Review of VeChain Cryptocurrency or How to Implement Blockchain Technology in Real Life?

The overwhelming majority of experienced investors are trying to dilute their portfolios with little-known, but promising coins, which, potentially, in the future, can give a good return. One of such very promising cryptocurrencies will be discussed in today's material. So, the VeChain cryptocurrency, what project is it and why is it able to integrate blockchain into the offline? Contents: (please, click the topic to scroll down to it)

1. What is the VeChain project?
2. Hierarchy in the VeChain platform
3. Platform functionality
4. VeChain in figures
5. Further forecasts for the VeChain project
6. Conclusion

1. What is the VeChain project?

This project dates back to the distant 2015. At that time, Sunny Lu had assembled a team to develop a new decentralized platform, the main feature of which was the possibility of digitizing physical goods and listing them in a decentralized database. The development process took about two years, and last year the development team introduced a platform. The main idea of ​​the project is to use the strengths of blockchain technology and introduce them into real life. Developers want to create a product that will make life easier for both sellers and buyers.

2. Hierarchy in the VeChain platform

The developers assure that they have created a business ecosystem in which all 6 types of users will be equally comfortable:

• Companies - absolutely any business that involves the provision of goods or services.
• Services that develop applications for combining users and solving a specific problem (Uber, Airbnb, etc.).
• Developers of smart contracts.
• Nodes are users who are responsible for the correct operation of the platform and confirmation of transactions.
• Members of the VeChain Foundation are people who take an active part in the development of the project.
• Other users are any users who interact with each other via a platform.

3. Platform functionality

• Ability to digitize physical goods. To make this possible, the developers decided to use not only QR codes, but also NFC chips and RFID tags. Together, these technologies practically do not give an error. The product receives its unique number and is entered in the blockchain. In the register you can see all the necessary information about the product, learn its "history", the manufacturer, the route through which it was delivered and much more.
• Transfer of document flow and corporate information to the blockchain. This means that these data cannot be compromised, edited or deleted in any way.
• The ability to write smart contracts that will allow platform participants to interact with each other, without the need for intermediaries.

4. VeChain in figures

• The rate of VEN/USD is $0.0134;
• Market capitalization - $738 million;
• Total emission is 86 712 634 466 VEN;
• Takes the 21st place in the global CoinMarketCap ranking.

5. Further forecasts for the VeChain project

It is worth noting that most market experts are positive about this coin. VeChain has every chance to grow in price several times in the next couple of years, for a number of reasons:

• Strong team. The project involves more than 60 people, each of whom is a professional in their business. The main developer is Sunny Lu, who has been the technical director of Louis Vuitton for many years. The well-known Bo Shen, who at one time had a hand in creating ZCash, Qtum, etc.
• Powerful partners. For obvious reasons, this project closely cooperates with such a brand as Louis Vuitton. Clothing is marked with NFC chips. One of the large companies that are partners of VeChain is the largest wine producer in China - DIG. The whole province in China (Guan) stores and processes a large amount of data in the VeChain blockchain.

Conspicuously, despite its young age, the project has already been successfully implemented in real life. This indicates good investment prospects.

6. Conclusion

The VeChain platform can truly introduce blockchain technology into real life, thus making life easier for both business and end users. It isn’t late to invest in this volatile digital token, because, with a favorable outcome, its growth is only ahead. Do not regard this asset as a short-term; the project needs time, in order to realize its full potential. Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/