VeChain: An Introduction

what is vici the short answer the chain is a blockchain solution that gives companies a way to track their products in the supply chain imagine if objects could talk they'd have a story to tell today more and more if our things are connected to the Internet and to each other they collect and share information this princey tangle of data is called the Internet of Things the chain combines Internet of Things technology with a blockchain to digitize the supply chain let's say you're at the supermarket you want to buy a tray of ready-made sushi like the sushi expert you are but how can you be sure that it's safe to eat when sushi gets warm well that's bad the chain provides you with a foolproof way of checking if the product you're buying has been handled in accordance with food safety standards by scanning a QR code RFID or NFC tag an app shows you everything you need to know about the product if you come across a spoiled product the app will warn you and tell you why it's unsafe to eat through the unique ID tag that's attached to the products the system is aware of their entire history sensors on the product pick up on temperature variations and collect data on its environment that information gets attached to be chains decentralized block chain the great thing about a block chain is that it's tamper proof information that gets added to it can't be changed so the customer can be sure that the information they receive about the product is accurate by creating an immutable record of the products origins be chain can also help to stop the ramp and rise of counterfeiting think about it would you know the history of a product you know where it came from by using B chains blockchain companies can optimize their supply chains stop product counterfeiting and gain the trust of customers but there's more the chain is going to be an innovation toolbox for fortune 500 companies its blockchain will support decentralized apps smart contracts and even I SEOs eventually it'll support more than ten thousand transactions per second that's pretty damn fast currently B chain is in the midst of a grand rebranding campaign after which it will be known as for yep after the hammer wielding god of thunder after the rebranding their new blockchain will be up and running with that Vijay will introduce their own economic system to fund the project and power the blockchain so what's that all about the VIII chain ecosystem is based on two cryptocurrencies that help to keep the system decentralized the first one is called Vette ve T it's mainly a store of value it can be used to make smart payments when Vette is kept in a dedicated wallet it'll automatically generate interest in the form of a second coin known as Thor power tokens Thor power is the fuel that keeps the entire system running every time someone wants to add information to the blockchain Thor power is spent seventy percent of that spin Thor power is taken out of circulation the other 30% are awarded back to people who hold the most BET coins in their wallet so-called authority master nodes a node is created when somebody keeps a specific amount of vet coins in their digital wallet there are four kinds of nodes in the B chain ecosystem and each one has special perks Authority master nodes are the most important ones their owners validate transactions on the blockchain for that they receive the greatest bonus in Thor power the other three nodes or economic nodes that keep the economy stable and prevent price fluctuations for that they to receive a Thor power bonus next up let's take a look at V chains partnerships V chain has been able to secure some really exciting partnerships over the past year among them are some household names like Cunha and Naugle the European car manufacturer Renault but also DNV GL and PricewaterhouseCoopers PricewaterhouseCoopers is one of the largest auditing and assurance companies on the planet they have literally thousands of clients that are in need of authentic data VIII chains blockchain can provide them with exactly that it's a match made in heaven d & v GL is a global quality assurance and risk management company that provides services for many different industries a big part of their effort is devoted to cold chain logistics and food safety beech can help them to fundamentally innovate the way they tracked food products and manage supply chains that's it I hope you liked this brief introduction to V chain Thor please visit V chain comm for additional information [Music]

You May Also Like