Connecting the Blockchain to the Real World

betterthanmoney (25)in #bitcoin • 6 years ago (edited)

On March 6, the VeChain Foundation launched the X Node Program, a special class of nodes endowed with different benefits with the aim of rewarding the first supporters of the new platform VeChain Thor.

VECHAIN (VEN)

VeChain is a blockchain leader for IOT. VeChain (VEN) today is an ERC20 token in the Ethereum chain. It aims to connect Blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model and advanced IoT integration, and pioneering Blockchain in real-world applications.
VeChain was previously a subsidiary of BitSe, the largest blockchain company in China. VeChain is the technology of the supply chain that will be implemented in Blockchain. VeChain already has offices in France, Singapore and Hong Kong and has deployed 111 nodes in 5 countries throughout the world (China, Korea, Japan, England and Germany).
Vechain is one of the few ICOs that not only have a product and customers but also publish their financial reports: https://medium.com/@vechainofficial/vechain-financial-executive-report-vol-2-2fb65e91dad1

HISTORY

The VeChain Foundation is a Singapore-based company with offices in China and Europe and exists since 2014. They use RFID, NFC and QR codes for multi-industries. VeChain has patented RFID chips which can measure temperature and pressure and have an application in the Google Play and IOS app store.

BUSINESS WITH GREAT PARTNERS

On December 26, 2016, the State Council issued the 13th Five-Year Plan on China's national information technology integration program. According to the plan, China will spend an enormous amount of resources in the development of cutting-edge information technology, including Blockchain technology. The New Gui'an Area has been chosen to become the National Data Center of the west. The New Area will focus heavily on high-tech industries, including Big Data, Blockchain, Cloud Computing and Smart Solutions. Here will be VeChain, the Blockchain partner of the Gui'an government.
In Europe, they entered into cooperation with Givenchy Paris, a luxury brand, in which VeChain incorporated its anti-counterfeiting NFC chips designed into the products and carried out the fight against counterfeiting, product tracking and lifecycle management with technology Blockchain. Consumers can view the product history simply by scanning the integrated chip with the mobile application.
In the Automotive industry, VeChain created a digital profile for each car based on its cryptographic identification. His association with Renault establishes several profile authorizations based on car ownership at different stages of his life. And recently, they also announced a partnership with BMW.
In partnership with Xiamen Innov Information Technology installed intelligent sensors in the transport vehicle, the key information, such as temperature, humidity, and stability during cold chain logistics, can be collected and registered in Blockchain in real time. Brands and consumers can easily verify and track transport conditions.

Current Partnerships

• PwC
• DNV GL
• RENAULT
• MICROSOFT
• D.I.G
• KUEHNE+NAGEL
• HYPERLEDGER
• BABYGHOST
• China Unicom - (Chinese Language)
• MadeForGoods - (Chinese Language)
• Jiangsu Printed Electronics Co., Ltd
• A Global Convenience Store Franchise
• Xiamen Innov Information Technology Co Ltd
• Healthcare Co. Ltd
• BitOcean
• Hubei Sanxin Cultural Media Ltd.
• fanghuwang
• iTaotaoke
• Michigan State University
• Yida Future
• Mathematical Institute at Oxford University
• BMW

IN SHORT

Vechain is a Blockchain solution for companies to track their products in the supply chain. It provides you with a foolproof way of checking if the product you're buying has been handled in accordance with predetermined standards. This can assure that products are handled transparently reducing everything from product spoiling in delivery to the risk of counterfeiting.

VeChain has accumulated extensive experience in an ever-expanding list of industries including pharmaceuticals, liquor, automobile, luxury goods, retail, logistics, supply chain, food and cold storage and more.

THOR APPEARS LIKE A BOLT OF LIGHTNING

The Foundation announced last year the VeChain brand change (VEN), coinciding with the start of its own public chain and protocol VeChain Thor, in which two native coins will be created: VeChain Tokens (VET) and Thor Power (THOR), in order to provide the Foundation with the flexibility to create a reserve of value and the appropriate means to manage the costs of using the VeChain Thor protocol.
The economic purpose of the VeChain Thor protocol design is to prevent transaction fees from being directly exposed to the volatility of the VET price, making the VeChain Thor Blockchain more suitable for commercial and financial activities for business and government users.

