VeChain (VEN) & Thor – What is Vechain?
- VeChain (often misspelled Vchain) is a supply chain tracking token running on the new Thor blockchain
- VeChain was launched as an ETH ERC20 token in June 2015 but an official ER20 VEN to VET token swap is planned for mid-July
- Vechain blockchain technology is designed to revolutionize real-world business and retail supply chains
VeChain Promises to Revolutionize Supply Chain Logistics
VeChain (VEN) is arguably one of the most undervalued cryptocurrencies of 2018. In fact, if the cryptocurrency market wasn’t as bearish as it is at present, VeChain would probably be priced much higher than $2.65 per token.
The official VeChain ICO ran from August 18th 2017 to August 31st. Since then, VeChain coins have risen from $0.20 in value to as high as $8.27. This is due to the fact that VeChain has managed to conjure support from several big industry partners.
VeChain Adopters of VeChain blockchain Technology Include:
- Swiss-based sea freight company Kuehne & Nagel
- Nanotech RFID tracking chip manufacturer INPI
- Chinese real estate development Yida Group
As for why VeChain and the Thor blockchain has investors excited, the reason is simple. Thor blockchain technology which underpins VeChain pairs Internet of things technology and the blockchain to create an immutable product identification, real-time tracking, and inventory management system.
How VeChain & Thor Hope to Revolutionize Modern Business
Like a security tag on an item of clothing, VeChain and Thor plan to use smart nano tracking devices to track physical goods in real-time. However, VeChain makes more than just tracking possible.
As well as inventory tracking, VeChain allows product vendors, wholesalers, and end consumers, to monitor the authenticity and quality of goods.
- If food products which require cold storage aren’t stored at the correct temperature, the VeChain blockchain will record this
- In sensitive industry areas like the aircraft replacement parts industry, parts can be checked instantly for their authenticity
- Counterfeit products can be identified immediately, as can the exact date, time, and location where inventory items go missing in transit
The July VeChain Token Swap
At present, VeChain tokens exist as ERC20 tokens on the Ethereum blockchain. However, on June 30th, the VeChain Thor blockchain successfully migrated to its own mainnet. As a result, VEN tokens will be swapped for new VeChain VET tokens in mid-July.
How Can Ven Token Holders Exchange Coins?
To make the mid-July token swap as easy as possible for existing investors, several exchanges have already signaled support for new VET coins. Binance, Bithumb, Huobi, Kucoin, and Coinspot, will, therefore, conduct an automatic VEN for VET token swap when the Thor blockchain makes new VET tokens available for exchange. New to market investors, meanwhile, may want to consider investing in VEN tokens before the swap, in anticipation of possible price increases.