VeChain (VEN) 2018-04-11T04:21:24+00:00

VeChain (VEN)

Project Description

Purpose

VeChain is a global leading blockchain platform for products and information.

The world’s leading Enterprise-focused dApp/ICO platform for products and information. It aims to connect blockchain technology to the real world by providing robust infrastructure as well as IOT integration, with scalability up to 10,000 tx/s and pioneering in building real world applications. This is being achieved through partnerships and collaborations with innovative brands and industries.

VeChain works on a two-coin system. The function of the VET is to serve as the intermedium of value, or in other words, smart payment currency, to enable rapid value circulation within the ecosystem based on the VeChain Blockchain.

On the other hand, the THOR Power represents the underlying cost of using the VeChain Blockchain and will be consumed (proportionally burnt) after certain blockchain operations are performed, such as transferring VET and executing smart contracts.

Strengths

– Very fast transaction speed (up to 10 000 tx/s)

– Use cases based on what companies actually want

– With the addition of Thor Power, it prevents transaction fees from being directly exposed to the volatility in price of VeChain tokens

Weaknesses

– Very focused on China, so the new regulations on cryptocurrencies by the Chinese government could negatively affect them

– The top masternodes were selected by VeChain and thus represents a semi-centralized ecosystem

Network Status

The old network has been running since August 2017. Their rebranded Mainnet is scheduled to launch in Q2 2018.

Roadmap

Q2 2018: VeChain v3.0 go-live, Rust-restructure, VeChain Token (VET) related service including VeChain Token (VET) wallet, gas exchange, audit service, etc. VeChain Token (VET) launches, completing VeChain Token (VET) and ERC20 token 1 to 1 exchange.

Q4 2018: VeChain v4.0 go-live, achieve commercial ecological environment system integration platform. Integration with IoT, and more specific industrial blockchain cloud.

Governance

The 75% of the Token(VET) income will be awarded as a node reward to the node provider, while the remaining 25% will be used for the daily operation, business promotion and technical development of the Foundation.

VeChain plans to offer two types of Masternodes in the Authority and Economic Masternodes.
Authority Masternodes are the only nodes that create blocks and ledger records, and as such are the most privileged members of the ecosystem. This privilege comes with an grave deal of responsibility in terms of computational power and commitment.
Economic Masternodes offer stability to the ecosystem and act as a distribution of power and privilege within the blockchain’s ecosystem by using their vote to influence the governance.

Both Authority and Economic Masternodes are eligible for one vote within the governance system. Each of node that holds at least 10,000 VET with a single public key will be considered to have ONE vote, and each stakeholder can have not more than ONE vote.

The Foundations new governance system requires a vote to elect new board members, changes to the blockchains consensus mechanisms, and any other subjects the board find crucial for the stakeholders to vote on.

Similarities

There are a few other Blockchain-as-a-Service platforms including: Lisk, Stratis and Ardor.

Notable partnerships

Partnered with: PwC, DNV GL, RENAULT, MICROSOFT, D.I.G, KUEHNE+NAGEL, HYPERLEDGER, BABYGHOST, China Unicom, MadeForGoods, Jiangsu Printed Electronics Co., Ltd, Xiamen Innov Information Technology Co Ltd, Healthcare Co. Ltd, BitOcean, Hubei Sanxin Cultural Media Ltd.

VeChain Exchange

VEN is traded on Binance, Huobi, HitBTC and Kucoin.

Stack

VeChain is a blockchain layer.

Community

Reddit: 25 723 subscribers
Twitter: 68.2k followers

Price history

Jan-22-2018: 8.29 USD
Dec-2017: 0.24 USD
Sept-2017: 0.19 USD
Aug-22-2017: 0.23 USD

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.

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