With the growing "industry" of the crypto community, new cryptocurrencies emerge almost daily, so it is necessary to know the most useful, serious and most popular in the world.
One of the cryptocurrencies that has attracted the most attention in recent months is VEN, the token of one of the most important blockchain companies in the world, the Asian pioneer VeChain. Therefore, from Coincrispy we tell you everything you need to know about this cryptocurrency.
The VeChain foundation is non-profit and was established in July of last year in Singapore, serving as a VeChain sponsor due to its commitment to the development of blockchain technology, as well as its construction, promotion and transparency.
The VeChain ecosystem provides transparent and symmetric information, thus reducing the trust problems that may appear between any of the interaction parts of the platform.
Real applications of VeChain
VeChain uses the blockchain to provide benefits to a wide range of industries, touching specific concerns associated with a particular business sector.
This blockchain network has many applications in real life. For example, the liquor and food industry has used its network to track the origin of its inputs, as well as ensuring that it does not acquire contraband goods or obtained illegally.
Also, the automotive industry has also used its revolutionary network, with VeChain creating digital profiles of each car, giving it a respective ID to record its origin, maintenance and other information of interest.
VeChain has also been used successfully for agriculture, with information being uploaded to their network so that they can carry out certifications of the processes necessary for the development of the industry, such as fertilization, pesticide use and safe use of other products of interest.
Within the framework of this initiative, the emergence of VEN, the token used within the ecosystem of VeChain, was born. This token is used to pay for services or obtain goods within the network, and the company decided to sell 41% of the tokens during its first sale, with the money raised being allocated to the operation of the VeChain Foundation, as well as its development, finance, marketing and legal advice.
Subsequently, 23% more of the tokens were sold to business investors who would use them as a development objective for their business. Additionally, 12% of the tokens were sold for the continuous operation of the system and its technological development. 9% of the tokens were sold to private investors, 10% to business implementations and the remaining 5% went to the co-founders and the development team.
For the moment, VEN tokens can not be purchased using FIAT currencies, so we must first acquire other cryptocurrencies such as Bitcoin or Ethereum to exchange them for VEN tokens in the exchange of our preference. Currently, VEN would be available in well-known exchanges such as Binance, Kucoin, Huobi, LBank and Gate.io. Likewise, tokens can be stored in MyEtherWallet.
The initial design of VeChain appeared in mid-2015, but the initial development was carried out in January 2016, with the approval of Ethereum TPOC. Subsequently, in June of that year, VeChain v1.0 was released, followed by version v1.5 three months later.
Version V2.0 was launched in November 2016 with the addition of smart contract templates and models for DGIP, DBSP and DBGP. Version V3.0 appeared in May 2017, also adding some application items such as those already mentioned in agriculture, the automobile industry and luxury goods.
In the second quarter of 2017, the team added go-lives for DCCP, CHAOS, BLACP and PBCP, in addition to a 3rd generation smart chip. The VeChain BaaS cloud was also launched. In addition, for the second quarter of 2018, VeChain is added v3.0, audit service and VeChain token release. By the end of this year, the launch of v4.0 will take place
In conclusion, VeChain provides companies with different areas with solutions to their daily problems using the blockchain. Being the token of one of the most recognized companies in the blockchain industry, much more growth can be expected in the future. It also has nodes across several countries, which promotes the decentralization of the system.
