LunarCRUSH, the social engagement indicator around cryptocurrencies, elected the VeChain blockchain and its VET token, cryptocurrency of the day, on 3 March 2021! This blockchain aims to improve, simplify and secure supply chains. It has already been widely adopted in the textile and automotive industries. Walmart, BMW, Renault, H&M, LVMH and many others are already VeChain players. The textile industry is particularly interested in this blockchain because of its power to combat counterfeiting.
But VeChain also seems to be attracting interest from the general public, as this is not the first time that LunarCRUSH has voted it cryptocurrency of the day!
Introducing VeChain, when supply chains move onto blockchains
The benefits of a supply chain like VeChain
Supply chains face many problems. Supply chains are made up of all the players involved in the production of a product, from the choice of raw material to its purchase by the consumer. Nowadays, the supply chain for a product can be extremely long, as products pass through the hands of multiple intermediaries: processors, transporters, distributors, etc. This complexity gives rise to a number of problems.
This complexity leads to a number of problems:
Firstly, problems of traceability. The routes taken by the various products sometimes make it impossible to trace them. Consumers can no longer even tell where they come from or what their real quality is.
Secondly, it is easy to produce counterfeit products, which means a considerable loss of earnings for companies.
Finally, the length of this chain and the fact that the product passes from one hand to the next, requiring checks and verifications, means that it takes longer to pass through the chain and increases the risk of loss or error.
Setting up supply chain tracking on blockchains such as VeChain will reduce time and costs by simplifying product verification, standardising documents and limiting the number of players involved. The result is more secure supplies. Transactions between suppliers and distributors can be carried out using smart contracts. Finally, blockchains such as VeChain also provide a high degree of transparency with regard to product quality and origin, which is reassuring for consumers.
VeChain reassures and simplifies life for producers, distributors and consumers alike, and is sure to have a large following.
History of VeChain, the B2B solution
VeChain was first launched in 2017 on the Ethereum blockchain. Today, VeChain has its own blockchain. The cryptocurrency was co-founded by Sunny Lu, the former CIO of Louis Vuitton in China, and Jay Zhang, a former associate at Deloitte and PriceWaterhouseCoopers. The duo are complementary. Sunny Lu is responsible for the technical and IT aspects, while Jay Zhang is in charge of the commercial structure, financial management and governance system.
VeChain is a B2B or ‘business to business’ solution. It helps to simplify customer/supplier relations. Its objective is simple: to make the management, collection and sharing of products secure and transparent. To achieve this, the blockchain ensures the traceability of the various products, which in particular helps to combat counterfeiting.
How VeChain works
This blockchain overturns the codes of supply chains by ensuring total transparency for its users, with product traceability and genuine security. This traceability is made possible by the installation of a chip or QR code on each product, giving access to all its information, including its history. Its technique is therefore simple and ultra-high-performance.
Its blockchain uses proof-of-authority as the consensus method, and only 101 servers are authorised to validate transactions. These servers are regularly audited. This system ensures a high level of security. VeChain has two tokens:
The VeChain (VET), currently priced at 0.07185 euros. This is the means of payment used on the VeChain blockchain.
The VeThor Token (VTHO), VeChain’s second token, priced at 0.01514 euros. This token is used to pay for gas, i.e. the costs inherent in a transaction on Ethereum.
VeChain users who own VETs are considered shareholders and also receive VTHOs. This original configuration enables VeChain to avoid problems of congestion on its network and therefore increased transaction costs.
VeChain regularly “Coin of the day” at LunarCRUSH!
LunarCRUSH is a social network engagement indicator specialising in cryptocurrencies. LunarCRUSH makes its calculations using a multitude of criteria, including the number of likes, comments, replies, favourites, retweets and shares. These numerous reactions help to determine the degree of public engagement.
LunarCRUSH voted VeChain “Coin of the day” on 3 March 2021, with 2,372,290 social engagements, i.e. 2,372,290 reactions to its activity. VeChain was also mentioned 3,393 times on social networks.
This election is far from being the first. LunarCRUSH had already voted VeChain “Corner of the Day” on 17 August, 21 November and 29 December 2020, to name just the last three previous times. VeChain is very much in demand on social networks. It has an extremely active community, and its popularity is growing every day!
You can follow the evolution of public engagement for VeChain on the LunarCRUSH website.
The VeChain VET course
VeChain’s VET price is currently 0.07185 euros. Its all-time high dates back only to 22 March, when it was trading at €0.0825, making it a very cheap altcoin. Despite this very low price, VeChain ranks 20th among cryptocurrencies with a total market capitalisation of €4,653,681,391. VeChain currently has 64,315,576,989 VET tokens in circulation.
On 3 March 2021, at the time of its election as “Coin of the Day”, VeChain’s VET token was priced at €0.0379. In early March, VeChain’s share price rose by 100% in 11 days.
Our opinion of VeChain
VeChain is definitely a cryptocurrency with a future and a good investment. All predictions point to a bright future for VeChain. This cryptocurrency is becoming increasingly well-known in industry circles. In the fashion industry, for example, VeChain is a solution for combating counterfeiting. In the food industry, it can be used to verify the origin of products. In the automotive sector, its blockchain makes it possible to check the history of vehicle modifications and therefore track the condition of each part. Last year, pharmaceutical giant Bayer announced that its Chinese subsidiary was working on “CSecure”, based on the VeChain blockchain, to track, monitor and facilitate the auditing of its medicines. VeChain is making people happy in all areas and already has a large community, as demonstrated by its election on several occasions as ‘Coin of the Day’ at LunarCRUSH.
These numerous advantages mean that VeChain’s share price is set to soar. It’s still a very cheap currency, so make the most of it, but be careful!
