Vechain: Why VET Smashing It & What Next?

Vechain performs unique efforts in a strong competitive market and will be one of the top projects of 2021.

In late March, a container ship called Ever Green got stuck In the Suez Canal. This wouldn’t have been such a big deal if it were not for the fact that. This waterway is responsible for about 12% of all global trade.

The Six-Day blockage cost the global economy nearly 60 billion dollars and revealed to the entire world just how fragile existing supply chains are. This is a problem that supply chain cryptocurrencies are hoping to fix and the current leader in this nation is none other than VeChain.

Over the past few months, VeChain has secured numerous partnerships, which could make it a cornerstone of future supply chain solutions. This has sent the VET coin rising up the ranks along with VeChain’s VTHO utility token.

Can VeChain keep up this impressive momentum or will it get crushed by its supply chain competitors? All this and more in today’s episode of the saleswallet.

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VeChain Recap

If VeChain is a void in your vernacular, here’s a short summary VeChain was founded in 2015 by electrical engineer Sunny Lu.

Sunny is the former chief information officer of Luis Vuitton China and has almost 20 years of experience working in supply chain infrastructure.

The VeChain ICO took place in August 2017 and brought in about 20 million dollars. The VeChain Thor blockchain went live in June 2018 and its Genesis block contained a message which read quote salute and respect Ethereum. This is because the VeChain blockchain is based on Ethereum, but has been optimized for performance like many other enterprise blockchains.

VeChain’s specialty is supply chain management, and it combines blockchain with NFC, RFID, and QR Code technologies to track luxury goods, food, pharmaceuticals, and much more. This requires a lot of throughputs which is why VeChain uses a Proof of Stake (PoS) consensus algorithm called Proof of Authority (PoA) that allows it to process up to 10,000 transactions per second.

There is a limit of 101 proof of authority nodes on the VeChain blockchain, and these are the only nodes on the network that are allowed to process transactions. All proof of authority nodes must provide KYC documentation and stake a minimum of 25 million VET. Read More…

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