New digital coins are being actively developed based on the combination of blockchain technology and smart contracts. And VeChain is one of them.
VeChain what is it
An ecosystem is built on the VeChain platform, which is used in logistics business projects. With its help, you can track any goods at any stage of the product life cycle. In fact, it is a platform where information about any product is digitized. It simplifies their control and verification and is based on the principles of freedom from trust of all users, both from the side of the buyer and from the side of the seller. Thus, this system allows you to get rid of counterfeit products and make the process of goods movement more transparent.
History of creation
The VEN cryptocurrency (trading ticker VeChain) was founded by a Singapore-based non-profit organization. For many years, this company has been a leader in industries such as:
- wine and vodka products;
- the sale of luxury goods.
Her management made the decision to use blockchain for real life. VeChain began its history in 2015. And in 2017, there was a successful ICO of the project. The developers have implemented smart contract technology, rebuilt the internal infrastructure to integrate vital industries in the Blockchain.
VeChain has the following features:
- The ability to digitize any product and store data about it in the blockchain – using NFC chips, RFID tags and QR codes, the product is assigned a registry number and an identifier in the form of a chip is applied to it. A special device reads the information, and the consumer knows all the information about the product.
- The ability to save documents and data about the enterprise in the Blockchain that cannot be deleted. All information is available to partners with whom the campaign works.
- Smart contracts with which you can conclude contracts without resorting to the help of lawyers.
- Data transparency and reliability. Any participant has access to information that is protected from unauthorized access.
- Huge application potential in any field of human activity.
- Providing an opportunity for each participant to find their own niche in the ecosystem.
VEN token is the “blood” of the ecological system of the VeChain project
According to experts, the business system itself can be called the body of the site, the blockchain is considered its skeleton, that is, infrastructure, applications – organs together with muscles. But the comparison with one important element, blood, is not mentioned here. It is fully-fledged VEN token.
The token is used when concluding smart contracts, when creating a closed system with an open interface. The main task is that the participants of the resource use tokens. About 70% of them were sold during the ICO to well-known campaigns and ordinary users.
Vichain’s site is authoritarian and has the trust of many users; it provides useful services that have already established themselves in the market and economic sphere. The use of Blokchain technology in many fields of human activity is an innovative solution. The unification of the virtual and real economies in the future will bring tremendous benefits to the whole world.
Gov.capital analysts prefer historical price analysis to predict the price of cryptocurrencies, including VeChain. In their opinion, in January 2023, the VET price could be $ 0.070. During the year, the rate will rise to $ 0.090.