“Breaking News: China Testing Vechain As Protocols In Action”
What is Vechain?
- Its primary purpose is to make supply chain management more effortless.
- Sunny Lu is the founding father of VeChain in 2015.
- He is the Former CIO for Louis Vuitton(LV).
- Louis Vuitton and other luxury brands have a multi-billion dollar problem, what is it?
- That’s the Counterfeit of luxury goods.
- Vechain is based on ETH(Ethereum) network, but since they ICO in 2017, they transferred to their own network.
- It handling information about business activities, stakeholders’ data, different activities, and various products.
- The business model of VeChain is based upon the recognition of trust as an essential feature and a common point of interest for both the businesses and the customers.
- Vechain is Generation 4 blockchain that can revolutionize the future.
- Crypto Expert believes that it will 10X your investment in a couple of years.
Goals of Vechain?
- They are the blockchain solution to all things supply chain.
They do this by tracking and keeping tabs on physical items From the seller, Transport them to the buyer. It can implement countless use-case scenarios for the real-world application of blockchain tech. This is called the Internet of commerce.
How does it work?
- By attaching a Digital identity tag to Physical products.
- It uses a QR code or RFID tag that scans with your phone.
- Vechain allows for this to be tamper-proof.
- All the information is hosted on the blockchain, So it is impossible to fake.
Real-world examples:-
Vaccine Transport.
It records every little detail like temperature fluctuation during transportation. So this information will be pretty valuable to Governments to verify that they buy the real thing or not, So Especially something like the Covid-19 Vaccine that must store 2°C and 8°C.
Scalability of Vechain?
- It’s scalable up to 10,000 transactions per second, this is massive.
- Not yet like VISA (28,000).
- These fast transactions are done by a thorough network of trusted Validate Nodes.
What is Vechain’s coin and is it stackable?
- The simple answer is YES!.
- There are 2 different coins in Vechain Ecosystem.
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VET – Main Store of value, this is the currency of the network.
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VTHO – Using for the transaction fees (gas fees), Also staking rewards are paid in VTHO.
70% of transaction fees are burned, 30% paid out to stakeholders.
Where can I buy These coins?
- Binance – VET/USDT, VTHO/USDT
- Huobi Global – VET/USDT
- Crypto.com – VET/USDT, VTHO/USDT
Is Vechain a Good investment or Bad?
- Problems it tries to solve.
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- Preventing counterfeits.
- improve product safety.
- Reducing supply chain cost.
- Replace trust-based Transactions.
- Improve Customer validation.
- Is it Profitable?
- The counterfeit industry is the largest crime industry in the world ($1.7 trillion per year).
- The anti-counterfeit package industry is $106 billion per year.
- Tamper-proof packaging industry wealth billions per year.
- Is Vechain Doing it for Real?
- There are partnerships with large companies like Walmart, Renault, BMW, H&M, DHL, etc.
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