VeChain (VEN) Review – Crypto Coin Judge
VeChain is a block-chain enabled platform with specialized capabilities to enhance the processes involved in supply chain management. It makes use of tamper-proof distributed ledger technology to ascertain the authenticity and quality of the products bought by the platform users. Be it spare part replacements, servicing history, cost, inventory level or anything else, all information about a product in the supply chain management system can be securely recorded for all participants of the platform.
1 – It aims to build a trust-free and distributed ecosystem based on blockchain technology for a transparent flow of information, high speed value transferring, and efficient collaboration.
2 – It plans to achieve secure supply chain management solutions through asset digitization.
3 – The platform allows the manufacturers to assign unique identification to each available product in their inventory. This way, all stakeholders, including customers, manufacturers, and supply chain partners will be able to track the movement of the products in the supply chain at any point in time.
Analysis of the Vechain platform
The platform assigns a VeChain Identity or VID to track the products. It can be written in QR Code, RFID tag, or Near Field Communication (NFC) tag. VID technology allows the integration of the real business world into the VeChain platform. The consumer can track a product from the point of manufacture itself, through its shipment, and final delivery. Any attempt to defraud the consumer will be easily detected, and one can determine the authenticity of the product at any stage of its movement.
The services offered by the platform include:
- Development of smart contracts
- Management of private keys
- Payment services
- Wallet development
With its specialized options, the platform has great potential to be widely adopted by businesses in the e-commerce domain and information intensive industries.
Problems related to trust and information
The main problem for businesses in information technology is the trust factor. It is hard for the parties involved in the transfer of sensitive information related to product development to trust each other. Moreover, the centralized storage of the product information and other data makes it susceptible to attack. Centralized storage also poses the threat of data being stolen or being corrupted by unscrupulous elements.
With these concerns in mind, the VeChain developers decided to create a platform where the information could be stored in distributed, high speed, transparent platforms. They are implementing the changes, doing upgrades, and strategically readjusting the platform to meet the current needs and future challenges of the platform. In this way, they successfully maintain the integrity of the information and ensure that it is stored in a safe and secure way.
How VeChain solves the problem
1 – The VeChain ecosystem stores and provides information in a symmetrical and relatively transparent way.
2 – A large portion of the profit comes from the realization of the true value. Any person in the organization can obtain relatively fair rewards based on their contribution and value.
3 – The blockchain technology used for the ecosystem has room for all aspects of business, including commercial and economic activities.
4 – The ecosystem effectively resolves the problem of potential trust issues between the parties.
5 – Once the problem of trust deficit is resolved, cooperation between the parties becomes simpler and efficiency is improved.
6 – Businesses can therefore focus on delivering better service and products to create more value.
7 – The value is a closed loop that keeps expanding.
8 – The value can be in the form of commodities, direct fund, or services.
VeChain token (VEN)
This token carries a value transfer function of the entire blockchain network of the VeChain ecosystem. It flows through the smart contract describing the cooperation between the parties. VEN tokens will be used as GAS, which is the requirement for the execution of smart contracts. The tokens can also be used to provide incentives for the network nodes to facilitate the smooth operation of the ecosystem. The purpose of the token sale is to facilitate its widespread circulation among participants. A total of 70% of the tokens will be sold to communities, users, and businesses. The end users can use VEN to obtain enterprise services and products.
1 – The VeChain Foundation receives VEN from smart contract development services to pay for the GAS and to maintain the operations of smart contract, 75% income of the token sale will be awarded as node rewards to the node provider. The remaining 25% income will be utilized for the technical development of the platform, business promotions, and daily operations.
2 – This element of guarantee is missing from the traditional supply chains, and that’s why there are so many consumer complaints about the originality of products.
3 – The VeChain Foundation looks after the technological research, development, and construction of the network. The foundation supports partnership with enterprises that want to leverage blockchain technology as a service.
Innovations and advantages
The platform is one of the earliest blockchain technology companies with a top-notch team of highly qualified experts. It has implemented its solutions in a range of industries including those in the segments of luxury goods, agriculture, and liquor production. The platform effectively addresses the concern of the trust deficit among the parties who are part of the supply chain management system. It provides information in a symmetrical and transparent manner.
The VeChain token is currently priced at USD6.204. It has a total market cap of USD1,713,081,262.
The company is currently in partnership with many leading corporations of the world including:
- DNV GL
The leading exchanges that have listed the VEN include:
- Lbank and QRYPTOS.
Mining of the coin
1 – The currency is not mineable.
