A lot of things are happening in the world of blockchain and cryptocurrency right now, and no one can keep tabs on everything. VeChain is one of those projects which seemingly emerged out of nowhere and is now the 25th largest cryptocurrency by market cap. No one will deny that any blockchain-based project is of great interest to the world, although there are some questions as to what sets VeChain apart exactly.
The Idea behind VeChain
It is not all that easy to come across information which describes what VeChain does exactly. According to its website, VeChain is the world’s leading blockchain platform for products and information. That is a vague statement which echoes a fair few companies in the blockchain industry right now. Leveraging the blockchain to build a trust-free and distributed business ecosystem doesn’t explain much either. It does appear the team focuses on scalable solutions, which is a positive note.
VeChain Under the Hood
As one would expect, most people are interested in finding out whether or not VeChain has a working product. After all, a lot of blockchain-based ventures are nothing more than a proof of concept at this stage. With VeChain, things are very different, in a good way. A total of three products have been developed using this blockchain, all of which seemingly focus on entirely different markets. It’s good to see companies explore use cases outside of the financial sector these days.
Firstly, there is an API gateway service, which is used by a Chinese company in connection with importing goods. We have seen people explore the option of using blockchain in the supply chain industry, and this seems to check some of the boxes in this regard. Additionally, VeChain is used by PricewaterhouseCoopers for “third party services”, which is another major validation of what this technology is capable of.
Last but not least, it seems VeChain also plays a part in the Liaoning Academy of Agricultural Sciences’ distributed data storage. All of these projects are pretty significant in their own way, although they may not necessarily be all that appealing to the masses. It will be interesting to see how all of this plays out in the long run, but so far, it seems VeChain is doing exactly what it advertises. Bringing the blockchain to the masses is still a very steep challenge, to say the least.
What’s in Store for VeChain?
As is always the case with blockchain-based projects, one has to wonder what the future holds for VeChain. It seems the project will soon undergo a major rebranding to VeChain Thor Blockchain. This means the existing VEN tokens will be converted to VET tokens. Moreover, there will be a proof-of-authority consensus model to ensure future developments are aligned with the vision of the VeChain Foundation. Additionally, there will be nodes and masternodes, albeit in very limited fashion. It’s an interesting turn of events which may or may not have a positive impact on this particular project.