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During this bull run one of the coins that got my mind is VET. Universities are doing a lot of research in the supply chain management field which is financially covered by a lot of businesses. In this post I will summarize the key disrupting solution that Vechain is bringing in the supply chain management field, hope you enjoy! Brief introductionVeChain is a smart contract enabled blockchain that uses IoT technologies focusing on supply chain management, product tracking, and other business aspects related to inventory. Vechain is using transparent technology with no single point of weakness or control which is allowing for greater security, efficiency, high-speed value transfer and ease of tracking products in a given supply chain, while reducing cost through trustless automation. Vechain partners and how does it workVechain combines smart contracts and blockchain technology with RFID (Radio Frequency Identification), NFC (Near-Field Contact), and other IoT (Internet of Things) sensors to create a platform designed for decentralized enterprise applications. VeChain involves assigning a product a unique ID and fitting it with a VeChain IoT sensor such as an NFC chip or RFID tracker, allowing the details of any product to be collected, stored, and quickly reviewed. This crypto-space solution will enable businesses and individuals to track items through the whole supply chain, thus verifying the authenticity of goods and combat counterfeiting. The technology is already in use in several industries like healthcare, fashion, consulting and many others, just to have a quick overview here is a screenshot from their official website: The Vechain blockchain mainly has two tokens which are:
VTHO is generated based on VET holdings, while VET itself has a maximum fixed supply of 86,712,634,466 tokens. VeChain (VET) is a proof-of-stake token having low computing power requirements to achieve network security, but also there is no need for communication between nodes to reach an agreement or network consensus. Another feature is the proof-of-authority protocol implemented by VTHO that i will not be addressing in this post, but is briefly involves authority masternode operators maintaining the protocol in their own interest according to rules laid down by parent organization, the VeChain Foundation. Don't forget to do your own research, here are some links to start with: Official website: https://www.vechain.com/ Vechain coinmarket cap: https://coinmarketcap.com/currencies/vechain/ if you have any questions please let me know below! Edit: I wanted to add a little note about the 101 autority nodes that are running the blockchian and are approved by the Vechain foundation. Even satoshi the father of cryptocurrency has stacked and sneaked some bitcoin without giving access to other nodes to mine with him at first stages. In Vechain there are 101 authority nodes. Vechain has a hybrid structure which is letting firms believe in them, it serves as double ended sword. From my opinion multinational companies with lots of capital and power aren't gonna hand their business without a certain degree of control, for this reason they are in the committee to approve new authority nodes but this doesn't mean that they own the node, they may or may not. With more adoption and a more recognized service it will be difficult to agree between all stakeholders. For this reason I think that this point will be eliminated in future by adopting full decentralization. We just need to wait for it because it's early to talk about the egg without a chicken. I obviously use logic here, I'm not shilling nor giving advices! For me it's doing more good than the super hyped Dogecoin. [link] [comments] |
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