference between VeChain and its competitors?

VeChains biggest competitor is Waltonchain. Waltonchain is also integrating IoT support and hopes to appeal to the same business-oriented audience. A key difference is that VeChain is willing to do custom integrations to onboard new companies, while Waltonchain requires companies to adjust to their protocol standards. In this case, businesses may view VeChain is a simpler, yet equally effective network to integrate with.

  • Mainnet Launch: Not yet, expected to happen this year.
  • Consensus Type: Currently PoS. Soon to be changed to PoA
  • Total Coin Supply: 873,378,637 VET
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Description

What does VeChain do?

VeChain combines IoT applications with blockchain technology to tackle real world business issues. Although the team plans on providing support for dApps in the future, they are currently focused on internal projects related to the supply chain management industry. They are creating smart chips to be placed at different points in the delivery process for goods. These smart chips can record data to the blockchain and trigger alerts to different counterparties.

The restaurant industry serves as a clear example. If a restaurant receives bad meat, their customers can become sick. If smart chips were part of the delivery process, then it could have been noticed that one of the vans transporting the meat was not set to a proper temperature, which caused the meat to spoil. Since data is recorded and processed live, the platform can be used both proactively to avoid issues and retroactively to settle disputes.

What is VET/VEN used for?

VET (which will be rebranded to VEN) is used to pay for fees associated with using smart contracts.

Once VeChain supports dApps, it will be rebranded to VeChainThor. When this happens, there will be a token called Thor Power (THOR) which will be used similar to GAS in NEO. THOR is the “gas” that pays for fees on the VeChain network. VET is still the currency which people can send to one another and hold to accumulate THOR in a dividend-like structure.

How can VET/VEN value appreciate?

Supply chain management applies to any physical business. This, along with their intention of adding dApps means the potential audience for VeChain is extremely large. If VeChain is the chosen cryptocurrency solution for businesses, then it is expected that the coin will increase in value due to high demand.

What is the difference between VeChain and its competitors?

VeChains biggest competitor is Waltonchain. Waltonchain is also integrating IoT support and hopes to appeal to the same business-oriented audience. A key difference is that VeChain is willing to do custom integrations to onboard new companies, while Waltonchain requires companies to adjust to their protocol standards. In this case, businesses may view VeChain is a simpler, yet equally effective network to integrate with.

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