The VeChain Foundation in Singapore started off as a supply chain company but has recently announced its plans to move into the decentralized platform and hence evolving to become Enterprise DApp (decentralized application) solutions similar to Ethereum.
VeChain recently tweeted on their official account of their progress.
VeChain’s operations are similar to IBM’s crypto-anchors technology. VeChain functions as a mix of blockchain technology and their in-house built smart chip (tiny piece of code) to track items throughout their lifecycle and also to guarantee you’re receiving the same intended product at every node. VeChain’s strategy is beneficial in many ways and most importantly:
- By implementing the smart chip technology it helps remove the need for trust at every stage the item takes to reach the end user
- It offers counterfeit protection by re-verifying items at every node
- It improves logistics systems through simplified product tracking
- Smart chip scan assists businesses to acquire current and accurate information on each item. It also helps with quality control
- The upgraded platform will use twin tokens such as VeChain Tokens [VET] and THOR power
- Businesses who hold more VET are given high priority and more rights on the new VeChain THOR blockchain
- Rebranding does not mean re-launching of the main chain, but it will be upgraded to use THOR power and also for the creation of Dapps to do business on the VeChain platform
- VeChain THOR mainly relies on nodes in the blockchain system. Nodes are rewarded with THOR for maintaining the network
- Nodes are differentiated by their maturity, date and amount of VET they hold. They are named Strength, Thunder, Mjolnir, and Thrudheim
- VEN tokens will become obsolete once these are fully converted to VET tokens
The VeChain Foundation names this new big change as Apothesis and the team talks about this:
“This apotheosis is not a day………….a full revamp from a private blockchain to a qualified decentralized application…………………………..on a decentralized ledger, capable of evolving ….business ecosystems.”
With VeChain Thor set to launch in June as per VeChian CEO Sunny Lu, the organization is accommodating new tie-ups to add to their already impressive list of partnerships.
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