Vechain (VET) was born as an anti-counterfeit platform which aimed to fight the counterfeit problem of the products on the market.
The VeChain team and the VeChain blockchain, has been running for more than two and half years, during this time, they realized that their idea was weak and old and changed their original project goals.
Now it’s a completely different platform, with his own blockchain, their vision is the same as the start, building a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.
VeChain goal is to be THE PLATFORM to support blockchain-based business applications offering real economic and social value.
Here’s a good review video:
Speaking about partners, Vechain has worked a lot on this side, among them, we can find very important brands in different categories like BMW, Renault, LVMH Group (Louis Vuitton), BitOcean and many others, have a look here for a complete list:
Regarding features, after analyzing other blockchains like NEO and Ethereum, they realized:
- Most public blockchains lack a proper governance model.
- The economic model of almost every existing public blockchain, links the transaction costs to the total valuation of the respective blockchain, resulting in unpredictable and unnecessarily high transaction costs.
- An ecosystem will require many participants other than just technical blockchain experts. More business players than expected care about appropriate solutions other than mere technology. Usually, they expect to see solutions require combinations of a number of technologies such as blockchain, IoT, Big Data and A.I.
- The capacity to comply with regulation and changes will be one of the key requirements for any utilized blockchain solutions.
To Resolve these key problems, VeChain has created the VeChainThor Blockchain.
This innovation represents the next generation of public blockchains, called Blockchain X.
It includes the following key features:
- New Governance Model
- New Economic Model
- Regulation and Compliance capabilities
- VeChainThor Mainnet and Matching Infrastructure Service
Info, News and ICO Results
At the moment, the price of VET is sitting at $0,011734 USD (0,29%) with a market capitalization of $650.707.408 USD and $6.930.581 USD 24H volume.
The circulating supply is 55.454.734.800 VET and the total supply is 86.712.634.466 VET
Speaking about the ICO, we must talk about the ex Ethereum based coin VEN, indeed recently they developed their own blockchain and swapped all the old tokens to this new THOR platform coin (VET), I strongly suggest you read about the token swap here:
The ICO of the old VEN token was live from the 17th August 2017 to 17th September 2017 and price of the coin was 1 VEN = $0.085, during the ICO, 3500 VEN was the equivalent of 1ETH, which was hovering near $300 at the time.
VEN reached a price of over $9.00 early in January 2018. As the market settled in the following months, VEN struck a similar tune, bottoming out at $2.35 in March and retracing to $5.05 before falling to $1.62 in June.
ATH price of the new coin VET was $0.01974 on the 5th September 2018 and the ATH market cap was $1.09B on the same day.
Community Around It:
- Twitter: 105K Followers;
- Reddit: 53.9K Subscribers;
- Medium: 8.6K Followers;
- Telegram: 29.862 Members.
Regarding recent news, you can have a look at the links below for the last relevant updates:
- Thor Blockchain goes public (October, 10)
- Financial executive report (September, 11)
- New partnership (September, 5)
To stay updated: https://medium.com/@vechainofficial
Regarding competitors, VeChain has a lot of competition, both on the side of their own blockchain (like NEO or Ethereum) but mostly on the anti-counterfeit system side, one of their competitors is Ambrosus.
- Team – VeChain has a solid team spread out between offices around the world. The CEO is Sunny Lu, who has a wealth of experience in leading IT teams thanks to his previous experience as CIO of Louis Vuitton China. About Ambrosus, they have a strong team, full of experienced people even on the blockchain field.
- Idea – The idea is ambitious, but old and with many competitors around.
- Tokens – About token availability we have a total supply of 361.477.438 AMB for Ambrosus and 86.712.634.466 VET for VeChain, placing AMB in a way better position for token appreciation chances.
– Over 13 years of experience as an IT executive;
– A graduate of Shanghai Jiao Tong University;
– Has a major in Electronics and communication engineering;
– He is also the former CIO of Louis Vuitton China.
– Over 14 years of experience working for both Deloitte and PwC;
– Extensive knowledge of enterprise finance;
– 14 years’ experience in IT assurance and advisory services;
You can see all the team members and advisory board here:
Considerations About What We Have Seen
Well, I like the project who change their original idea and improve their platform. For sure if they’d continued on the same path now they would be just another old anti-counterfeit platform.
They are focusing on speed of their transaction at the moment, they realized that with the enormous mass adoption growing day after day, cryptocurrencies has to remain fast.
The team has done a pretty good job so far, the main net is live and running, they were able to build a strong community behind.
However, compared to competitors seems a little weaker, we have to consider the time since the main net is live for all the similar projects, so VeChain has the newest operative main net (VeChainThor) so we have to give them some time and see their next steps.
- Website: https://www.vechain.org/
- Twitter: https://twitter.com/vechainofficial?lang=en
- GitHib: https://github.com/vechain/thor
- Medium: https://medium.com/@vechainofficial
- Telegram: https://t.me/vechain_official_english
By Michele Costa