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Tuesday, October 4, 2022

VeChain (VET): 5 Things You NEED TO KNOW

Hey, how’s your going? My name’s Josh Burns and welcome to Josh Burns Tech. The best cryptocurrencies to invest in that will make you rich long-term, are the ones that will be the most used and solve the most global issues, and one of the absolute best cryptocurrencies fitting that description perfectly is VeChain, it’s one of the earliest blockchain technology companies in the world, with offices in China, Europe, US, Singapore, and Japan as well.

Unlike a lot of cryptocurrencies, VeChain’s utilization has been proven in the real world, and is a front runner in cryptocurrency adoption as well, in my opinion, VeChain is a cryptocurrency that you definitely need in your portfolio.

So in this content, we’re gonna cover five things that you need to know about VeChain, also, if you appreciate all the hours that I pour into creating cryptocurrency content for you, then you can easily support the channel by hitting the like button, and also subscribing as well, either way, I really hope that you enjoyed this content and learn why I believe VeChain is one of the best cryptocurrency investments for years to come. The first thing you need to know about VeChain is who is the founder.

VeChain was founded in 2015 by Sunny Lu, the former CIO of Louis Vuitton China, who held various other IT leadership positions at well-known companies, such as Bacardi and 3M. As the CIO or chief information officer, Sunny Lu served as the bridge between technology and the business, he also learned a lot about large-scale enterprise needs, and how to solve them with technology solutions.

According to Sunny Lu, he actually submitted a proposal to Louis Vuitton in 2012, regarding accepting Bitcoin as a payment method, now, unfortunately, this was rejected, it would have worked out very well in the long term. However, his experience in bridging the business with technology, is exactly what he now brings to VeChain.

So when Lu first got into cryptocurrency, most people at that time were so immersed in the tech, they weren’t really thinking about how to provide value to the business, because of his CIO role and other professional experiences, he understands that technology needs to serve and also provide value to the business, you can have amazing cutting edge blockchain tech, but if it doesn’t provide business value or have a real use case, then in success will be limited, and completely built on hype and speculation.

Sunny Lu brings a competitive advantage to VeChain, by instilling the process of first identifying a use case, then a product, then the technology, the use case should drive the product, and the product should drive the technology, not the other way around. – The future of the blockchain is blockchain needs to prove the business value, if we just talk about trading or cryptocurrency trading without any valuation, then, no future, so, the blockchain needs to prove its business value to go for the next stage.

– This strategic focus and positioning are why VeChain is often referred to as the Amazon web services of the public blockchain, and while VeChain is paving the way for cryptocurrency adoption as well. The second thing you need to know VeChain is what’s VeChain’s mission, what are they trying to accomplish?

VeChain originally started as a revolutionary disruptor to traditional supply chain models, which is an industry that seemed very little change or improvements in decades, however, in recent years, VeChain has evolved into so much more than just a blockchain solution for the supply chain.

As I mentioned earlier, VeChain is arguably becoming the Amazon web services equivalent for blockchain technology, okay. So VeChain’s mission is to enable business owners, enterprises, governments, or any individual to move their business activities to blockchain effortlessly, similar to opening an online store in Amazon with just a few clicks and no technical knowledge required.

VeChain has a three-phase approach to achieve mass public adoption as the world’s premier choice of blockchain, which includes technical consensus, business consensus, and governance consensus. I personally love that VeChain is enterprise-focused in building solutions that solve real problems, there are so many cryptocurrencies in the world today, built on hype and speculation that don’t have any real business value, do you think a lot of those cryptocurrencies are still gonna be around and successful 10 years from now?

The truth is, a lot of them won’t be, or they’ll be replaced by platforms that have real use cases. VeChain also did something that no one really did before, before they launched their main net or even went to the design, Sunny Lu and other members of the team, talked to around 40 different executives at Fortune 500 Companies, they asked the same questions over and over again, how do you want to build out your blockchain application?

And what hurdles or roadblocks could you encounter if you wanted to migrate your business to a public blockchain? VeChain’s mission and focus on mass adoption is a massive competitive advantage, which I believe will help VeChain continue to rise in market cap rankings and be a top cryptocurrency in years to come.

