When choosing the name for their blockchain, it seems that founders of VeChain wanted to imply that the only chain you will need is theirs as ‘VeChain’ means ‘the only chain’.
And the VeChain team continues to be serious about justifying the name: they had a successful rebranding to Thor (VET) and keep adding new partners and explore innovative solutions for the Internet of Things industry.
As of right now, the coin has yet to be updated on coinmarketcap or major cryptocurrency exchanges like Binance.
The digital currency is backed by the actual company VeChain, which among other things, uses a mix of blockchain and a RFID chip technology to track luxury goods and confirm that they’re not counterfeit. This was their initial use case, however, they have pivoted to being a platform for decentralized apps – dApps, similar to ETH, NEO, EOS, QTUM etc.
The company likes to call their token VEN/VET as a “the fuel or the blood which supports VeChain’s distributed platform.”
A smooth rebranding process has propelled speculations that Ethereum got a new serious competitor and could soon lose its absolute dominance in the decentralized apps niche due to the promising future of coins like VeChain, NEO and EOS.
Even more buzz around VEN/VET regularly comes from the project’s CEO, Sunny Lu. In his progress report, he hinted that mainnet public testing will start soon and the actual launch of mainnet is set for June 30th . Company is also writing a new, in-depth white paper, explaining the new capabilities of the VeThor platform.
Several industries including luxury goods, agriculture, logistics, food and governments are already using VeChain blockchain technology.
VeChain has partnered with multiple, top-notch companies, well known in their industries. Some of the most prominent names are:
- China Unicom
- DNV GL
One partnership that stands out is between Vechain (VEN) and INPI ASIA. The deal is based on a cutting-edge digital identification technology known as NDCode.
NDCode is the fundamental revolution for digital identification. It is a combination of Nano-technology and photonics technology that challenges incumbent RFID/NFC/QR Code technology for creating digital identification in supply management.
The ND code is a valuable addition to the IoT market as it provides high-level security with the photonic property, adds nano identification to products, brings an endless life cycle to digital identification, increases the potential to grow and is cost-efficient.
INPI ASIA is a company that provides a fundamental revolution in digital identification by utilizing an unprecedented combination of nanotechnology, secured digital technology and photonics technology creating a new type of digital identification solution.
VeChain Foundation has announced Bithumb listing on April 2nd
As with any new listing, this gives liquidity boost and more exposure to VET token as Bithumb is second largest exchange in S.Kore.
Tim Draper, famous Silicon Valley investor has backed the cryptocurrency. Mr Draper has invested in Skype, Tesla and bitcoin before turning his attention to VeChain. Draper is very active in crypto community and his interviews draw a lot of attention among users. Seeing his name among VET supporters is a big trust stamp and good for their brand reputation.
VeChain published a comprehensive piece outlining their Multi-Party Payment Protocol. Here is how they summed it up:
A global patent pending payment model within the underlying base protocol of the VeChainThor Blockchain, we define it as a tool within our Oracle Enabler tool allowing parties other than the sender involved in an on-chain transaction to opt to pay for the network fees of this transaction to the blockchain.”
With their mainnet release (i.e., v3.0) approaching, VeChain can expect raised awareness among investors by utilizing a tactic of ‘drip-feeding’ explainer articles to the crypto community over the coming weeks.
Indeed, the upgrade to v3.0 will mark a significant milestone for the recently rebranded Chinese-based altcoin. Having initially focused on providing a supply chain logistics protocol based upon blockchain technology, VeChain are currently in the process of transitioning toward becoming an enterprise platform for decentralized applications (dApps).
The launching of the Main Net along with the release and issuance of VeChain THOR is set for June 30th of the current year of 2018 and will probably sky-rocket this currency.