VeChain is the one of leading blockchain application platform driven by Enterprise adoption. Its platform is currently used in various industries such as food safety, luxury goods, liquor, and agriculture. Vechain mixes the blockchain and smart chip technologies for tracking items. The smart chip can be integrated with different Internet of Things such as QR codes, RFID trackers, and NFC chips.
The main vision of VeChain is to build a trust-free and distributed business ecosystem based on blockchain.
The main features of VeChain are
Highly scalable compared to Ethereum
High-speed transaction
Trust free ecosystem
How VeChain works?
All manufacturers who use the VeChain platform assign products with unique identities. These identities are produced using VeChain Identity (VID) technology. Each VID is generated using a SHA256 hash function. This VID is stored simultaneously in the blockchain and integrated on the product with an NFC chip, RFID tag, or QR code. So, using this both retailers and consumers can track the product’s movement.
Consensus mechanism:
VeChain Thor –Consensus mechanism of the coin – Proof of Authority.
This model has some similarities with Proof of Stake. But it has developed to remove obstacles presented in Proof of Work (POW), Proof of Stake (POS). The platform has low computational power requirements, no requirement for communication between nodes to reach consensus. This mechanism provides high performance and fault tolerance. It doesn’t require high-performance hardware.
Each node that holds at least 10,000 VET with a single public key will have the right to vote. Each node cannot have more than one vote.
The node structure of VeChain:
Authority or Thrudheim Master nodes (25 million VET) – 101 Authority Nodes
Mjolnir Masternodes (15 million VET and up)- 30 days maturity period
Thunder Nodes (5 million VET)- 20 day maturity period
Strength Nodes (>10,000 VET)- 10 day maturity period
VeChain uses two types of Master nodes namely
Authority Master Nodes – There will be only 101 Authority nodes. These are the only nodes dedicated to blockchain validation. Every AM has an equal opportunity to produce one block. To be selected as AM one must put up 25, 00,000 VET as collateral.
Economic Master node– point of distributing power and privileges with the blockchain. It is not used to validate the blockchain, but to offer stability to the ecosystem.
VeThor:
VeChain has announced at end of 2017 to rebrand to VeChain Thor. Every transaction such as sending data to a smart contract has to be paid for using the Vethor blockchain. The new platform will use two different tokens
VeChain Tokens (VET)
Thor Power (THOR)
VET is used by companies for payment on its blockchain. The other token Thor Power which is the token that allows individuals to invest in the VeChain (THOR) blockchain.
Scalability–
Vechain has launched Mainnet in mid of 2018 and set a record hitting 165 TPS- 11 times faster than Ethereum.
|
Blockchain Name
|
Consensus Protocol
|
TPS
|
New block
|
Number of nodes
|
|
VeChain
|
PoA
|
165*
|
15 sec
|
101
|
|
Ethereum 2.0
|
PoW
|
15
|
10 sec
|
2701
|
*Indicates- it can handle up to 10000 tps.
Ve Tool Chain- It is Vechain’s Blockchain as a service platform. It provides a one-stop solution to create product identity (VID), order NFC tags, add traceability information, and transfer product ownership.
VeChain major partners:
Price water Coppers (PWC) VeChain has become part of the PWC’s incubation program which gives it access to the worldwide network of clients for the company.
DNV GL – the top risk management and Quality assurance firm has bought a stake in VeChain to develop its My Story digital assurance
KUEHNA NAGEL- Global transport and Logistics Company will use VeChain to smartly parcels especially luxury goods.
China Unicom- state-owned telecom operator of China. VeChain blockchain helps to improve the supply chain.
Chinese government national level partnership
Other partners include IBM, Ford, and 3M, etc.
Recent news and updates:
VeChain has officially announced as Schneider electric’s digital ecosystem’s partner.
Vechain Thor’s main net surpasses the 10 million blocks without downtime.
It has upgraded to Proof-of-authority 2.0 which further improves scalability.
Technical:
VET is trading slightly weak after the surge of more than 45% from a low of $0.0690. The near-term resistance is around $0.110 and any violation above targets $0.150/$0.1890 (Nov month high).
On the lower side, the near-term major support is around $0.08500 and any break below will drag the pair to the next level till $0.0690/$0.0500.
It is good to buy on dips around $0.0690 with SL around $0.0500 for the TP of $0.145.
This news is republished from another source. You can check the original article here
Be the first to comment