100X Leverage Trading With PrimeXBT
Some title isn’t it.
First, let me tell you that I am a holder of VeChain Thor and have been for some time. Actually, that isn’t true, I was a holder of VeChain and then my original coins were swapped to VeChain Thor after the rebrand.
I originally bought into VEN in late November and it has been my only hold which has remained green throughout the year. God, I miss the December/January prices.
Vechain Thor – What is it all about?
Vechain at its core is a supply chain protocol for logistics. This includes tracking, supply management and complete product journey from manufacturing to the consumer.
VeChain provides both retailers and consumers with the ability to determine the quality and authenticity of the products that are purchased.
The recent rebrand is aiming to help take the company from being a supply chain management project to an all-out blockchain solutions platform.
It started out in 2015 as an ERC20 token (VEN) making it one of the oldest companies in the blockchain industry.
Recently it rebranded to VeChain Thor and in August they released their own blockchain and did a mainnet token swap at a ratio of 1:100.
Total supply went from 867 million VEN to 876 Billion VET.
VeChain Thor Applications.
Counterfeit prevention – By offering to track goods using Blockchain technology, anyone purchasing can check the history of where a product has been and also if it is counterfeit or not, this is currently a huge problem.
If we take a look at fashion and luxury items this alone in 2015 accounted for 9.7% of the total sales of fashion and luxury brands in Europe alone. Over $2 billion is spent every year fighting against counterfeit goods.
“VeChain’s solution aims to build up a product traceability solution covering the life-cycle of products from the manufacturing, logistics and supply chain, retail and wholesale, after service, and even consumer engagement on blockchain for anti-counterfeiting along with IoT technologies.
Fashion and luxury brands have already put our solution in place for live products and are enjoying the benefits of great reductions in counterfeit activities.”
They currently also cover many sectors including but not limited to:
- luxury goods
- Supply chain
- Cold storage
Partnerships have been coming thick and fast this year for Vechain Thor with several big companies joining forces with them including the second largest food supplier in China – Bright Foods and its subsidiary, Shanghai Xiandao Foods.
Recent news just this week came out confirming one of the largest Chinese car brands BYD is Partnering with VeChain, by completing Blockchain based proof of Concept.
There have been many more announcements throughout the year and you can keep up to date with them all over on the VeChain Foundation page —> here.
VeChain Thor also has its own public Blockchain that third party Dapps can build on. This is a huge move and they are looking to challenge the likes of Ethereum, EOS, AChain, and others.
How does it work?
Digital identities are attached to products and stock which is then stored on the Blockchain. From here they are using a mix of new and also older technology.
This includes QR codes, radio frequency identification (RFID) Near Field Communication (NFC) and also temperature controlled tracking.
By using a mix of these technologies it removes a lot of the current problems with logistics and offers more visibility to manufacturers, purchasers, auditors, and consumers.
As everything is recorded on the blockchain there can be no human error or white lies. Everyone will get a detailed review of where a product is, what time it arrived, where it has been, and much more.
A great example is – My Story.
This is due to go live by the end of the year with the Italian wine sector. Currently four wine
producers, Michele Chiarlo, Ricci Curbastro, Ruffino and Torrevento who have partnered and
worked with VeChain on this disruptive solution.
“MyStory illuminates products and their supply chain for the benefit of consumers, who will
have instant and in-depth access to key product characteristics such as quality, authenticity,
origin, ingredients, water and energy consumption and more, all verified by DNV GL along the
entire transformation process,” says Luca Crisciotti, CEO of DNV GL—Business Assurance.
Partnerships and DApps.
VeChains partnerships are some of the best in the crypto space, even outside of crypto their partners are massive in their respective industries.
I mentioned DNV GL above and this partnership is a lot bigger than first glance. Both companies are working together for business opportunities. An example is VeChains aim at creating a Carbon Bank and DNV GL confirmed they had launched a certification framework for Carbon Capture and Storage at the beginning of the year.
Kuehne & Nagel – Supply Chain and Logistics:
K&N is a huge Swiss-based company. Starting out in 1890 the company now generates over 20 Billion in revenue every year. They are the largest global and sea freight forwarder in the world, and currently second in air cargo.
PWC – Audit Company.
In early May this year, VeChain partnered with PwC via their incubation programme.
VeChain S.E.A. becomes a portfolio company of PwC’s incubation programme to accelerate the application of Blockchain in Hong Kong and South East Asia markets
This partnership is already helping VeChain.
In China, fake alcohol is rife, as part of the partnership, PwC introduced Shanghai Waigaoqiao Direct Imported Goods (DIG) to VeChain. DIG currently distributes 30% of the total wine distribution in China.
Anyone who purchases wine via DIG will be able to use the DApp – My Story.
Other partnerships include:
- The Chinese Government
- Bit Ocean
- INPI Asia
- Eternal Asia
- Baby Ghost
- Fanghuwang – Financial Services
- E-Grid Consulting
- The Chinese Tobacco Industry
This is just a handful of the partners VeChain is working with and the total revenues are mind-blowing.
I fully expect more announcements to be made sooner rather than later.
Utility Of The Token.
In order for any of this logistic information to go onto the blockchain, VeChain is using proof of authority consensus.
Unlike Bitcoin and other currencies which use proof of work (Mining), VeChain is looking to speed up the whole process with their POA and this brings Masternodes into play.
Now, these are not cheap by any means, however, these do offer some returns and there is also the option of staking your coins.
Masternodes available are as follows:
- Thrudheim – 25,000,000 VET and only 101 of these are available.
- Mjolnir – 15,000,000 VET
- Thunder – 5,000,000 VET
- Strength – 1,000,000 VET
Coin Staking is available and there is no minimum amount required, you just need to store your coins in the wallet which is available to download on iTunes and Google Play.
Here is a link to the Thor calculator so you can play around and work out some ROIs.
Verdict On VeChain Thor?
It is awesome.
That’s it! end of the article.
They have massive partnerships, real-world use case for Blockchain and in my opinion, it is currently undervalued. I see some huge multipliers from this in the future.
Plus you can earn some extra Crypto passively just by staking your tokens.
VeChain gets a big thumbs up from us.
Thanks for reading and leave your thoughts below.
You can see more coin reviews —-> Here.