VeChain Cryptocurrency Research
Here is some research I did as a blockchain research intern
Written: 12.03.2019
Table of Contents
Overview (Problem)
Specifications (Authority)
Token and Chain Notes (Token)
Developer Notes (Development)
History (The history of the chain to show activity of its development team)
Summary (Summary of each of the chains areas)
Overview (Problem)
What is the project?
VeChain is a blockchain-enabled platform that is designed to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought.
What is the problem the project is solving?
VeChain plans to achieve this secure supply chain management ecosystem via the method of asset digitization. This will allow manufacturers, supply chain partners, and even consumers, to track the movement of products through their supply chain. VeChain makes use of its VeChain Identity (VID) technology, to mark and track a product.
Does having a blockchain fix the problem being solved?
Supply Chain is a very strong use case of a blockchain, VeChain is properly addressing the need via a blockchain ecosystem geared toward supply chain.
Specifications (Authority)
Who are the founders?
What are the motives and goals of the founders?
The VeChain project started in June 2015, focusing on building a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transfer.By providing robust and secure blockchain infrastructure, enterprise solutions, turnkey packages and development tools in both software and hardware, VeChain aims to enable its business partners and developers to adopt blockchain solutions for business and create a powerful and sustainable ecosystem.
Is the blockchain decentralized?
VeChain offers a decentralized platform on which businesses can easily interact and transact with each other without any third parties needing to be involved
Is the blockchain permissioned?
VeChain Thor is a hybrid public and permissioned enterprise blockchain platform that was initially created for supply chain management.
Does the project have a governance model? If so, explain what it is.
VeChain’s innovative governance model is based around 101 Authority Nodes, comprised of industry and research leaders from around the globe, working together to authenticate data in a decentralised, scalable and efficient manner.
What is the consensus mechanism being used?
Through the use of Proof of Authority (POA) consensus algorithm, VeChain secures its network by a group of 101 Authority Masternodes (AM). Different from other blockchains, AMs cannot maintain anonymity on VeChain.
Token and Chain Notes (Token)
Is there a token for the project?
Since VeChain launched its main net, the main token of the network was changed from VEN to VET. However, the VET token will not be able to perform every task on the network either. There is a need for a secondary currency, which will help power operations on top of this blockchain ecosystem. For most holders and short-term investors, this will not matter too much, as they simply hope to see the VET price rise accordingly. That is something rather likely to happen in the future, partially because of the secondary currency which makes up this ecosystem.
VeChain Token (VET) and VeChainThor Energy (VTHO).
Is it a stable coin?
No
What do the economics look like?
Circulating Supply: 55,454,734,800 VET
Total Supply: 86,712,634,466 VET
Market Cap: $387,714,297 USD (52,926 BTC)
Is it a fungible or non-fungible token?
Fungible
Was there an ICO for the initial distribution? If not, how did the tokens get into the people’s hands, maybe an airdrop?
The VeChain Thor ICO occurred from August 17 through September 17, 2017, raising approximately $20 million worth of ETH. The first ICO launched on the VeChain Thor mainnet was Plair (a VeChain-backed, blockchain-based gaming rewards system) on May 25, 2018.
How liquid is the token, meaning, is the token listed on the top exchanges? (Coinbase, binance, kraken, bittrex, bitfinex)
Binance, Crypto.com
Show a chart of the past year for the token.Is the project available to US residents?
Yes it is available to US citizens
Developer Notes (Development)
When did the project launch?
05/2018
What Generation is the project?
VERSION 1.0.0.0
What language is the code written?
As a fork of Ethereum, Solidity and more as it grows in sdks
Is the project open source?
Yes
Documentation page link:
https://www.vechain.org/?lang=en
https://cdn.vechain.com/vechainthor_development_plan_and_whitepaper_en_v1.0.pdf
History (The history of the chain to show activity of its development team)
- Start of project: June 29, 2018
- Whitepaper published: May 2018
- First Code commit: Github commits show as far back as early 2018
- Current state of the project: The latest git commit was Dec 8th 2019
Summary (Summary of each of the chains areas)
- VeChain was a blockchain based protocol designed from the ground up with Supply chain management in mind
- The Project was launched in 2018 officially with a white paper and the VEN token
- VeChain has since expanded on their project to include the Thor Blockchain which has its own VTHO Token to be used at a token within the chains ecosystem
- The adoption rate of the project has been steadily growing as they partner with a number of large corporations already have large supply chains that could benefit from the technology
Links
https://www.youtube.com/watch?v=8YFsKDPbIHY
https://www.mycryptopedia.com/vechain-ven-explained/
https://www.intelligentcio.com/me/2019/04/24/vechain-ceo-on-the-future-of-blockchain/
Economic-model-of-vechainthor-blockchain
https://nulltx.com/vet-vs-thor-vechain-explained/
Thank you again for reading and enjoying this journey with me!
Buy me coffee? https://ko-fi.com/jonngan