The third thing that you need to know about VeChain, is why the supply chain needs VeChain. The global supply chain is still feeling the ripple effects of the global pandemic with shortages of shipping containers and air freight capacity, along with materials like semiconductors and plastics as well.

There are also numerous supply chain issues that have been around for years, such as tampering, counterfeiting, and poor quality, the pandemic highlighted many of the failings of the current highly inefficient traceability systems that we depend on globally. Large enterprises collectively pay billions of dollars per year for supply chain solutions that don’t get the job done, and are stuck on traditional supply chain models.

If you want another example of why the supply chain needs VeChain, just take a look at the building material shortage and the dramatic growth in housing prices this year, lumbers record high prices day back to the start of the pandemic, and come from a combination of a supply chain under a huge amount of stress, and a massive jump in demand as well.

Blockchain technology is one of the best solutions to many global supply chain issues, and VeChain is the best platform that can solve these issues. VeChain is designed to mitigate challenges that many businesses frequently face in their supply chain process, by improving their efficiency, traceability, and also transparency of supply chains.

VeChain created the ToolChain system, which helps deliver to and validate data on the blockchain, enabling businesses to stream on supply chain and product management processes. By using RFID tags and sensors, VeChain is able to accurately track the entire supply chain process, and record data onto the VeChain through a blockchain, work can not be altered or manipulated.

VeChain is also in the top 10 global companies for blockchain-related patents as well, most of these patents protect their toolchain innovations, which is the main reason why I personally believe that VeChain won’t have much competition in the supply chain space when it comes to blockchain technology. Now there are so many use cases for ToolChain, so to keep it simple for you, the main thing for you to remember is that it can be used to track and authenticate products in numerous industries, while also reducing counterfeiting in the process.

Now, before we dive into the impressive technical aspects and discuss why large enterprises are using VeChain, you’re probably wondering where can you buy VeChain? One of the best places where you can buy the VeChain VET token, just so happens to be the sponsor for today’s content, Crypto.com is by far one of the best places where you can buy, sell, track, store, and send cryptocurrencies that have over 10 million users.

The Crypto.com app offers up to 100 plus cryptocurrencies with 20 plus fiat currencies as well. You can also use Crypto Earn, which is really similar to a savings account, that allows you to stake your crypto to an interest of up to 8.5% on your crypto, and up to 14% on fiat. They also have a crypto.com visa card which is extremely popular. Can use the crypto.

com visa card at 50 plus million locations worldwide to pay with crypto without annual fees.

It comes with tons of amazing rewards like up to 8% cashback, free Spotify, free Netflix, and free Amazon Prime, depending on the card tier. VeChain is a cryptocurrency that I personally invest inconsistently by dollar-cost averaging. Crypto.com makes it extremely simple for beginners to buy crypto, and to show you just how simple and quick this process is, I’m going to purchase 700 VeChain VET tokens right now using the crypto.com app. Okay, so here we are in the crypto.com app, I’m going to navigate to buy, select the VeChain. Okay, this default order is way over what I wanna purchase today, so I’m gonna go ahead and update this to 700, (soft music) select buy.

And one thing that I personally love about Crypto.com, is when you first sign up, they waive all debit card and credit card fees for 30 days, so, this 2.99% fee, would not apply to you for 30 days if you sign up. Okay, now I need to check this box, click continue, order summary, it’s gonna be $68 that includes the fee, go ahead and click confirm, and there we go. We just purchased 700 VeChain VET tokens using the Crypto.com app that was so quick. So go ahead and use the link down below in the description, to get $25 when you sign up using code JBT.

Thank you so much Crypto.com for sponsoring this content and supporting my channel. The fourth thing you need to know about VeChain, is what is the VeChainThor Blockchain? The VeChainThor blockchain is not a proof of work blockchains like Bitcoin, or proof of stake blockchain like Cardano, but rather uses a Proof-Of-Authority consensus model. Proof of authority is often viewed as an improvement to proof of stake since all nodes are validated and approved by a trusted central party, which is more appealing to large enterprises, it also eliminates the risk involved with having anonymous block producers.

