Was ist VeChain? VeChain (VET) erklärt – mit Anwendungsbeispielen!

This video is about VeChain. Here
you can find out how VeChain works, which problem it should solve, which
real-world applications already exist and how it differs from other companies in
this sector. If you are interested in more videos of this kind,
you are welcome to subscribe to this channel. In order to illustrate the function of VeChain,
I would like to use a short application case to show what goal VeChain actually pursues. Counterfeit sales of a wide variety of products are increasing all over the world. From jewelry and bags to clothing to electronics and much more. This is
because counterfeits look more and more similar to the originals, which means that
it is becoming increasingly difficult for customers to distinguish an original from a fake at first glance
.

As a result, customers receive inferior products and companies
lose enormous sums of money every year. VeChain is supposed to be the solution to this problem. And now let's take a look at how that should work. VeChain enables the monitoring and
traceability of the supply chain , i.e. the supply chain with the help of a blockchain. This monitoring is done by tracking products along the entire supply chain. That means from production, through the delivery route, and storage, right up to the end customer. For this purpose, products are provided with NFC or RFID tags, which means that they can be clearly identified and
important information such as temperature , humidity or other properties of the
product can be tracked. With the help of IoT devices, this information can be automatically
recorded and saved.

Theoretically, this concept can be applied to any
company that wants to understand what exactly happens to its own products after leaving
their own halls. Not only does this benefit the company, but also the company's customers
. Customers can immediately check where the purchased product comes from, how long it was
stored where, and which stops there were before the purchase. This increases transparency enormously
and can make purchasing decisions easier for customers. That explains the benefits of VeChain,
but not how exactly VeChain differs from other companies that offer the same service
. One of the most important differences in VeChain's approach is the use of blockchain. Anyone who is familiar with blockchains already knows the advantages it brings. The data can be saved transparently, in a way that everyone can see and cannot change. This can prevent the falsification, manipulation or even deletion of data, which is of immense value, especially for large companies. After being scanned
by IoT devices, the product data is automatically stored in the blockchain , where it can be checked by anyone
. The information can then be viewed by the customer or the manufacturer
and, if necessary, further processed.

Now we come to the question of
which components VeChain consists of. Until 2018 VeChain ran like other ERC-20 tokens
on the Ethereum blockchain with the token VEN. However, VeChain has been operating its own
blockchain with the new VET token since 2018. The switch took place because VeChain has more control and more
freedom on its own blockchain. VET is the currency on the VeChain blockchain
and the so-called store of value.

In addition to VET, there is another token called VTHO,
which stands for Vechain Thor Token. VTHO is the energy used to conduct transactions. To put it simply: VET is sent on the blockchain and you have to pay for it with VTHO. Figuratively speaking, VET would then be the car and VTHO the gasoline. This concept is comparable to NEO and GAS. But why does the VeChain
Blockchain use exactly this two-token system. The reason for this is that both the value of the VET token and the transaction costs are kept constant. The VeChain Foundation can adjust the price of VTHO depending on the
network load without affecting the value of the Store of Value Token VET. With this two token system, VET owners have the advantage that they are passively credited
VTHO, as in a Proof of Stake model. Now we come to VeChain's consensus algorithm. Unlike Bitcoin with Proof-of-Work or Ethereum with Proof of Stake, VeChain uses
Proof-of-Authority. (There is already a video on this channel about the differences between proof-of-work and proof-of-stake
, which you are welcome to watch). The consensus in the VeChain
network is established via masternodes.

There are also validators here, like with Proof of Stake.
However, these are not qualified by a high proportion of the cryptocurrency, but rather by
being authorized by a committee. To do this, they have to go through an application phase
and are selected by the Vechain Foundation. There are a total of 101 Authority Masternodes,
which consist of a wide variety of organizations. This includes
business partners, blockchain developers, research partners and also contributors
from the VeChain community.

With the permanently selected masternodes,
the computing power required to ensure network security and integrity can be
greatly reduced. At the same time, the number of transactions per second and their speed are increased. These three aspects play an important role, especially for companies. Finally, we come to a few projects that VeChain has implemented with well-known
companies. The BMW Group and VeChain have jointly developed
a digital vehicle pass called VerifyCar to counter mileage fraud
. Each vehicle is assigned a unique ID. Together with the
IoT infrastructure built into the vehicle, the vehicle's mileage is automatically
recorded and saved with the VeChain ToolChain for every trip. This means that vehicle owners always have the option of transparently verifying how many kilometers the car has already driven. This application can be expanded by including parties such as workshops, insurance companies or financial institutions.

As a result, a kind of history of the respective
car can be recorded unchangeably and forgery-proof , which
can play an important role, especially when buying or selling. VeChain has implemented another project with
Italian winemakers. With the blockchain solution, you can share the
characteristics of your wines from cultivation, through winemaking, to distribution
. Customers have access to all the facts by
scanning the QR code on the bottle with their smartphone. In the app, they can immediately call up product data, the
timeline of the wine and the locations from the grape to the store for each bottle.
The information ranges from how the wine is made to recommendations on how
best to consume the wine – all in an instantly accessible, consumer-friendly way. There are a few other large companies that work with VeChain.

If
you are interested in this, you will find a link in the description to the
VeChain homepage, where you can also find the whitepaper. Finally, a brief outlook:
VeChain started in 2016 with the first blockchain application for anti-counterfeiting and
traceability of luxury products. There are now numerous corporate
applications that run on the VeChainThor blockchain and are used by established companies in a wide variety of
industries around the world. In recent years, VeChain has developed its own methodology on the
basis of the numerous projects that they have developed in collaboration with
consulting firms and the feedback from companies in order to get companies
that mostly have no blockchain knowledge on board. This history proves that
VeChain provides products and services that are used. Nevertheless, VeChain
continues to research and works with a wide variety of companies for further innovations. If you want to invest in VeChain, you will find a link to Binance in the video description, with which you can save 10% of the trading fees after creating an account.

I hope I was able to bring you closer to VeChain in this video. If
you liked the video, I would be happy to receive a rating, and if
you are interested in more videos of this kind , you are welcome to subscribe to this channel
. Thank you for looking!.

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