The next big thing could be just around the corner. VeChain [VEN] is the 23rd largest cryptocurrency by market capitalization after 6 coins in just one day with a price increase of almost 600% in the last month. If this is the first time you read or hear about it, VeChain is a digital currency that moves up the market cap list and increases in price proportionally [just in the last 24-hours 5 percent].
First the coin was launched two to three years ago in 2015 and is part of a product that actually has users right now. In the community and in the ecosystem, we get excited about perhaps every day that is seldom met.
The company that secures the digital currency is a BaaS company [Blockchain-as-a-Service] The goal is the development towards the IoT [Internet of Things]. Might sound like IOTA [MIOTA]In contrast to the later version of VeChain, however, it is about authenticity within the supply chains.
The idea is that blockchain technology can be used to verify the authenticity of the goods purchased. It is a system that is supposed to ensure product quality, but in a decentralized, global network that spans all industries. Smart chips are used to track products throughout their lifecycle.
The chips can also help with quality control, for example for agricultural products or food, where a change in temperature can affect the goods.
As explained above, as a working product, VeChain is a great choice for investing and diversifying your wallet. It is used by giants, which makes our view of the coin even more stable.
We are excited to announce that VeChain will partner with Fanghuwang, one of the fastest growing online lending platforms in China with an AUM of $ 3.3 billion. With this partnership, VeChain Thor solves big problems in one of the largest global industries. https://t.co/2neBmo0yot
– VeChain Foundation (@vechainofficial) January 18, 2018
Even if you ignore last month’s price rally, the deals and development that the company backing the coin has hit make it even more compelling.
Renault is a good example. The automotive giant uses VeChain (VEN) for its automotive supply chain. The largest luxury wine importer in China, Direct Imported Goods, also puts its products on this blockchain. In addition, they already teamed up with PwC in May 2017 to jointly accelerate blockchain use in Southeast Asia.
However, a great confidence and positive factor in lifting energy for VeChain enthusiasts would be the affirmation of a strong investor. Breyer Capital CEO Jim Breyer added that VeChain tokens are in their portfolio.
As chairman of the advisory board of the Tsinghua University School of Economics and Management, which also includes Jack Ma and Tim Cook, you understand that Breyer knows the Chinese market and knows what is important.