So at a very high level, VeChain nodes can be divided into two types, authority nodes, and economic nodes. Authority nodes are used to validate all blockchain transactions, there can only be 101 authority nodes, and to become one, users must take a minimum of 25 million VET, which is only 24,999,300 more VET than I purchased earlier on Crypto.com. – Really?

– In addition, to become an authority node, users must also submit identifying information to the VeChain Foundation as well, and after acceptance, the 25 million VeChain VET must be locked up in order to remain in the authority node, this basically means that you can’t sell the 25 million VeChain VET once you’re approved, you have to hold it in order to stay in authority node.

Economic nodes do not validate blockchain transactions, but they offer stability to the ecosystem and provide benefits when compared to non-node VeChain owners. A minimum of 1 million VET is required to gain access to the smallest node, no hardware is required, all you have to do is place your VeChain VET tokens into a traceable wallet, and then use the VeChain mobile wallet to go to rewards and upgrade to a node.

In order for the VeChainThor blockchain to run as efficiently as possible, VeChain uses two native tokens, VET and VTHO. VET is used to store and transfer value, while VTHO which is known as VTHO Energy, is used for transactions on the blockchain. The two token design isolates the price volatility of the VET token from the cost of computations on the network, allowing applications on VeChain to charge stable fees since the VTHO token supply can be adjusted to maintain a stable price for transactions.

Simplified at a high level, if you want to ride data to the blockchain, then you have to pay for it using VTHOR, additionally, it’s important to know, that if you hold the VeChain VET token, then you’re considered a stakeholder, and automatically generate VTHOR, which is really easy passive income, and similar to dividend income when you think about traditional investing. It’s so simple that all you have to do is hold your VeChain VET tokens in a supported wallet and that’s it, you will automatically receive VTHOR payments in that wallet.

As the VeChain 2.0 Whitepaper states, these solutions are not just theoretical, these are solutions that are tested and discussed with over 700 enterprises, and implemented for over 100 plus fortune level enterprises. VeChain has some of the best partnerships and collaborations in all of crypto, some of the most notable include Walmart China, DNV GL or DNV, PWC, H&M, BMW, Bayer China, and now even Salesforce.

VeChain has been enabling Walmart China’s traceability strategy for products, as well as pioneering the large-scale application of a blockchain traceability system. By scanning products, customers can acquire detailed information about the source of the scanned products, the geographical location received by Walmart, the product inspection report, and many other data points as well.

One of the biggest problems in the contemporary business world is data sharing between stakeholders, it’s basically impossible for a business to verify the quality and integrity of data of a third party without extensive time and cost requirements. One of the recent major partnership announcements is Salesforce, which has been named the number one CRM provider for seven consecutive years.

CRM stands for customer relationship management and is a technology that helps companies keep track of everything about their customers, and potential customers as well. The Salesforce director of strategy and architecture recently tested enterprise adoption ideas on VeChainThor and successfully connected VeChain ToolChain with Salesforce.

He stated that the driving decision in choosing VeChain, was a simplicity of integration using VeChain ToolChain, which provides a powerful and easy way for enterprises to implement blockchain use cases, this is why VeChain is the best platform for enterprise adoption, because the use case comes before the product, and the product comes before the technology.

You really need to understand that the Salesforce and VeChain partnership, and potential for software integrations, is absolutely massive for cryptocurrency adoption. VeChain continues to pave the way as the front runner for enterprises and businesses seeking to unlock new value through blockchain technology.

So what are your thoughts? Do you think VeChain will become the Amazon web services of blockchain and solve major issues in the supply chain industry? If you’ve found this video helpful and got value from it, or learn something new, then all I ask is they hit the like button and subscribe to the channel if you wanna see more videos like this.

I’ve been using the Trezor for about four years now, and it’s a great hardware wallet. You can find links for the Trezor and Ledger in the description of this video as well. As always, thank you guys so much for watching, I hope to see you in the next one. (air whooshing) On this end screen, I recommend checking out these contents and be sure to hit that round subscribe button for weekly tech content, and hit that notification bell so you don’t miss anything.

Read More: VET & Vetho coin Explained

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