Is this real, of is it fake?

about 3 years ago

Coinmarketcap placeholder nr 18 today!

Today we're going to take a look at a crypto that has been very quiet for a long time, but has suddenly taken off in the last few days. This crypto has been around since 2017, and was rebranded in 2018. The real connoisseurs know immediately what I am talking about. It is a project that has already earned its spurs. And what is in the top 20 projects when you look at coinmarketcap. To be precise… today this project occupies place 18! Which is not so bad at all… I often enjoy watching unfamiliar projects. But today again a more famous project.

We will look at how VeChain works. What it actually is, and what this project aims to achieve. And be prepared, because if you read more about it, this is actually quite an impressive project. And the more I read about it, the more I can understand that there are a lot of people who strongly believe in this!

WHAT IS VECHAIN?

First of all, it's important that you know that VeChain is a Cryptocurrency that actually delivers a useful product. Oh I like cryptos that really deliver a useful product, I don't know about you ... but I really think it's a huge point in favor of these cryptos ... and it certainly gives me the feeling that this crypto inspires more confidence to invest in for the future. Good back to VeChain! This Cryptocurrency was created to ensure end-to-end product control. The company behind VeChain is a so-called BaaS company (Blockchain as a service). The goal is to verify products through VeChain using Blockchain technology. For example, products are equipped with smart chips that monitor practically the entire life cycle of the product. Think of validity, environmental changes that can influence the product (aimed at, for example, the food industry) and tracking of the routes to be taken. Buying and selling products within The Internet of Things thus gets a higher validity.

Hmmm, that sounds a bit vague. I will think of an example to explain it to you a bit more clearly. Let's say you want to buy a Rolex. I don't think so many fake variants circulate of any product in the world as of a Rolex. How can you be sure that you are spending your hard-earned money on a real Rolex? Well Rolex could choose to register all their products on the VeChain blockchain! The moment you buy a Rolex, new or second-hand ... it doesn't matter anymore, the moment you buy that coveted Rolex you can immediately check via the VeChain blockchain whether it is a real Rolex. And that's not all, but you can immediately see where and when your Rolex was produced. Which materials have been used, and the origin of the materials. In short, everything that can be forgiven in information for this Rolex can be checked on the VeChain blockchain. All this information would be securely stored in a block on the chain and thus the authenticity of the product is guaranteed. You can check this BEFORE you buy the product. And that is the end of buying an expensive Rolex that, upon closer examination, would turn out not to be a real Rolex.

FAIR TRADE AND SECOND HAND

However, this goes much further than just checking the authenticity of your products. Consider, for example, a brand like Tony's Chocolonely. The main goal of the chocolate brand is to eradicate modern slavery. They want to make sure that cocoa farmers get a fair price for their cocoa so that they can build a normal life without being extorted by the big brands. With VeChainThor, all chocolate products could be checked to see if cocoa farmers have been fairly compensated for their work.

Another industry where trust is important is the used stuff industry. Used cars in particular are often tampered with and you never know for sure to what extent the car has already deteriorated. With VeChainThor you can theoretically look up the car on their blockchain and find information about it, such as how many kilometers it has been driven, how often it has been to the garage, which parts were replaced, when they were replaced. Again… you could find and check all the information you could possibly want to know!

Sounds cool so far right? But we have even more!

Internet of Things, Artificial Intelligence and Blockchain in one
The crypto project's ambitions don't stop here. The company wants to bring together the three technologies that will drastically change the world around us to make the biggest impact. They describe the three technologies in the following way:
The Internet of Things (IoT) is like our eyes and hands: we use it to feel the world around us, to collect all data and information

Blockchain is like our hearts: we use it to ensure the authenticity and reliability of our data
Artificial Intelligence (AI) is like our brain: by collecting all (reliable and unreliable) data, AI can make decisions and make decisions based on this information.
A successful combination of these three technologies can bring about a technological revolution that is beyond your and my understanding. The future will show whether VeChainThor can successfully merge these three into a sample technology.

TEAM

The team behind the crypto company once started with fifteen people, but the video below shows that more than sixty people are now working. There are many experienced and impressive names among them. For example Scott Brsbin who has been on the team since 2016. He is known as a lawyer for Rolling Stones, Mick Jagger and Disney, among others.

Gu JianLiang is the CTO, mainly responsible for the technical developments. He may have a lesser name, but his experience is impressive. JianLiang has eighteen years of experience in the world of telecommunications (at TCL and ALCATEL, among others) and during this time his passion for the Internet of Things has arisen. He is now trying to combine this interest with Articial Intelligence and his new obsession with blockchain.

