What is Vechain (VEN Coin) | The Product and Information Blockchain
VEN Coin Price
What is Vechain (VEN) | Summary
Vechain is a blockchain platform designed for products and information.
What this means is that Vechain helps monitor and track liquor, luxury goods, auto, retail, agriculture, and more with their blockchain.
It is a way to verify anything from Lamborghini's part authenticity to organic food quality.
The History of VEN Coin
Vechain started developing their technology in 2015.
While development has been underway since then, they have been working on partnerships and their blockchain platform since 2015.
June 2015: They began developing their TPOC.
January 2016: The TPOC was Ethereum approved they started the development of VeChain v0.1
June 2016: the v0.1 launched for Vechain with basic smart contracts, blockchain explorer, API, android app, and 1st generation smart chips.
September 2016: Vechain V1.5 launched using functional smart contract templates, ios dashboard, 2nd generation smart chips, API gateway and more.
November 2016: Vechain V2.0
May 2017: Vechain 3.0 launched and businesses with luxury goods, automobiles, auditing and agriculture started.
August 2017: Vechain ICO begun and ended successfully.
Development continues up to today.
The Vechain Foundation
Under Vechain is the Vechain foundation.
The vechain foundation is a non-profit entity established in Singapore in July 2017.
As they state, this will act as a form of governance for the company, as while they strive for a completely decentralized entity, they see some impurities in it.
This trusted third-party will help establish entities in Singapore that can help aid Vechain in the long run.
The Governance Principles
They have five principles which make the foundation and governance:
- Integration of Centralized Governance and Distribute Architecture
- Board of Committee to oversee the nature of Vechain’s Business Operations
- Governance Principles Based on Calculated Risks
- Blockchain and Enterprises to co-exist
- Transparency and Supervision
The Purpose of VeChain Coin
Here’s the thing with luxury goods, food, and anything worth value.
People try to steal and cheat the system.
For instance, when it comes to luxury purses and goods, many people will purchase real brands like Louis Vitton, then return a fake. They profit on the money, and then Louis Vitton ends up reselling the fake purse without knowing it's fake.
This can lead to a lot of problems.
The same goes for monitoring food as it is transported across the world.
Many times a fridge isn’t set at the proper temperature and it spoils, but the onset of the disease and spoilage of the food isn’t known.
Vechain provides a blockchain that will help track this information and products to ensure their authenticity and quality.
With their smart chips and a few other technologies, they can track luxury goods, foods, and much more.
And they currently are operating with many different retailers.
The Features of VEN Cryptocurrency
Smart Chips and Digital Assets
On VeChain’s blockchain, the goal is to create digital assets that represent physical goods.
This occurs by marking the products with a smart chip, that is custom to VEN and that helps track the item and other features.
By allowing producers to mark each product with unique numbers this can let anyone track and know their existence.
This happens via the use of the Vechain Identity Technology (VID.)
How Do VIDs Work?
Using the SHA256 hash function, a random hash is generated.
This number can then be entered into RFID chips that can be used to track devices or NFC tags to measure temperature or QR codes for easy tracking.
Thus bringing physical products online.
While this is simply a way to mark and verify that a product is truly the product that was manufactured and it claims to be, a user or owner can also file to claim ownership on the VeChain blockchain.
Similar to Bitcoin this happens from Public and Private key verification.
Decentralization From Network Nodes
Businesses and organizations that use Vechain can host nodes helping to decentralize it.
These nodes actually perform tasks such as private key management, wallet services, temperature control/verification, and quality inspection.
VEN Coins Will Be Used As GAS
When conducting a smart contract on the VEN blockchain, VEN coins will be used as GAS.
They will also be used to reward network nodes that are performing well (as an incentive model).
API Gateway Services
These allow many options for a store or producer to integrate with Vechain.
Currently, for an industry like food/drugs, VEN helps created unique IDs digitizing every unit from its origin until it gets to the consumer's hands.
This gives ultimate transparency to the customer who wants to see the whole lifecycle of the product.
Especially when something is shipped across borders or unstable on shelves.
Many Different Industries
Here are the main industries that Vechain coin aims to work with:
- Luxury goods
- And more…
What We Think of Vechain Cryptocurrency
Currently, we are holders of VEN.
We like the mission and the aims of what this company is trying to do, as many of these industries see fraudulent behaviors and sometimes they are fatal.
Being able to track food and drugs is drastically important to scale of our food and drug systems.
Long-term, Vechain could be a major player in digitizing the physical world.
If you liked this review and want to help support the academy donate some Vechain below!
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