Heard about Blockchain-as-a-Service (BaaS)? It’s one of the emerging enterprise services that cloud providers have been offering recently. It is helpful for businesses that want to implement an operational framework without spending much money on new architecture or hiring developers to implement it. Well, VeChain Thor or VeChain is a BaaS that aims to construct a distributed business ecosystem that is not governed by any ruling body. Therefore, such ecosystems experience efficient collaboration, lightning value transferring, and transparent information flow. VeChain Thor, though still developing, has been around for two years and its users are already taking advantage of the product. Sectors like governments, pharmaceuticals, food, logistics, agriculture, and luxury goods are using VeChain technology.
VeChain Thor tracks items that use a supply chain. It helps you to monitor and maintain the quality of goods especially food products.
How Does VeChain Thor Work?
VeChain Thor is a supply chain firm that also plans to transform itself as DApp platform.
VeChain combines the Blockchain technology and smart chip technology to monitor item flow throughout the lifecycle. Smart chips are embedded into devices (IoT) such as QR codes, RFID trackers, and NFC chips. Even if it doesn’t seem to be an essential technology, VeChain Thor ensures quality across businesses. Luxury Goods industry is one of the many sectors that has reaped benefits from the implementation of VeChain Thor. With VeChain Thor, the sector is able to differentiate genuine products while it’s being distributed around the world. All they need to do is a quick scan.
VeChain Thor technology also works fine in the world of logistics. It reduces complexity in logistics. With smart chip, businesses can precisely track their products. Moreover, with IoT integration, the VeChain technology helps in monitoring the quality of the product. Therefore, agriculture, drug and food industry uses VeChain to smoothen their operations.
VeChainm Thor (formerly known as VeChain) is moving to DApp platform where it will utilize two tokens- VeChain Tokens called as VET and Thor power called as THOR.
VET can enhance the payment system in companies that use blockchain technology. Firms that possess more VET gets higher priority and extra privileges in the Blockchain ecosystem.
THOR will be offered to VET holders to execute applications and perform smart contracts on blockchain.
Base generation or minimum rate
0.00042 per VET per day
VeChain Thor ecosystems are based on nodes. Nodes are rewarded with Thor for managing the network.
Nodes are divided into four categories depending on the quantity of VET they have and their maturity date: –
- Thrudheim Masternodes- minimum 250,000 and 12/21/17 as maturity start date
- Mjolnir Masternodes– minimum 150,000 and 30-day maturity
- Thunder Nodes– minimum 50,000 and 20-day maturity
- Strength Nodes– minimum 10,000 and 10-day maturity
The economic nodes Mjolnir, Thunder and Strength earn rewards from VeChain Foundation THOR pool other than the regular reward for possessing VET. Thrudheim Masternodes receives 30% of THOR used by blockchain transactions other than the normal rewards received by economic nodes. However, a VET holder will always be rewarded with THOR daily, irrespective of the quantity of VeChain Token the user holds.
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The VeChain Team
An additional unit of BitSe (China’s biggest blockchain firm) was started by VeChain. Additionally, the VeChain team is based in Singapore and consists of 150 members. VeChain’s CEO Sunny Lu leads the firm. He has previously involved with luxury brands like Louis Vuitton China as CIO (Chief Information Officer). Jie Zhang (experience in IT assurance) works as CFO and Bo Shen as Advisor (Creator of Fenbushi Capital).
VeChain has partnerships with DNV GL and PwC. VeChain is affiliated to the PwC incubator program which means the company has got access to PwC’s massive client network. DNV GL is an energy sector company that is worth $20 billion. It renders services to renewable companies, maritime, power and oil & gas sector. This again introduces VeChain to a massive client base. Moreover, VeChain has been selected by the Chinese government to support government of Gui’an as a Blockchain technology partner.
Although sectors like Logistics are huge, VeChain still competes with two competitors- Modum and Waltonchain that use a similar Blockchain technology in supply chain. When it comes to DApp platform, VeChain competes with NEO, EOS, Cardano and Ethereum. However, with the introduction of THOR, VeChain will make a big splash in the Blockchain community.
VeChain began to trade in August 2017 at a price of $0.25. Until now, the price has continued to be stable. Presently, it is $4.70. The price may rise due to partners using DApp platform.
You can exchange Bitcoin and Ethereum and buy VET on Binance. If you don’t have the cryptocurrencies, you can buy at reputed places like Gemini, GDAX etc. using USD and then use them on Binance to buy VeChain.
You can store VET in wallets like MyEtherWallet that support ERC20 support. You can also use a hardware wallet like Ledger Nano S with MyEtherWallet.
In Conclusion, we would say that VeChain has the potential to be the most rooted Blockchain company in the world. They are a good blend of a talented team and powerful partners who are already established. Moreover, it’s a robust solution to various business needs.