Vechain (VEN) is a cryptocurrency and blockchain platform that is targeting the Internet of Things. VeChain allows manufacturers to assign products with RFID (radio-frequency identification) identifiers which record information across the supply chain. RFID information becomes subsequently available on the VeChain blockchain.
VeChain is designed to be used across a number of industries such as automative, pharmacy or agriculture. The objective of VeChain is to make the supply chain more efficient, transparent and cost effective by using blockchain technologies. With VeChain different companies along the supply chain can track items through every stage, in real time, and verify information. This happens via the VeChain Identity Technology (VID) which provides a physical way to track a product.
Vechain has announced various corporate partnerships with companies such as PwC, Renault and Microsoft. As of early 2018, VEN token was among the 30 cryptocurrencies with the highest market capitalization.
Vechain rebranding and investment
Vechain – BMW
Rumors of the partnership between Vechain and BMW had been circulating in the cryptocurrency market for a while now, but as none of the firms announced anything officially, many had taken it to be just another rumor.
However, BMW is not the first car manufacturing company to partner with a blockchain firm. Recently, German mammoth Volkswagen partnered with the Berlin-based blockchain firm IOTA, to utilize the latter’s massive data pool. The increasing demand for implementing Internet-of-Things is forcing established firms to gain access to vast data pools, and these blockchain firms are tapping into that area using the efficiency of decentralized ledger technology.
VeChain rebranded itself to VeChain Thor, a marketing stunt which has proven successful for many projects. Recently, Raiblocks rebranded itself to NANO which resulted in a massive surge in its token prices. VeChain Thor has also announced a collaboration with Oxford University. This university will, as part of VeResearch, help with the technological development of the VeChain Thor platform.
The Medium announced the first Vechain ICO, Plair, that will be completed on the VeChain Thor Blockchain. As with other upcoming projects, VeChain is committed to provide its full support on advising startups to launch ICOs on their blockchain. This announcement served as an introduction of the partnership between Plair and VeChain ICO Incubation Team. VeChain CEO, Sunny Lu, will serve as strategic advisor to assist with the company’s execution of its development plans.
ICO will start the private sale on May 25th, 2018.
Unfortunately, the official Vechain wallet is being developed by the project team. Thus, it is possible to use 3rd party wallets to store VEN token. It can be Ledger Nano S or internal exchanges wallets.
Vechain Price (VEN)
The BitcoinWiki provides a relevant Vechain price and market cap of VEN project:
Products running on Vechain
Vechain is already used on a number of products:
- Liaoning Academy of Agricultural Sciences’ distributed data storage
- API gateway service for importing goods
- Third party services via PwC
Vechain roadmap is available on the official website of the project. There are the future improvements and features what will be introduced in Vechain.
- June 2015: TPOC, the initial design Vechain;
- January 2016: approved Ethereum TPOC initiated the development of Vechain v0.1;
- June 2016: V0 Milestone launched.1. Basic smart contract templates, blockin-conductor, standard unit-API, Android app, smart chip VeChain the first generation, the first implementation of the business go-live;
- September 2016: V1 Milestone launched.5. Functional, intelligent contract templates, migration of infrastructure services, gateway, API, VeChain Dashboard, iOS app, smart chip VeChain second generation
- November 2016: running Vechain v2.0. More intelligent contract templates, DBGP, DBMSP and DGIP have been created.
- May 2017: triggered VeChain v3.0. More cases of businesses, such as luxury items, car, agriculture, and audit.
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