The crypto-currency VeChain has seen since the beginning of the year, a strong price increase and is in the Top 20 of the largest crypto-currencies. So VeChain defy the negative market trends of the last few weeks. The VeChain rate has risen within the last 24 hours by more than 14%, and stands out clearly from the Rest of the market is moving more sideways.
VeChain is started at the beginning of the year, with a price of 1.72 Euro, and has recorded since then, a sustained rate of growth, so of course the editors ‘ time is already at 5.89 euros. The market capitalization is in the period from 1. January 2018 up to today, of 636 million euros to 3.1 billion euros to increase.
Vision of the company
VeChain intends to be the leading Blockchain-to be a platform for products and information. Through the use of the Blockchain technology will enable manufacturers, suppliers, and customers to capture all of the important information about a product over its entire life cycle, to manage and to share.
The Vision of the company is to create greater market transparency for consumers. The consumers should obtain detailed information about the purchased products, and from a very reliable source, whether the shown information is not falsified or obscured.
The technology could, for example, be determined whether a product is actually “Made in Germany”, or whether in Germany, only exaggerated said, 2 screws have been tightened, in order to justify the Label. The consumer can cycle by means of the Blockchain technology, the entire life, i.e. the production sites and steps in Detail.
The VeChain Blockchain guarantees that all components and portion are recognized in the steps securely and in a tamper-proof Distributed Ledger is stored. Each product gets a unique ID assigned to it. This is applied to the product with a RFID Tag, a NFC Chip or QR Code. During the entire life cycle can act by means of this technology with the product. This is true regardless of whether one is a supplier, manufacturer or customer who ordered the product.
The technology is suitable for numerous sectors. Everywhere there, where a fake security, could VeChain be used. In particular, in the areas of Supply Chain Management, Asset Management, brand protection and food safety of the use of VeChain.
So far, the company offers solutions for the liquor trade, the trade with luxury goods, the car trade, retail trade, agriculture, gold trade and the logistics industry.
The VeChain Token (VEN)
VEN is the Token of the VeChain network. VEN has been developed on the Basis of Ethereum, and is equivalent to the ERC-20 Standard. The Token will be used for the payment of services and products within the VeChain Ecosystem. 41 percent of the total Tokens were distributed during the VeChain Token crowd sales, where the profits of the VeChain Foundation received. The other shares, the total 873.378.637 VEN, are received according to the graphic below, private investors, corporate investors, the Develeopment Team and some of the other actors. Currently 458.080.863 VEN are in circulation.
The reasons for the current increase in the price of VeChain
In the last few weeks VeChain was able to complete numerous well known partnerships and positive news to report.
As in the past, in a number of currencies has shown, can affect new partnerships the price of a crypto currency is significantly positive. This seems to be VeChain the case.
Last Wednesday, the international classification society DNV GL has announced a partnership with VeChain. The aim of the cooperation is the development of a Blockchain-a platform for tracking and tracing of food products and beverages. In addition, also the usability for the fashion and retail as well as the automotive and aviation industry should be checked.
A week ago, VeChain has announced a partnership with Fanghuwang and went a further step in the field of financial services, to gain a foothold. Fanghuwang is a relatively new loan company, whose focus is on the business of mortgage loans. By means of the solution VeChain Thor has a better data quality in the field of financial services is to be achieved.
Using the Blockchain technology should be used to check whether data is manipulated (negative evidence), or by a third party can be consulted. In addition, the sharing of sensitive data is to be made between private or public parties, by the VeChain Thor Ecosystem easier and safer.
Two weeks ago, VeChain has announced an exclusive partnership with the Chinese “China National Tobacco Corporation” is known:
At this point, we could still have more partnerships to enumerate, but this is the outline of the work of the VeChain project is sufficient.
In contrast to many other crypto-currencies, the product “VeChain has” already today, many real application cases. From our point of view VeChain is a crypto-currency, has on the practical applicability of your product’s great potential. The next few days and weeks will show whether the Rally can continue.
VeChain Apotheosis: https://medium.com/@vechainofficial/vechain-apotheosis-the-beginning-d9f0fdbdc910
VeChain Development Plan: https://cdn.vechain.com/vechain_ico_ideas_of_development_en.pdf
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