The function of the VET is to serve as an intermediary of value, or in other words, intelligent payment currency, to allow a rapid circulation of values within the ecosystem based on the VeChain Blockchain.
THOR represents the underlying cost of using the VeChain network and will be consumed (proportionally burned) after certain operations on the network are performed, such as the transfer of VET and the execution of intelligent contracts.
Soon, the VEN tokens will automatically become VET. The team has not yet published much information about it, but most likely do not have to do anything to participate in the change. However, you may need to transfer your new VET to an official VeChain wallet to receive THOR rewards. The wallet is scheduled to be launched in Q2 2018.

STAKING (CONTRIBUTE WITH YOUR HODL)

In Crypto, a node is a computer running the purse application of that cryptocurrency, but it also results in that system following rules are known as the protocol. The use of this type of coin is what creates the network of a Blockchain. In systems that use PoW (proof of work), you mine to get the coin prize vs. PoS (proof of stake) are kept in the wallet to get the block reward. That process is called Staking in which and depending on the currency you earn a certain interest every certain time in a safe way.

YOU CAN EARN A PASSIVE INCOME WITH THIS CURRENCY.

To earn THOR (Thor Power) by just saving your VET in your own wallet.
The THOR base generation will be the following:
• A node produces 0.00042 THOR per TEV per day.
• Approximately 0.15 THOR per TEV per year.
• To generate 1 THOR per day, 2,381 VETs are needed.

THERE IS MORE!

In addition, you can earn even more THOR if you have enough VET to become a masternode in the VeChain Thor network to earn much more. Calculate it here: https://thorcalculator.com

ABOUT MASTERNODES

A Masternode is a server connected to a Blockchain system that works only for particular tasks within that chain of blocks and, therefore, receives a reward in cryptocurrency. VeChain offers two types of masternodes: Authority and Economic.
Those of Authority are the only nodes that create registers in the Blockchain, and as such, they are the most privileged members of the ecosystem. 101 people will be selected to maintain the Master Authority Nodes known as Thrudheim Nodes.
The Economic Masternodes offer stability and allow the distribution of power within the Blockchain by using their vote to influence the government. Anyone can have an economic node, which, by the way, will not require much computing power.

VECHAIN OFFERED MORE REWARDS WITH THE X NODE PROGRAM

VeChain set aside 50 million VET to be used as a reward to serve as a stimulus, to those who hold these X nodes, to generate more VET. This pool would correspond to 5.7% of the total supply of these tokens. Of course, they will never be sold in the market and, essentially, they have been burned. To qualify and obtain X node status, the token holders must have 6,000 VET or more in a trackable wallet before March 20, 2018.

WHAT DO EXPERTS SAY?

There is agreement that these will be the key benefits of the X Node:
• Significantly more VeThor production than with standard nodes.
• Early start of the maturation periods of the nodes.
• Exclusive participation in the offers of new ICOs of the VeChain ecosystem.
• Official designations to build and represent the community.
• It will never be broadcast again.

WHY DOES THIS MATTER?

It has already been announced that close to 51.9% of the 511M of circulating supply are de facto closed. Approximately, 7,707 wallets will receive the status of Node x, 162M VET estimated are being blocked by the holders of the authority nodes and nodes x.

WHY IS IT RELEVANT?

The X Node program has already caused a drastic reduction in the supply of VET tokens. This sharp reduction in the number of tokens available for sale will create a constant upward pressure on the price. The next time VET sees an increase in demand, we can expect prices to move very fast.

IN CONCLUSION

VeChain is one of the most established Blockchain companies in the industry. Not only do they have customers that use a functional product, but they also have a team with extensive experience in the industry they are targeting. By having partnerships with giants like PwC and the Chinese government, they should not have problems growing their clientele. Some people may question their change to the company's DAPPs (decentralized applications) space, but it seems to be beneficial for customers looking for a more robust Blockchain solution for their specific business needs. If VeChain continues at its current pace, we think it has potential to be one of the best of 2018.

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