Amidst the ever-increasing popularity of the cryptocurrencies, the focus of of block-chain technology has been broadened to include more applications other than it simply being a mode of payment. Many cryptocurrencies are available in the market which aim to enhance some particular application by utilizing the power of cryptocurrencies.
Similarly, Vechain is an interesting endeavor that makes use of the blockchain technology. It was founded in 2015, with a motive to improve the existing business practices, specifically those related to supply chain domain. The supply chain management solution that Vechain offers, include tracking, inventory management, quality control, provenance of resources and much more. It is already in service-mode, and has powered many businesses through its blockchain technology.
To name an example, FoodGates blockchain is powered by Vechain. FoodGates blockchain platform is using the supply chain solution to track the availability of cows for slaughtering, meat packaging, shipping, and customer delivery. Other enterprises that are using the Vechain based supply-chain solution are Jiangsu Electronics, Renault and Price Waterhouse Coopers (Walters, 2019).
Vechain was founded by Sunny Lu back in 2015. It is built upon the Ethereum blockchain. The team has even adopted the best qualities of Ethereum network for their technology, and has fined tuned them for mass-market acceptance. The ecosystem that Sunny Lu and his team has built, has two crypto-tokens, one is Vechain (VET) and the other is VTHO (VeThor) token. The infrastructure is laid such that Vechain is being used as the primary token, which resulting produces VeThor Token that gets used for all transactions and smart contracts made on the blockchain.
The Initial Coin Offering for Vechain was held in 2017, and the token was reportedly being offered for $0.080 USD. The ICO ended with Vechain having a total market capital of $20 million USD. In a matter of just 9 months, the market capital increased to a staggering $2.2 billion USD. The reason behind this was that Vechain managed to secure partnerships with industry giants very early in its development and the supply chain industry that it is aiming to disrupt is a whopping trillion dollar industry.
After this ten-fold increase in Vechain’s market capital, the price valuation of the token has been on a down-hill ever since. Despite having strong partnerships, Vechain has been unable to hold on to its value, and resist against the fast-paced development on the crypto-currency universe.
The team behind Vehcain technology is an experienced and motivated group. Sunnly Lu is serving as the CEO, while Jay Zhang is the CFO and a co-founder of the project. Most of the team members have an employment history with PWC, which in turn explains the partnership between the two entities (Cryptolite, 2018).
Vechain Tokens are available on a number of exchanges. These include LAToken, OceanEx, Binance and Huobi. The majority of Vechain trading happens on LAToken and OceanEx, however. The token can be stored both online and offline. However, since Vechain are the native VET tokens, there is not much choice for online wallets, and perhaps the best option is to go for secure hardware wallets.
The technology behind Vechain looks promising for sure. The team is determined and experienced, the marketing strategy has been phenomenal with more than 31 partnerships signed in just a matter of two years, and the project is well-thought out. The only thing that is stopping Vechain from growing is its negative growth in terms of valuation, and that is where people are reluctant to accept this technology. That being said, things can change for Vechain, with the coming year. With some notable partnerships in line, it can take itself in to the top performing blockchains in no time.