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📺 Previous VeChain Video 👉 https://www.youtube.com/watch?v=XVvXh4TgQ9I
– TIMESTAMPS –
2:04 What is VeChain?
5:38 Why It is Needed
9:38 The VET Token
12:33 VTHO & Blockchain Use
15:15 Recent Collaborations
📰 Sources 📰
► Website 1: https://www.vechain.org/
► Website 2: https://www.vechain.com/
► Coin Telegraph Paper: https://cointelegraph.com/consulting/vechain/when-blockchain-meets-iot-ensuring-food-safety-in-the-2020s
► Vechain Staking Exodus: https://www.exodus.io/blog/vechain-staking/
► MyCare Announcement: https://www.prnewswire.com/news-releases/vechain-powers-dnv-gls-my-care-a-hospital-grade-infection-risk-management-solution-301084551.html
► Viking Line MyCare: https://www.vikingline.com/press-room-old/C8E305E97053E142
► Partnerships: https://vechaininsider.com/partnerships/a-complete-list-of-vechain-partnerships/
🤔 What is Vechain 🤔
It is a “Blockchain as a service” company that has supply chain management solutions for enterprise clients. It brings IoT infrastructure and blockchain technology together to help companies better understand the entire goods supply chain.
Goods will have electronic tags such as QR codes that will enable them to be tracked throughout the entire supply chain process. However, this tracking will be placed on the blockchain. This is a dual token ecosystem that has the native VET token as well as the VeThor Token.
The VET token is the primary store of value on the VeChain blockchain. It is a programmable Token that acts as a carrier of value and used for transfers between different business activities on the platform.
The VTHO tokens are lower level tokens that are used in order to pay for transactions and execute smart contracts. Basically, if you want to write any data to the Vechain blockchain you have to pay with VTHO. These VTHO are also earned by staking those VET.
Vechain has also developed an enterprise ready SDK platform called “toolchain”. This will allow those enterprises to easily build on top of the Vechain blockchain and track their goods as it passes through their supply chains.
💯 Need For Vechain 💯
There is a lack of trust in supply chains. People cannot fully verify that the goods have come from the stated source and they have no way of knowing. This is particularly relevant in the food sector.
At Vechain, this adds trust to the supply chain process. When a good is produced on the farm it is allocated a QR code or RFID chip. Then, throughout each stage of that supply chain they can scan the code to make sure that the goods have been through the correct lines and kept in the right conditions.
Eventually, when used at scale, there will come a situation in which
📈 VET Tokenomics 📈
VET powers the entire ecosystem. These tokens are also used in order to generate that VTHO.
Something else that is crucial to understand about the VET token is that it has a capped supply. There are a little under 87 billion VET available and that number will not be increased. This of course places a natural supply limit on the token.
There are a number of different nodes that operate on the Vechain network. Authority nodes require a minimum of 25 million VET. There is currently 4.5 billion locked in Economic nodes and 11.2 billion locked in the X nodes. So, combined with the Authority nodes that implies that about 21% of all VET is off the market.
📈 VTHO Tokenomics 📈
In order to run these dApps and to send transactions, these users need VTHO. This VTHO is the “gas” in the VeThor blockchain. 70% of all VTHO that is used to power the network is consequently burned whereas the remaining 30% is paid to the authority nodes.
The more demand there is on the network the more need there will be for the VTHO tokens. This means that the price of VTHO is likely to increase. As this increases there will be more demand to mint these tokens throuh staking the VET. This will then lead to more demand for VET.
You have a situation where demand and utility use of the Vechain blockchain will eventually improve feed into the value of VTHO and hence the VET tokens.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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