Crypto Coin Index:Top 30 CryptoCoin INDEX
Coin Prefix: VET
Latest Hight: $5.63
VeChain is a Singapore-based company that has developed a Blockchain platform combining it with a unique smart chip to track items throughout their lifecycle. The vision of VeChain is to build a trust-free and distributed business ecosystem that enables transparent information flow, efficient collaboration, and high speed value transferring.
The VEN coin has been gradually increasing its market value as it proves to be a private, reliable and profitable source of digital payment. It ensures both privacy and transparency in data distribution and financial transactions in the digital market.
VeChain is the first to be officially recognized by the Chinese government and is currently exploring the potential of the European market. In January 2018, the company announced a partnership with the Chinese government regarding the implementation of its Blockchain-as-a-Service (BAAS) solution into the tobacco sector. In February, Sunny Lu, CEO for the VeChain Foundation, met with Belgium’s Deputy Prime Minister, Alexander De Croos, to discuss how the Blockchain developer can support the country’s digital economy initiatives.
What is distinctive about the VEN cryptocurrency is that it runs on its own Blockchain, thus making the coin tradable and available on all platforms and not only on the Ethereum Blockchain. Furthermore, the team behind VEN is known in the digital market world since 2015, although the VeChain Foundation and the cryptocurrency project started in mid-July 2017. VEN utilizes the Proof-of-Concept consensus protocol but the coin’s practical usage goes far beyond the protocol borders.
Besides being able to service private, business and third party transactions, VEN is among the most distributed and scalable coins on the market at the moment. It is compatible with any trading platform and can be stored on any wallet application or device. VEN utilizes API gateway service, which aids the business of goods import and is a trustworthy payment method. The coin is used by a variety of different businesses throughout the digital market, as it combines interests in agriculture, luxury stocks, data storage and transfer. It allows both private and transparent transaction processes, which proves a valuable characteristic for the universal usage of the VEN coin. The Blockchain-technology behind the platform further improves the cost-effective transactions that are quickly and efficiently processed, within near real-time windows.
The VeChain platform is due to evolve as the team behind it intends to rebrand it to VeChain Thor Blockchain. This is not a cosmetic transformation. The currency will utilize the Proof-of-Authority consensus protocol, which will open the doors for future development before the platform. A major change will be the introduction of the new, reworked token VEN, where old, existing in circulation VENs will become, with converting, the new token VET.
TheThe digital economy market hopes that this will prove a profitable and stable solution, but it is hard to predict what the digital world holds for this uprising cryptocurrency star.