Coin of the week: VeChain [VEN]

VeChain is a blockchain based platform for smart contracts. It is often called the Ethereum for Business because of its focus on supply chain management, product tracking and other business aspects related to inventory. VeChain combines smart contracts and blockchain technology with RFID (Radio Frequency IDentification), NFC (Near-Field Contact) and other IoT (Internet of Things) devices and sensors to create a platform designed for decentralized enterprise applications.

VeChain’s main objective is to enhance supply chain management and create a trust-free distributed ecosystem to enable transparent information flow, efficient collaboration between businesses and high-speed value transferring.

VeChain utilizes different sensors by implanting them to products, which are scanned on every step of their transportation, storing all of the information on the blockchain.

VeChain also has a dedicated IoT department developing their own sensors for things like Cold Chain Logistics. These sensors monitor the temperature, pressure, etc. of products that are extremely sensitive to outside factors, like food and medicine.

VeChain, the company, was founded in 2007, and their coin launched in 2015. It is currently based on Ethereum, but VeChain is developing its own blockchain, capable of doing upwards of 10,000 transactions per second.

Interesting facts:

· When VeChain launches its mainnet, called THOR, the company will introduce an additional cryptocurrency called VeChainTHOR (VET), which will be distributed amongst VEN holders (similar to the concept of GAS tokens on NEO) at a 1:100 rate. VET tokens will be used for running smart contracts, while VEN tokens will be for other business activities on the VeChain blockchain.

· VeChain has very prominent partnerships, the most notable of them being the government of China, which is impressive, considering China’s heavy regulations regarding blockchain projects. Other partnerships include PwC, DNV GL, and many others.

· VeChain uses Proof-of-Authority consensus model, which means that there are authority nodes who validate transactions and keep the network running. To become an authority node one has to hold over 25,000,000 VET (250,000 VEN at the time of the token split), has to authenticate themselves, and has to contribute to the network. There will be 101 authority nodes when VeChain’s mainnet launches.

Whitepaper: https://cdn.vechain.com/vechainthor_development_plan_and_whitepaper_en_v1.0.pdf

Website: https://www.vechain.org/

Coinmarketcap: https://coinmarketcap.com/currencies/vechain/