Vechain VET news today: The future of VET in the evolution of Economy
VET is a cryptocurrency developed by Vechain Company. VeChain is a community enterprise blockchain platform, built to connect blockchain technology to the real world. Its appearance has completely changed the face of moving products in the supply chain. Manufacturers easily use Vechain to manage, track and communicate product information to their consumers in an organized manner.
1.What is Vechain VET?
Vechain coin is cryptocurrency developed from 2015 by a group of Chinese IT experts. VET is developed by the platform and the company of the same name is Vechain, which is a blockchain platform created to be able to provide services related to blockchain for businesses to use for their products and services. Vechain Company was founded in Singapore in 2015. Vechain‘s blooming platform is built on Ethereum’s Blockchain with many improvements in DBGP, DMBSP, and DGIP protocols.
In early 2018, Vechain was in the process of rebuilding his brand, whereby the original name of Vechain Blockchain was renamedVechain Thor Blockchain. At the same time, VEN is renamed to VET.
2.Team behind Vechain VET
Founder of Vechain
Vechain coin is developed by a team of experts from various industries including blockchain technology, business and finance sectors. The main members of the group include:
– Sunny Lu graduated from Shanghai Jiao Tong University, majoring in electronics and communications. He has served as IT CEO at Fortune for over 13 years and is the former CEO of LV China. He started the VeChain project in 2015.
– Richard Fu: Marketing Manager
– Chin Qian: Channel director and Sales
– Jay Zhang: Chief Financial Officer
– Scott Brsbin: General Counsel
– Jerome Grilleres: Business development
3.Development history of Vechain coin
– June 2015: TPOC, design the first VeChain;
– January 2016: Ethereum TPOC approved, VeChain1 begins to grow;
– June 2016: VeChain 0.1 is launched. Basic smart contract, blockchain explorer, standard blockchain API, Android application, VeChain first generation of smart chip, first-time enterprise integration are all active.
– September 2016: VeChain 1.5 is launched.
– November 2016: VeChain 2.0 is launched. More smart contracts, DBGP, DBMSP and DGIP models.
– May 2017: VeChain 3.0 has initiated many collaborative business deployment missions in the luxury, automotive, agricultural and auditing segments.
4.How do VET work?
Vechain is aiming at is like the NFC technology of smartphones used to access the origin of any product at a store or showroom, including who the product was made by, where, and how to ship to the store or showroom you are looking for.
This will definitely be a great application to help customers confirm which products are genuine, which products are fake, poor quality. In addition to being able to help combat counterfeiting, Vechain VET also focuses on other areas for businesses such as supply chain management, asset management, connecting and enhancing customer experience.
VET will be the main currency in that platform, and all partners must use it to pay for products and services in that platform. That’s how VET work.
5.The benefits of VET
The main problem for businesses in information technology is the trust factor. It is difficult for parties involved in transferring sensitive information related to product development to trust each other. In addition, centralized storage of product information and other data makes it vulnerable to attack. Centralized storage also poses a threat of data being stolen or corrupted by unscrupulous factors.
With these concerns, developers of Vechain decided to create a platform where information can be stored in distributed, high-speed and transparent platforms. They are making changes, upgrading, and adjusting the platform strategy to meet the current needs and future challenges of the platform. In this way, they successfully maintain the integrity of the information and ensure that it is stored securely.
Vechain has also developed partnerships with a number of large companies around the world, including big names like Coca-Cola, IBM, HSBC, Alibaba, Oracle, Tencent and Cisco.
Future that VET’s aiming for
A not too distant future, you can use the smartphone’s NFC technology to scan any product in the store and see its entire history, including who it was produced by, when Where, where, and how to ship to where you bought it. This is the future that VeChain (VET) is aiming for.
In the real world, this technology has potential applications in many industries, including luxury goods, automobiles, agriculture, logistics and retail. For example, in the retail sector, blockchain can be used to prevent the entry of counterfeit goods and counterfeit accessories.
Another example, when we buy an item. By scanning its VeChain smart chip, you can instantly know its entire production and distribution process.
The services provided by vechain platform include:
– Smart contract development
– Manage private keys
– Payment service
– Development Wallet
With specialized options, VeChain platform has great potential to be widely used by businesses in the e-commerce and intensive industries.
6. Vechain’s development roadmap:
– 4th quarter 2017: BLACP, PBCP, DCCP, CHAOS operated, smart 3rd generation chip, asymmetric blockchain Checksum, VeChain deployed B-a-S-S cloud platform and many cases implemented business.
– 2th quarter2018: VeChain v3.0 works.
– 4th quarter 2018: VeChain v4.0 works.
7. Vechain VET’ features
- Vechain is one of the first blockchain companies formed in the world, has been developed by a team of highly qualified professionals.
- Vechain has been practically applied to industries such as wine and high quality products.
- When VeChain tries to achieve a balance between hierarchy and efficiency, VeChainThor blocking chain has integrated administration tools including voting and knowing your customers (KYC) to ensure that it is supported by Smart contracts, providing transparency and efficiency.
- VeChainThor blocks use PoA to maintain consensus among all blockchain buttons.
- The Blockchain consists of 101 rights buttons controlled by whitelist. All buttons no matter owned by organizations or individuals will have to meet the KYC requirements of Vechain, the super-security standard.
