The article below is an independently carried-out VET COIN REVIEW. VeChain (VET) is arguably one of the fastest-growing blockchain startups around. Founded in 2015 by Sunny Lu and Jay (Jie) Zhang, its well-detailed governance structure as well as its robust economic model are what sets it apart from its peers. But apart from the afforementioned, the project also possess some amazing features that has helped it find success in the crypto space.
Special Features of VeChain (VET Coin Review)
VeChain has a Multi-task transaction feature that allows it to group many transactions into batches.
Additionally, VeChain(VET Coin) also uses a Proof of Authority (PoA) consensus mechanism. This means that, before nodes can participate in the consensus of a blockchain, they must first be authorised. That is, only after being authorized, can nodes then join a pool where each may now publish new blocks and start receiving rewards.
Interestingly, its PoA consensus mechanism has reasonably efficient bandwidth usage, which translates to a higher output for the VeChain(VET Coin) network. Therefore, making room for more transactions per seconds, and increasing the network’s scalability at large.
Dual Token System of VeChain – Review
VeChain — built on the VeChainThor blockchain, has a primary token called VET. However, it also produces another token, VeThor (VTHO), issued for all transactions and smart contracts on the blockchain.
The dual token economic model of the project helps it to avoid increases in transaction costs, especially when the token’s value goes up.
Furthermore, VET Coin can be staked in order to generate more VeThor tokens. However, it’s the VeThor tokens that are used to make payment for various network transactions.
Meanwhile, apart from generating them from staking VET Coin, VeThor tokens can also be purchased from major exchanges.
It should be noted however, that the VET Coin native token is backed by the VeChain Foundation — a Singapore-based organisation, tasked with governance and maintenance of the project along with development and promotion.
Use Case – Review
VeChain (VET Coin) boasts of real-world use case ranging from automotive industries (including spare part replacements, product source materials and servicing history), to supply chain solutions, to digital carbon ecosystems, and many others.
Supply Chain Management Review of VET Coin
The blockchain-enabled platform has its focus on improving the efficiency, transparency and most importantly, the traceability of supply chains. In other words, it was built to aid business processes and supply chain management.
VeChain (VET Coin) proves that blockchain technology goes beyond only financial transactions. And that there are hundreds of other areas where blockchain technology may be applicable. The project is very important to virtually all production especially because of the supply chain. The project’s main feature is its blockchain, which has smart contracts, financial services, and supply chain management, all in one place.
Business Management Review of VET Coin
With the organization fully focused on creating a business ecosystem that has no central authority, the VeChain (VET Coin) platform keeps striving to become more scalable and dependable. The project aims to create a system that not only makes all necessary information about a product accessible to authorized participants, it also empowers stakeholders to act on all relevant data. And by this, VeChain has been able to achieve more transparency regarding company and consumer transactions.
VET Coin Technology Review
Using the distributed ledger technology (DLT), VeChain (VET Coin) allows consumers and retailers to be able to determine the quality and authenticity of the products they are buying. VeChain verifies and records every single piece of data in the supply chain movement of a product, making it more efficient and secure.
With this, retailers are able to do away from counterfeit products which has infiltrated the market. Customers are also able to determine that the product they are seeking is genuine.
Partnerships Review of VET Coin
Additionally, the project also has reputable partnership deals with numerous prominent businesses including BMW, DNV-GL, Oxford University, and many more. All pointing to its relevance in the real world.
One of VeChain’s most notable partnerships is its collaboration with Walmart China in order to create the Walmart China Blockchain Traceability Platform — built on the VeChainThor Blockchain.
Other notable partnerships of the project include big brands such as PriceWaterhouseCoopers (PwC), DNV GL, and DIG.
Additionally, since updating its governance model to accommodate the requirements of various large enterprises as well as regulators and government authorities in 2019, VeChain has continued to maintain its scalability.
A Success Story that Continues
This VET COIN REVIEW will not be complete without acknowledging how VeChain has firmly established itself in the cryptocurrency space especially by virtue of its active partnerships. However, developers are also actively working on cross-chain operability with other blockchains.
Also, efforts may be ongoing to implement anonymous transactions with the use of Bulletproof technology. This will grant VeChain with additional decentralisation just as seen in Monero (XMR).
VeChain is by all ramifications, a successful blockchain project but there’s always room for improvement.
Pros and Cons – VET Coin Review
- Easy to use.
- Gives a great level of privacy.
- VET Coin has many real-world partnerships with popular and reputable corporations.
- VeChain’s (VET Coin) solutions can be applicable to a variety of industries.
- VeChain(VET Coin) is developer-friendly.
- VET Coin has a dedicated, experienced team and it is one of the older blockchains still experiencing success
- High minimum deposits for running nodes.
- Some high withdrawal fees (depending on the exchange).
- There is a significant amount of competition in the field.
- The platform is not really decentralized.
Disclaimer: The information contained in this VET COIN REVIEW is purely for educational purposes only and should not be mistaken for investment or financial advice. Please do your own research before making any investment decisions. None of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any ICO or other transaction. Cryptocurrency investments are volatile and high risk in nature. Don't invest more than what you can afford to lose.