VeChain (VEN) is a top performer on today’s cryptocurrency market. Perhaps this is because its rebranding is just ten days away? Set for February 26th, the rebranding is on the same day that LitePay is released. As the VeChain team ramps up for the big release, it seems investors are buying up VEN coins.
VeChain will be rebranded to VeChain Thor (yes, like the mythological God and Marvel superhero) and its coin ticker name will change to VET. All coins will be moved over in a 1:1 ratio from VEN to VET. VeChain Thor is to be a Blockchain-as-a-service format and seeks to build a trust-free distributed business ecosystem. The project is over two years old and is already a working product. Many governments, food/drug companies, luxury good stores and logistics companies are currently using the technology. These companies are able to track their items through a supply chain to ensure quality and authenticity. With foods and perishables, it helps maintain quality control over these food products.
How does it work? VeChain has designed their own smart chip that is placed within items. This smart chip tracks the item throughout its entire lifecycle; each item is held and kept on the blockchain. The company’s smart chip can be implemented in various IoT items such as QR codes, RFID trackers, and NFC chips.
This has been monumental for the luxury goods industry as the counterfeit luxury goods market is worth over $450 billion. This technology removes all need for personal trust and provides the data to the consumer.