- The PoA consensus is more scalable for block CheckThor blockchain than the PoW blockchain.
- Based on Vechain‘s test, TPS can be up to 10,000 transactions per second. However, the string block VeChainThor will have 50 TPS based on the estimate of the transaction volume when launching the platform.
- Vechain designs the VechainThor blockchain to meet the needs of businesses and hopes more and more business and financial activities will operate on it in the future.
- Vechain has been providing blockchain projects worldwide and has branches in many countries such as Japan, France, Singapore …
- Provide great transparency, exchange information in an organized way.
8. Vechain VET’s partners
The Vechain platform is an entity responsible for all research, technology development and networking-related tasks. In addition, the Vechain Foundation also contributes greatly to overall business development by encouraging support, forming good relationships and initiating partnerships with different companies that can benefit from block chain technology.
Currently, Vechain’s partners are:
Baby Ghost, China Unicorn, BitOcean, DNV GL, Directed Imported Goods, Microsoft, Renault, Xiamen Innov Information Technology Co. Ltd, Healthcare Co Ltd, Kuehne & Nagel, Jiangsu Printed Electronics Co Ltd, Hyperledger, MakeForGoods and PwC.
The United States is a leader in traffic Vechain.
9. Advantages and disadvantages of Vechain
– Strengthen trust in the supply chain
– Quality control
– Process of automatically tracking products
– Provide transparent and symmetrical information
– Semi-centralized model
– Talented team
– Clear route
– Strong partnership
– Low transaction fee
– Growing too fast
– Not completely decentralized
– Centralized administration
– Large amount of coins
10. What makes Vechain different today?
VeChain allows every aspect of a product, service or business cycle to be recorded and transmitted over a blockchain.
Blockchain VeChainThor is the core technology that many companies have used to build new business solutions. By leveraging trust in data and sharing information, businesses can collaborate to build solutions that were previously impossible to implement.
VeChainThor and VeThor
VeChainThor is the blockchain solution of VeChain, it is managed and operated by VeChain Organization. VeThor is energy powered network VeChainThor. A capture, transfer and non-smart transaction can be done without using VeThor. This allows the blockchain to protect itself from bad spam agents that make it inefficient.
Proof of Authority (PoA)
In networks based on the Proof of Authority (PoA), transactions and blocks are authenticated by approved accounts, called validators. The validators run the software to enable transactions by blocks. This process is automated and does not require the certifier to constantly monitor their computer. However, it requires computer maintenance (right node) not resolute.
Proof of Publication, Proof of Origination, and Proof of Audit
These evidence are things that VeChain can achieve. Those are the core reasons that you will choose a blockchain solution that proves an action or a verified item.
Proof of Audit:
When the changed data is recorded, it is verified that it has changed according to a set of rules and complies with the auditing standards set.
Proof of Origination:
Displays the source of documents or data held by labor or sensors that have completed a task.
Proof of Publication:
Verify that certain information has been published on a certain date or known by a party or system on a certain date.
By linking these three evidence, you can create time-lapse or history of a product, service or payment from its origin through any changes it makes.
dApps on VeChain
dApps are applications that are being built in VeChainThor and stands for Decentralized applications. Similar with Tronix (TRX).
VeChain Verified ID or VeVID is used to authenticate members of the system to help reduce bad players, as well as allow government and financial organizations to better protect their users.
A voting service used first by the VeChain admin model. Available for other general voting events that are logged into blockchain as government votes. Voting results will be audited by independent and certified partners on the blockchain.
The smart contracts on mainnet of VeChainThor. Smart contract certification covers different aspects such as the owner’s identity, the legitimacy of the purpose and the security of the source code.
is the first enterprise-class supply chain management solution presented on VeChainThor. It combines IoT technology, blockchain, artificial intelligence and cloud computing to help businesses use real-time assets, inventory and exported data.
11. Vechain’s competitors
VeChain is not the only company trying to integrate blockchain technology into the supply chain. Some competitors compete with Vechain like Request Network, Stratis, Aion, Orchid Labs, PIVX, QTUM, Vertcoin …
VeChain seems to be ahead of competitors thanks to a large partnership network. However, there are still many opportunities for many blockchain platforms in this space, because supply chains exist in most global industries.
VeChain not only has offices in China, but they also have offices in Singapore, France, and Hong Kong, plus a large number of international partnerships. The main challenge for VeChain at this point is that they have to prove that their blockchain platform is really good, meeting all technology needs from China.
12. Where to buy/sell and store Vechain coin (VET)?
Currently there are 7 major listed exchanges, most prominent such as Binace, Huobi, Bitfinex, Kucoin …
Vechain coin has been listed on a lot of exchanges, but the most transactions are still Binance and Huobi because of low transaction fees and many incentives.
Vechain news today , no matter where you transfer it. The transaction fee is 0.01 USD.
VeChain is developed based on Ethereum’s Blockchain according to ERC20 standard, so it can be stored on any wallet that supports the Token ERC20 storage. Some types of wallets can be used to store Vechain such as MyEtherWallet, Trezor, Ledger Wallet, ImToken, MetaMask, etc. in which MyEtherWallet is most used. And offline wallet you can use Trezor for high security.