Introduction to Vechain (VEN)

Thinking about Vechain is thinking about identifying products, and asset digitization is the way Vechain uses to give products their unique identity and to track their movements. The whole goal is to allow manufacturers to gift their products with a unique ID that lives in the blockchain. Identifying products allows tracking inventory and fighting counterfeiting.

Giving the retailers and consumers the possibility of determining the authenticity and quality of their products, starting from the source materials, spare parts, to service history; having all this in the blockchain available for verification is a major plus to any industry.

Vechain’s goal is, therefore, creating a business ecosystem without counterfeit goods, fighting those $450 billion (2.5% of total trading volume) counterfeit goods registered in 2017. Surprisingly enough or not, 30% of this volume happens in Hong Kong and China.

Rolling a little back, the project that was born in Singapore, in 2015, aiming transparency and trust in the business processes. Their team is composed by over 60 people, one of the largest teams in cryptocurrency, led by Sunny Lu, one of the founders of BitSe, company that created Qtum.

Among the Board of Advisors we also find Bo Shen, co-founder of Bitshares, Qtum and Zcash, so plenty of experience in the crypto space. Apart from the experienced and qualified team, Vechain has a number of partnerships with the Chinese government, which are an open door to the huge Chinese market, and ends up being one of the major strengths of Vechain.

We can name, for example, the agreement with the State Tobacco Monopoly Administration, where the role of Vechain will be to prove the origin of the tobacco origin and to track the tobacco products throughout the whole supply chain.

The transformation of the city Guiyang into a smart city has to be the most impressive example of how committed the Chinese government is with the project, which has Vechain as the exclusive partner. Do read more about this in the links below.

We could go on and on talking about Vechain partnerships, in the liquor area, agriculture and sciences, auto (Renault), Microsoft, as the Vechain protocol can be implemented in every single industry. As in any project there are also some concerns though.

A general concern is about regulation, but given the agreements with the regulation maker Chinese government, this might not be a very strong concern. Another question is the existing competition with Waltonchain, even if they don’t have any formal support from the government they are still a strong competitor with cutting edge technology.

If we consider that what makes a crypto move forward is the existence of use cases and adoption, we’ll have to say Vechain will make its way quite easily, and the partnerships that it already has are the proof. How many cryptos can say they will modernize a whole city and have national wide agreements?

This is a brief introduction to Vechain, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!