3 – One can also buy the coin by paying in major fiat currencies such as Dollar or Ruble at leading crypto coin
Step-by-step guide to VeChain Wallet and buying the VEN coin
- Go to myetherwallet.com and enter a strong alphanumeric password that you can’t forget but is extremely hard for others to guess.
Note: If you forget your password, you will probably lose all your coins stored in the wallet.
- Press the Create New Wallet tab on the homepage of the site.
- Download the Keystore File.
Tip: Save this file on an external hard drive to protect from an attack by hackers.
- Then, click I Understand, Continue.
- You will receive a powerful unencrypted Private Key in your wallet.
Tip: Consider printing the alphanumeric key and delete all references related to it from your system to protect it from being stolen or misused by hackers in case you PC is attacked by a virus, malware, or from some prying software. All these things can easily target your Private Key and be used by hackers to steal the coins from your wallet.
- Click Save your address.
- Select the Keystore File, upload it and enter the password.
- You will get a long string of alphanumeric characters, which will be your address to which your VEN coins will be sent.
- Now purchase a popular currency like Litecoin, Ethereum to exchange with VEN.
- You can use your credit or debit card to make payments.
- Once your payment details are verified, click on Buy/Sell on the top menu.
- Select Ethereum and the number of coins you want to purchase.
- Click the Buy button.
- Press the Confirm Buy button.
- You now own Ethereum.
You can then exchange these Ethereums for your VEN coins.
A crypto vaulting service for VeChain is also offered to investors. These services offer cold storage solutions for storing the coins in the wallet. Key benefits of these services are provided below:
1 – The wallet is stored in a proprietary physical device which is stored in an ultra-secure vault.
2 – The wallet allows you to convert your digital assets into the physical one, and vice-versa.
3 – The bomb proof vault is usually buried deep under the ground.
4 – There is 24/7 manned security.
VeChain Vs Bitcoin
At the time of writing this VeChain is trading for 0.00048976 BTC. The platform offers specialized solutions for the supply chain. The VEN token is more appropriate for supplying chain environments when compared with Bitcoin as it facilities transparency about the product being purchased by the customer. While Bitcoin has its own advantages in terms of worldwide adoption and liquidity, the VEN coin is best suited for the areas where the products’ movement and access of information are more important.
In the news
The company is partnering with the Chinese Government on the traceability of products and data by 2020, on the blockchain. It has been able to obtain one of the biggest Chinese Government supported blockchain projects.
Established two years ago in the city nation of Singapore, the platform was envisioned by the developers as a way to create greater market transparency and provide more detailed information to the consumers about the products they buy. The platform is designed to provide a 360 degree view of the entire supply chain. Since the information is recorded in a tamper-proof distributed ledger, the retailers can be assured of the originality of the product, and provide a guarantee to the customers about its authenticity. So, the buyers can be rest assured that they are getting exactly the same product that they ordered.
1 – With blockchain technology seeing wider adoption in various industries, including supply chain management, VeChain has disruptively positioned itself to reshape and transform the supply chain management
2 – A long-term increase is expected in the price of VEN.
3 – At the time of writing this USD100 will get you 16.11 VEN.
4 – The company plans to use the funds raised through the ICO for the further expansion of its platform and to increase its reach to thousands of clients all over the world.
5 – It hopes that in the next 5 years, many businesses will be running their activities on the VeChain platform.
The team behind VeChain
VeChain has a truly international team with experts drawn from different industry verticals including the technology domain, business, operations, blockchain, and support. Key functionaries of the team are listed below:
- Sunny Lu, Project Leader
- Richard Fu, PR and Marketing Director
- Chin Qian, Channel and Sales Director
- Jay Zhang, Finance Director
- Scott Brsbin, General Counsel
- Jerome Grilleres, Business Development
There are also many more people in the team who are dedicated to making VeChain a success.
Statistical Data at the time of writing this.
- Current Price: USD6.204
- Circulating supply: 277,162, 633 VEN
- Volume (24 hrs): USD413,905,000 or 29,790 BTC
- Market cap: USD1,886,005,800 or 135,742 BTC.
If you are looking for a reputable information services provider and products company, VeChain scores all the brownie points. It is enjoying a good reputation among clients with its consistently high level of services. The company offers distributed data storage where information is stored in more than one node to ensure its integrity, security, and safety. VeChain ICO tokens are set to be well received be businesses whose core capabilities are related to information collection and dissemination. Currently focusing on the supply chain and information integrity solutions, the company’s management has plans to expand the platform’s reach to other industries in the future, based on its success in the current industry segment in which it competes.