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VeChain (VET) Rebranding is Just the Beginning

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There was an outlier in the cryptocrash at the start of 2018. While every other altcoin tumbled, only VeChain (VET) held fast and even increased in value. This was partially due to a slew of real-world use cases. However, their devoted investment base also has a high degree of faith in their vision. VeChain is seeking to bring the trust-less aspects of blockchain transactions to real-world items. They anticipate this Blockchain-as-a-Service feature to be particularly valuable in the luxury goods industry.

Counterfeiting is running rampant in the entire market, and a means of verifying genuine items is critical. Removing any third party involvement further decreases the chances of fraud. As such, VeChain’s value has remained high as investor confidence is unshaken.

The VeChain Solution to Counterfeiting

Blockchain is known for its inherently trust-less nature. Transactions are validated through consensus of multiple, disparate nodes. This creates an environment where it is nearly impossible to hack into the system and create fraudulent transactions. Obviously, this is a desirable trait in all transactions – the real world included. Unfortunately, the inherently digital nature previously made it nonviable for that purpose.

VeChain has solved that issue, introducing a proprietary Internet of Things style chip. This chip integrates directly with their new blockchain and has a VeChain ID associated with it. This VID is a single use code that can be verified at all locations along the global supply chain. While the item may be replicated, the code cannot – even using the VeChain platform. If the VID differs, it will not register properly when scanned along the supply chain – identifying a counterfeit.

Thor Introduces VeChain’s Own Blockchain

Until recently, VeChain was bought and sold on exchanges under the VEN symbol. This ERC-20 token existed within the Ethereum blockchain and served as a placeholder. Early adopters had the option of buying in to help fund the development of the full blockchain. At the end of February, VeChain officially rebranded to their VeChain Thor (VET) cryptocurrency. The original VEN token trades in at a 1:1 ratio with the new VET token.

The new token has several advantages. First, it pays dividends through the generation of Thor. This is similar to the NEO blockchain produces a set amount of GAS per token. Vechain’s Thor subtoken, or VTHO, allows the purchase of services provided by the VeChain blockchain. Through this function, VeChain produces value both for the consumer and for the VeChain company itself.

Many investors have been waiting for this rebranding. As VET becomes increasingly available, the new coin is likely to become a desired cryptocurrency asset. As it represents a vested stake in the VeChain infrastructure, companies wishing to use their services will want to hold sums of VET to produce the necessary Thor to fund their projects. Once the VeChain platform becomes fully available, VET will almost certainly grow scarce as a result.

Industries That Have Adopted VeChain

While the full platform is not yet available, some early adopters have already started using VeChain for their products. The ability to store information within their blockchain already allows for excellent validation. Several winemakers have started using the VeChain system to create a running ‘Story’ for their wine, recording the steps that it passes through. In this way, end users can gain more information about the path that the wine took to reach them.

They are looking into a BMW partnership that would help users avoid making purchases that support child labor. Point of manufacture to point of sale can all be recorded within the blockchain and assigned to a serial number, ensuring that all parts of a completed item have been created in a legitimate workshop that does not exploit their employees.

VeChain is a Direct Integration of Blockchain Technology

Everyone is looking to adapt blockchain to new uses. Some projects are looking to create distributed ledgers for use with advanced fintech. Others show interest in ecosystems that support decentralized applications. VeChain’s focus is on using blockchain for the original purpose; trust-less transactions. They have found a way to successfully integrate that with real-world purchases.

The ecosystem that they are creating could eliminate counterfeiting in almost every industry. Following all items from their creation to their end purchase helps to remove exploitation from the process. All of these aspects are adaptions of blockchain technology already in use. VeChain’s clever use of their technology is not only impressive but efficient. Their new VeChain Thor token is an absolute generator of value, and this may be one of the last opportunities to buy it at a low price.

We will be updating our subscribers as soon as we know more. For the latest on VET, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Susanne Nilsson via Flickr

Blogs

How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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