CRYPTO CHART ANALYSIS | WHERE IS THE MARKET HEADED?
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VERY IMPORTANT
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What Is VeChain?
VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology (DLT).
The Vechain platform contains two distinct tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). The former is used to transfer value across VeChain’s network, and the latter is used as energy or “gas” to power smart contract transactions.
KEY TAKEAWAYS
VeChain is an enterprise blockchain platform that aims to provide a full view of an organization by disintermediating information from data silos.
VeChain also plans to become a leading platform for initial coin offerings (ICOs) and for conducting transactions between Internet of Things (IoT) connected devices.
VeChain makes use of two tokens: VeChain token (VET) as a value layer and VeChain Thor Energy (VTHO) as a smart contract layer.
Understanding VeChain
VeChain states that its goal is “to build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.1
Supply chain data for business processes are currently compartmentalized in silos among multiple stakeholders. This affects information flow, which is again divided among stakeholders.
According to VeChain’s white paper, blockchain technology can break “this asymmetric information problem and allow ownership of data to return to and empower its owner.” The VeChain platform claims to provide a 360-degree view of necessary information linked to a product and its business processes—such as storage, transportation, and supply—to authorized stakeholders and create greater market transparency.1