So we come to today's cryptocurrency, whose partner is BMW, PWC, Deloitte, oxford, amazon, and many more hospitals. Friends, this cryptocurrency is very strong and it has big partners. The partners of this cryptocurrency are Deloitte and salesforce team members And it has two founders, one of which was the CEO of Louis Vitton, whose name is Sunny Loo. The company was started in 2016 and currently has a market cap of $5 billion. This cryptocurrency is a very strong cryptocurrency and it is mainly used in the supply chain industry. There is no other cryptocurrency like this in the supply chain industry But before I go ahead with this video, I want to tell you that there are huge frauds happening on Telegram.
Fake crypto tips are given to you on Telegram channels, buy this buy that and in addition, you are asked for money Give ₹ 500, I'll give you ₹ 800 from trading in 1 hour So don't fall into such fraud and don't follow the wrong telegram channel. Like fraud was happening on a crypto channel in my name too. Channel is using my name, Photos, and my details. But he was someone else who used to ask you for money and you used to pay and after that, he would disappear Now this fraud channel has 40,000 subscribers and my telegram channel has only 400 subscribers so avoid this type of fraud, many people make youtube channels in my name or in the name of influencers. And then say in the comment section, join it, pay so much So stay away from these frauds Apart from this, I have also made a video on bitcoin, Shiba Inu, pi network, and Matic so you can check it Friends, in today's video we are going to talk about another Revolutionary Cryptocurrency.
You sent me the request for cryptocurrency in my old videos If you want a video on any other topic, then go to the comment section and let me know your request. The market cap of this cryptocurrency is $5 billion and the current market price is ₹6 This market was high in April but due to the crypto market crash in May, its price has gone up to Rs 6. Its rank is 22 Friends I told you in my old videos dot com bubble When the Internet came in the time of the '90s, people thought that the Internet has a future, which is also true.
During that time, there was a craze in the minds of people about the Internet. If any company is doing internet-related work then it will grow a lot going forward. So some people used to invest in those companies without doing research but that company was bogus. Those companies did not do any work, they used to make their own website and after listing the IPO, they would disappear after taking money from the people. Similarly, many such frauds are going on in cryptocurrency too. Actually, they bring their own cryptocurrency, they list it, but in the background, neither any work of that company is going on nor some project is going on.
So they want to make money from you, take money from you, and then disappear So don't do that. Do research, I am telling in this video about how to do research, so keep watching the video till the end. This cryptocurrency wants to bring blockchain to the supply chain. Wants to fix the gaps in the supply chain And they are working well, so big companies have come in partnership with them. How does the supply chain work Let's say I have shopped from Amazon and I have ordered a laptop. Where is the laptop made? where did his parts come from Where is it assembled? Is it in Amazon's inventory or not? In which area is it? All this is noted in one system Which we human Note in amazon system But it has some drawbacks like some product disappears from the system.
And it becomes very difficult to track Whatever the problem is in the supply chain. If I ordered the product it will be made, then it will go to amazon, it will go to delivery, and then it will come to me which is such a long process, it is called supply chain. Where is it being built, where is it being assembled, who is selling, who is buying, it all comes in the supply chain. Seller details, buyer details are all part of the supply chain So all this is noted on a software which can be of any company HP, Apple, Amazon etc.
There is some problem in these, we human write something, then we can change it, but once the data is fed on the blockchain, they cannot be changed. That's why it is important to have blockchain in the supply chain as well. What does the blockchain do that if any data is stored in the blockchain then it cannot be changed It is the blockchain that is transparent, efficient and traceable. So that's why big companies are using wechain's platform a lot. And it works on proof of stake, they have another company that works on proof of authority. And this crypto currency is currently trading around ₹6 But the supply chain industry is just under $50 billion. But the finance, the gaming, the rest of the crypto industry is working like me, their industry is much bigger.
But the supply chain industry is not that big, so the potential to get fast returns is very less. But it can also be an advantage because Wechain is the biggest project in the supply chain. Wechain has two tokens in which one is VET in which you can transact and the other is VTHO Which is used only for paying gas fees Blockchain is being used to increase efficiency, traceability, transparency in the supply chain Apart from the supply chain, they have other big projects, so we check their website for that. 10000 transactions per second can happen on wechain. But there is only 7 on bitcoin It has got five star rating from IBM, Dell,
Ford and the Chinese government have also partnered with them.
Sunny Lu, who was the Cio of Loius Vuitton, started Vechain in 2015. And it was started like a subsidiary company of BItse, which is China's largest blockchain. vechain has already built its own blockchain in the supply industry Now it is also preparing the platform for Initial Coin Offering and at the same time it wants to conduct transactions between Internet of Things Internet of Things Means Mobile Phone, Laptop In Between Transaction Can Also Be Done Now they also have two tokens one is vechain and the other is vechain thor energy The vechain is like any other cryptocurrency, it is a value layer and can be used as a transaction.
and vtho is what we use only for smart contract value And also we use for gas fee. And out of what we get, 70% of it burns and only 30% use it. Like they have also noted on their website that you can create any decentralized platform by using their system. Like Walmart China is working for food safety by using their system. And DNB is using their system for logistic purpose..