Here are our key points to know about VeChain

View this post on Instagram

A post shared by CryptoGoneMad (@cryptogonemad.co.uk)

• VeChain – of the few projects in the crypto market that have a real and actual use case. All about that supply chain game, focus on business and real-life applications.

• Optimised for supply chain solutions to track and trace products at every stage and record it on Blockchain.  From raw materials to manufacturing to distribution. Enabling you to Track quality, temperature, is the product authentic and so on. Supporting NFC, IoT, RFID and smart contracts.

• Kinda centralised ecosystem & very different to BTC or ETH. VeChain Foundation is the ultimate authority and gatekeeper. With the ability to change monetary policy or make other critical decisions.

• Created in 2015 by a software company based in China & co-founded by Sunny Lu, former chief information officer of Louis Vuitton China.

• VeChain blockchain has 2 native tokens, VET and VTHO. To put that in perspective, while gas fees on Ethereum network are paid with ETH, on Vechain gas fees are paid in VTHO.

• Tokenomics? Well, VET has a maximum supply of 86.7 billion. To put that in perspective it is approximately double of 45 billion Cardano supply. While VTHO is unlimited and gets generated as a result of holding VET.

• It can handle speeds up to 10,000 transactions per second – not too shabby. But that’s theoretical. Reality is around 100.

• June 1, 2023, is going to be a big day for VeChain. China is about to get a lot more crypto-friendly, and that could be very positive news for VeChain

• VeChain has around 117 decentralised applications – OK, but nothing impressive.

• Drum Rolls please! VeChain’s secret weapon? Partnerships & its focus on real-world use cases. Walmart, BMW, and PwC, DHL, H&M; Delloite and many others. For example: Renault is working with VeChain to prevent meter reading fraud when selling cars, while others to track and optimise their supply chain.

• Lately VeChain has expanded beyond SC and is now focusing on Carbon Tracking & Sustainability, specifically the Sustainability Development Goals of the Chinese government and the United Nations. This could potentially open up new opportunities for the platform and its investors.

• Overall, VeChain is a centralised giant with solid technology, partnerships and real-world applications focused on businesses but not retail users.  Decision is yours!