Prices of the cryptocurrency for August 11th: Cryptocurrencies drastically crumbled

August 11, 2018 Cryptocurrency

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The vast majority of experienced investors are trying to dilute their wallets with little-known but promising coins that, potentially, in the future, can give a good return. One of these very promising cryptocurrencies will be discussed in today's material. So, the VeChain cryptocurrency, which project is it and why it is able to integrate blockchain in offline?

Contents:
(please click on the topic to scroll down) [19659006] What is the VeChain project?

  • Hierarchy in the VeChain platform
  • Functionality of the platform
  • VeChain in figures
  • Further forecasts for the VeChain project
  • Conclusion

    • 1. What is the VeChain project?

    This project dates back to 2015. At the time, Sunny Lu had assembled a team to develop a new decentralized platform, whose main feature was the possibility of digitizing physical assets and listing them in a decentralized database. The development process took about two years and the development team introduced a platform last year.

    The main idea of ​​the project is to use the strengths of blockchain technology and introduce them in 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 at ease:

    • Company – absolutely any activity that involves the supply of goods or services.
    • Services that develop applications to combine users and solve a specific problem (Uber, Airbnb, etc.)
    • Developers of smart contracts.
    • The nodes are users who are responsible for the proper functioning of the platform and the confirmation of transactions.
    • Members of the VeChain Foundation are people who actively participate in the development of the project.
    • Other users are users who interact with each other through a platform.

    3. Platform functionality

    • Ability to digitize physical assets. To make this possible, developers decided to use not only QR codes, but also NFC chips and RFID tags. Together, these technologies practically do not give a mistake. The product receives its unique number and is added to the blockchain. In the log you can view all the necessary information about the product, learn its "history", the manufacturer, the path through which it was delivered and much more.
    • Transfer of the flow of documents and company information on the blockchain. [19659020] This means that this data can not be compromised, modified 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 emissions are 86 712 634 466 VEN;
    • Takes the 21 st place in the global ranking of CoinMarketCap.

    5. Further predictions for the VeChain project

    It is worth noting that most market experts are positive about this currency. VeChain has every chance of growing in price several times over the next two 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 once had a hand in the creation of ZCash, Qtum, etc.
    • Powerful partners. For obvious reasons, this project works closely with a brand like Louis Vuitton. The clothing is marked with NFC chips. One of VeChain's largest partner companies is China's largest wine producer – DIG. The entire province of China (Guan) stores and processes a large amount of data in the VeChain blockchain.

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

    6. Conclusion

    The VeChain platform can really introduce blockchain technology in real life, making life easier for business users and end users alike. It is not too late to invest in this volatile digital token, because, with a favorable result, its growth is only ahead. Do not consider this good as short-term; the project needs time in order to realize its full potential.

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