Singapore-based Vechain began in 2016 primarily as a supply chain solution company but has recently announced plans to evolve and is self-described as "the world's leading blockchain platform offering Blockchain-as-a-Service to enterprises for products and information".
Sunny Lu CEO and Co Founder also announced recently that Vechain is working on an industry standard platform to build ICO's, tools and dapps (decentralized apps) for enterprise level clients. They plan to offer the dapp platform in Q4 2018 and have recently completed a rebranding to Vechain Thor. THOR Power is similar to Neo's GAS and allows investors to earn a passive income.
VET uses a mix of blockchain technology along with an in-house built SMART CHIP to track items throughout their lifecyles. Smart Chip can be implemented in different IoT (internet of things) items like radio frequency identification (RFID) trackers and *NFC chips.
*A NFC Chip opererates as one part of a wireless link. Once its activated by another chip, small amounts of data between the 2 devices can be transferred when held close together.
This technology is the future for ensuring product quality across industries. One of the most talked-about examples is luxury name-brand items. Its estimated over 450 Billion dollars worth of these items are counterfeit. By placing a smart chip on an item, it removes the need for trust and tracks each step of teh supply chain.
Going way beyond counterfeit protection, VET greatly improves logistics system through simplifying product tracking. Logistics is very complex and often includes utilizing several systems that are not integrated efficiently. With Vechain Thor you simply scan the smart chip and gather the necessary information.
Partnerships Galore!
BMW, Renault, Oxford University, Kuehne & Nagel, Price Water Cooper, Jiangsu Printed Electronics, Liaoning Academy, Shanghai Waigaoquia Direct Imported Goods, BitOcean ATM's and more. These huge companies don't just partner with anybody, they are very particular about who they work with. And if that list isn't enough, for you Vechain also has multiple partnerships with the State Council of the People's Republic of China! (the Chinese government).
NODES
VeChain Thor utilizes nodes to maintain its blockchain ecosystem. Nodes receive THOR as a reward for maintaining the network. There is no minimum required to earn the minimum amount which is 0.00042 THOR per VET per day.
VeChain has a very strong team with over 150 employees. CEO Sunny Lu has a wealth of experience in IT and Information Security across luxury retails brands. His most recent role was at Louis Vuitton China as CIO and IS&T Director.
The First Blockchain Powered Fine Wine/Liquor Exchange
Vechain already has a working product through its connection with DIG (Shanghai Waigaoqiao Direct Imported Goods sales Centre Ltd.), also a government owned entity, using their NFC chip (a smart chip that is attached at sources and tracks data on whether the product is authentic, location, temperature, ownership etc.) to enable full and immutable traceability from source.
Vechain foundation is sharing financial reports on their Medium blog.
VET is currently utilizing and Ethereum token and will be switching later this year, mainnet launch is scheduled for June! Its going to be a very exciting year for VET. At the end of 2018 Vechain 4.0 is scheduled to go live, this will include commercial environment system integration with IoT and an "industrial blockchain cloud".
As of today marketcap is 2.25 billion. With all of the high-profile partnerships and ambitious growth plans, I'm expecting at least a 5x - 10x price increase this year and huge growth in the next 2-5 years. This is definitely one to HODL. Another great strategy is to use your THOR rewards to buy more VET.
At today's price of about $5 I think this is a steal and will have no challenge
becoming a $100-$1000 crypto by 2020.
Disclaimer: this is just my opinion, it's not financial advice and I'm not a financial advisor. Please do your own research before making any investments.
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