The Ve chain ($VET) platform is a decentralised smart-contract based blockchain & ecosystem that ultimately wants to eliminate distrust and to create a transparent ecosystem of enterprise-level partners – ready to step into the new world of business, finance, supply chain-logistics and more. Vechain is quite different from many other blockchain models running on a Proof-of-Authority (PoA) governance and consensus model where authorised nodes are appointed to run nodes confirming network activity.
Vechain’s vision can be defined as (via the team directly);
TITLE/TICKER: Ve Chain / $VET
COMPANY ORIGIN : Singapore
PLATFORM : ERC20 currently (Ethereum)
FOUNDERS/LEADERS : Sunny Lu, Richard Fu and more
WEBSITE: Vechain Website
WHITEPAPER: Vechain Development Plan and Whitepaper
PURPOSE : Trustless, enterprise level blockchain and community covering multiple industries and markets.
POINT OF DIFFERENCE : Running project / working model for 2 years already
MAJOR PARTNERS : BMW, PwC, DNV-GL, Chinese Central Government
PRICE ACTION :
What problems is Ve Chain looking to solve?
Vechain was initially setup mainly to tackle supply-chain and counterfeiting issues. However, there are plans in the works of an ICO platform later this year.
Ve Chain – a distributed business ecosystem
Vechain’s ecosystem comprises of multiple components.
1. Enterprise Organisations
All types of enterprises that could benefit from Ve Chains network including any business with an end product, user, service etc.
2. Application service providers
Includes all service provides on the Ve Chain network e.g PwC, DNV, GL, BMW, BAT (all providing value on the Ve Chain network in different business units)
3. Smart contract service provider
Organisations using Vechain smart contract technology and allowing faster/efficient development of blockchain applications.
4. Vechain network node provider
Enterprises that are directly using the Ve Chain blockchain can run nodes to protect network security and uptime.
5. Vechain foundation
The Ve Chain foundation is responsible for the construction of the blockchain network, technology, and development, maintenance, consensus, governance support & much more.
Each user that participates in the network enjoys the benefits from the commercial ecology which is being developed together.
What are Ve Chain tokens and how are they used on the network?
Ve Chain tokens are the “lifeblood” of the Ve Chain network. Vechain tokens are used to purchase GAS (similar to NEO) and these GAS tokens are the fuel to smart contracts.
Vechain tokens are also produced as a reward for stakers and nodes with 75% of rewards attributed here. The other 25% is contributed to the daily running, and development of Ve Chain.
Ve Chains Blockchain development stages
1. The first stage – technical barriers stage
Being market ready and capable is a huge factor with successful companies in any industry – Ve Chain is already proving this with a working product.
2. The second stage is the – business barrier stage.
This stage refers to when the tech has developed tremendously with social, financial resources pouring in. Barriers to entry are no longer apparent and technical barriers are also blurred. This is the crunch point to where the tech can be adopted to the market and the end-user.
3. The third stage is the – scale barrier stage.
At this point, the technology has advanced, business has adopted and the ecosystem is now snowballing into the majority.
4. The fourth stage is – subdividing the vertical phase.
This is where breakthroughs become harder and less frequent and major gains are made via vertical divisions with a higher value placed on better products & services.
5. The fifth stage – the birth of the new technological revolution.
At stage five the technological re-birth has begun with more advanced technology introduced and thus the next cycle has begun.
As per the Ve Chain Whitepaper claims – “we have unwittingly entered the early second stage of blockchain”
Ve Chain Team
Vechain has an all-star international line-up of team members specialising in technology, r&d, and operations. Heres some of the major team leaders;
Sunny Lu ，Project Leader
Bin has over 10 years’ experience in Mobile application development industry, specializing in developing Internet applications based real-time communication system. He is definitely P2P network technology expert. He joined VeChain in 2016 and is in charge of the Blockchain development.
Jerome holds an MBA from London Business School and
a MSc in Computer Science. He is from Barclays France
and has 8 years’ experience in Business Strategy and
Development in Retail Banking and 6 years in Developing
Real Time trading application in Investment Banks.
Jerome joined VeChain in 2017 as Business Director of
Chin Qian, Channel & Sales Director
Chin worked for HP from 2004 to 2016 and accumulated
rich experience in marketing and project management.
He joined VeChain in 2017 as director of business partner
recruitment and management.
Jay Zhang, Finance Director
Jay has worked for PwC and Deloitte as senior manager
over 14 years. He joined VeChain in 2015 as the leader of Blockchain
governance framework design and digital assets
management framework establishment.
Scott Brabin，General Counsel
Scott is a well-known lawyer from the United States. His
clients include Rolling Stones and lead singer Mick
Jagger, Disney, MGM and so on.
He graduated from the University of California, Los
Angeles in 1978, he joined the MSK law firm, and since
1989 began as a legal partner. In the company’s legal
affairs and patent maintenance, he has an absolute
authority on the experience.
Scott joined VeChain in 2016 and worked for VeChain’s
legal security, organisational structure and property
See the full team here
Vechain boasts some of the most impressive partnerships in the cryptosphere;
Pwc has partnered with Vechain providing access to over 20 markets around the world introducing Vechains blockchain and Dapps.
3. Chinese Central Government
This is the holy grail, with the international companies like Uber, Facebook, Air BnB, Google all denied entry in China – homegrown companies flourish and there is a big market to capture.
One of the largest announcements was with the Chinese Government & Ve Chain working together to create a ‘Supercity’ of 5g wireless, IoT, Blockchain, Big Data etc all part of the pie – see the document here outlined within the 5 year plan.
The three major steps to this plan are;
- Using Gui’an New Area as a test zone for innovative technologies to improve government efficiency
- Pilot program testing for potential future wider use.
- Streamlined/Tested – Once improved and truly tested – the smart city plan will be rolled out through the entire Chinese region.
This is one of the biggest announcements/developments in the Crypto/Blockchain space and one that cannot be ignored.
Other notable partnerships
- Xiamen Innov Information Technology Co Ltd
- Healthcare Co Ltd
- Jiangsu Printed Electronics Co. Ltd.
- Kuehne & Nagel
- China Unicorn
- Directed Imported Goods
As stated by the team;
- Liquor sales.
- Agricultural uses.
- Luxury goods.
Vechain and THOR ($VET) Main-net token swap
Vechain originally launched on Ethereum during its ICO and test net development. However recently the Ve Chain main net token swap has been initiated allowing for the user to transfer and convert their ERC20 VEN tokens into VET (Vechain Thor) tokens to the value/ratio of 1:100.
Major exchanges such as Binance, Kucoin, Lbank and more were assisting with official swaps otherwise the Ve chain mobile wallet can execute the main net token swap also, see the Ve Chain medium page for more details.
Where can you purchase Ve Chain $VET tokens?
You can purchase Vechain tokens on Binance (top volume) – we recommend to not leave your coins on an exchange (only what you are trading).
How to protect & store your Ve Chain $VET tokens?
Vechain is about to enter is Main-net token swap period. We always recommend a hardware wallet such as a Ledger to store your coins.
However centralised exchanges such as Binance are NOT recommended to safeguard your assets, as these are the most vulnerable access points with your funds.
Outlook for Ve Chain ?
Vechain is one of the most influential projects on the market today; with Bremer Capital, PwC, DNV GL as partners and many more, the project is in very good hands.
Vechain is one to watch for 2018 and beyond.
Reach out if you want to learn more about Ve Chain $VET or any other project.
Disclaimer : The Author is currently holding Vechain ($VET) at the time of writing this article. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries please contact [email protected]