The big man behind the promising start-up is Sunny Lu. He has gained most of his experience as Louis Vuitton's Chief Information Officer, which immediately explains how Lu came up with the idea to start VeChainThor. As CIO, he was highly responsible for everything related to the ICT of the leading fashion brand.

PARTNERS

What this project does is not unique within the crypto world. Platforms such as Walton, WaBi, Modum and Ambrosus want to achieve the same and are not far behind this crypto startup in terms of technology.

The biggest difference is that VeChainThor has already successfully attracted many large partners. The most prominent of these is PricewaterhouseCoopers (PwC). This multinational, with more than 236,000 employees worldwide and annual revenues of $ 37.7 billion, has been closely involved in the project since May 2017.

Partly due to their incubation program, VeChainThor can continue to grow rapidly because they can make use of the enormous network and capital behind PwC. However, this is not the only major partner that VeChainThor has managed to bind to. Other partnerships are:

TRAVALA
Needless to explain in this community. LOL. Yes, you can pay with VET at Travala for your jaunts.
DNV GL
A multinational that focuses on renewable energy, oil & gas, food & drink and healthcare
Kuehne Nagel
A global logistics and transport company
China Unicom
A state-owned telecommunications company. The fifth largest in the world.
Chinese government
There is close cooperation with the Chinese government to set up blockchain systems
Other partnerships include: Renault, Hyperledger, D.I.G and Babyghost, MadeForGoods

I've just mentioned some of the bigger names here, but there are more!

TOKENOMICS

After reading the above, you will understand why there are so many people who believe in VeChain. It all sounds very attractive. And they are making enormous progress. They have also been busy since 2017. A complete rebranding took place in 2018, and the tokenomics have changed. Where the token was first called VEN, it then became VET. In addition, VTHO also belongs to their stable.

VET follows the proof-of-authority (PoA) model. Such a consensus mechanism increases the number of transactions per second and the scalability of the network. It uses a dual token model to avoid an increase in the cost of transactions when the token price rises.

VET token is used for trading on exchanges and is also used for staking and the generation of VTHO tokens.

VeChainThor Energy (VTHO) - This token helps to enhance smart contract transactions. Only developers can use these tokens to cover their contract execution costs.

STAKING

Staking you say? Yup, you can stake your VET to make passive income on that again. The longer you stake VET, the more you earn. Anyone can download Thor Wallet from Android and IOS applications. It secures the mobile wallet by using secure 2-factor authentication (2FA). It has a simple interface and users can track transactions held outside their mobile wallets.

DOES VECHAIN ALSO HAVE CONS?

Yes, the fact that VeChain has a fairly one-sided focus is their strong point. They can fully focus on this and grow in it. But as is often the case, that very strong point, the fairly one-sided focus, can also work against them. After all, other cryptos are not standing still. And technology is not standing still either. Just like the competition. Waltonchain offers the same as VeChain and maybe even has a slightly better technology on their chain.

In addition, VeChain focuses more on the more luxurious products. Perhaps logical, given the founder's history at Louis Vuitton. After all, VeChain was born because he was looking for a way to recognize and intercept fake Louis Vuitton products. That aside, VeChain's fairly one-sided focus has worked in their favor so far, but could also be at a disadvantage in the longer term as it may offer a little less room for growth.

Another point that can work both as an advantage but also as a disadvantage is that VeChain is not as decentralized as we would like to see within the crypto world. VeChain is properly regulated and large Sell walls are used. This prevents the course from going up completely through the ribbon in one go. So we work with regulated rise of the price. I have not been able to find out whether there are also buy walls and therefore prevent VeChain from fully collapsing. These Sell walls give some people a lot of confidence, but others prefer not to see this. And let's be honest ... the whole idea of crypto is based on decentralization. VeChain does not comply with this in this way.

CONCLUSION

Although VeChain may be fairly one-sidedly focused, and not as decentralized as many people would like, they do provide a blockchain that solves a problem that is needed in this world of fake products. It may be a bit ironic that this crypto originated in Asia, while nowhere in the world can there be more counterfeit products than in Asia. Perhaps this also made it easier to come up with the idea ...

The fact that VET is supported by the Chinese government certainly gives cause for confidence. Where other cryptocurrencies are finding it increasingly difficult to gain a foothold in Asia, the doors are opening further and further for VET. That could be a reason to invest in VET now.