VeChain: Revolutionizing supply chain management via blockchain and IoT

VeChain is the one of leading blockchain technology companies in the world established in 2015 in Singapore. Its platform is currently used in various industries such as luxury goods, liquor and agriculture. Vechain mixes the blockchain and smart chip technologies for tracking items. The smart chip can be integrated with different Internet of Things such as QR codes, RFID tracker and NFC chips.

The main vision of VeChain is to build trust free and distributed business ecosystem based on blockchain.

The main features of VeChain are

1. Highly scalable compared to Ethereum
2. High speed transaction
3. Trust free ecosystem

How VeChain works?

All manufacturers who use VeChain platform assign products with unique identities. These identities are produced using VeChain Identity (VID) technology. Each VID is generated using a SHA256 hash function. This VID is stored simultaneously in the blockchain and integrated on the product with an NFC chip, RFID tag or QR code. So, using this both retailer and consumer can track the product’s movement.

Consensus mechanism:

VeChain Thor –Consensus mechanism of coin – Proof of Authority.

This model has some similarities with Proof of Stake. But it has developed to remove obstacles presented in Proof of Work (POW), Proof of Stake (POS). The platform has low computational power requirements, no requirement for communication between nodes to reach consensus.

Each node that holds at least 10,000 VET with single public key will have right to vote. Each node cannot have more than one vote.

The node structure of VeChain:

1. Trudheim Masternodes (>250,000 VET) – 101 Authority Nodes
   
2. Mjolnir Masternodes (>150,000 VET)- 30 day maturity period
   
3. Thunder Nodes (>50,000 VET)- 20 day maturity period
   
4. Strength Nodes (>10,000 VET)- 10 day maturity period

VeChain uses two types of Master nodes namely

1. Authority Masternodes - Node that create blocks and ledger records. Every AM has a n equal opportunity to produce one block. To be selected as AM one must put up 25,00,000 VET as collateral.
2. Economic Masternode- point of distributing power and privileges with the blockchain. It is not used to validate the block chain, but to offer stability to the ecosystem.

VeThor :

VeChain has announced at end of 2017 to rebrand to VeChain Thor. The new platform will use two different tokens

1. VeChain Tokens (VET)
   
2. Thor Power (THOR)

VET is used by the companies for payment on its block chain. The other token Thor Power which is the token that allows individuals to invest in the VeChain (THOR) blockchain.

VeChain major partners:

1. Price water Coppers (PWC) VeChain has become part of the PWC’s incubation program which gives it access to the worldwide network of clients for the company.
   
2. DNV GL - the top risk management and Quality assurance firm has bought a stake in VeChain to develop its My story digital assurance.
   
3. KUEHNA NAGEL- Global transport and logistics company will use VeChain to smartly parcels especially luxury goods.
   
4. China Unicom- state owned telecom operator of China. VeChain blockchain helps to improve supply chain.
   
5. Chinese government national level partnership.
   
6. Other partners include Renault,hyperledger,D.I.G,BABYGHOST, Madeforgoods etc.

Recent news and updates:

VeChain has signed an agreement with Chinese Government to provide drug and vaccine trace-ability​

VeChain partners with major Japanese telecommunication company called NTT DOCOMO for newly launched 5G open partner company.

VeChain partners with DECENT.bet 2.0. VeChain will be supporting DECENT gaming platform.

Technical:

VET has increased almost more than 150% from the low of $0.00602 made on Aug 14th 2018.The near term resistance is around $0.0170and any violation above targets 0.01965

On the lower side, near term major support is around $0.011 and any break below will drag the pair to next level till $0.00850/$0.00600.

It is good to buy on dips around $0.011 with SL around $0.0850 for the TP of $0.01700.