VeChain (VEN) is the notorious cryptocurrency that’s all about product tracking – the blockchain era’s answer to supply-chain management solutions. With this system, consumers and merchants can verify the authenticity and quality of any goods using smart chip technology that’s all maintained on a blockchain.
This coin is making some impressive gains today, and further proving to us that it’s a cryptocurrency contender that’s getting ready to make a bigger splash in the market.
What is VeChain (VEN)?
If you want to know a bit more about this coin – we have written extensively about it before, but some really cool explainer videos specifically about this cryptocurrency just hit the web. That’s because the VeChain Foundation just held a competition for fans to make a video about the cryptocurrency.
Today on Twitter, the foundation announced the top five winners. The best video selected was this one from Twitter user @BasedTyrone:
At last, the 'Most Popular Reward' goes to Big Man Tyrone @BasedTyrone! Congrats! His video "VeChain: Refining the interconnectedness" receiving views and discussions crossing multiple social media platforms. Please PM us and 400VET will be rewardedhttps://t.co/xxlB8Z2M5a
— VeChain Foundation (@vechainofficial) February 14, 2018
The head of the VeChain Foundation was so impressed by the winners’ videos that he matched the Foundation’s prize money with his own personal VET tokens (VEN will change to VET after the rebranding on February 26th).
I love all of the videos and I am sure it’s tough decisions for the team to make the ladder! Thank you all for this great campaign! You know what, I donate my personal VETs to the winners to match the same amount rewards from @vechainofficial #VeChain Thor
— Sunny Lu (@sunshinelu24) February 14, 2018
VeChain is hitting the mainstream
This coin’s growing popularity has certainly been great for its price tag. The fact that its Chief Executive Officer – Sunny Lu – just got to meet the Prime Minister of Belgium is a pretty nice boost for the legitimacy of this coin:
It’s impressive meeting indeed! https://t.co/7xT4BS7nEr
— Sunny Lu (@sunshinelu24) February 12, 2018
But VeChain has already been validated by big-shots in the financial industry before getting some diplomatic spotlight in Europe. We mentioned earlier this month how this coin was one of the five mentioned in a CNBC article featuring an interview of trader Bill Baruch, which was about which currencies would have stronger gains than Bitcoin (BTC) in 2018.
And the rebrand is going to jumpstart Vechain’s momentum
If you already own VEN coins, then you are probably anxiously waiting for February 26th – the day that this cryptocurrency will rebrand itself as VeChain Thor. After the new mainnet launches in Q2, the network will support two different tokens: VeChain Tokens (VET) and Thor Power (THOR).
VET tokens will generate THOR coins just like NEO (NEO) generates (GAS) GAS. That means that, even though it will only rack up 0.00042 THOR per VET coin per day, you can earn a passive income with this currency.
Don't forget the #VeChain Rebranding Event Feb 26.@vechainofficial hodlers will be able to "claim" $THOR just like you can "claim" $GAS with $NEO#VeChain strives to build a trust-free and distributed business ecosystem.
— Krypto Max (@krypto_max) January 24, 2018
The whole system will be a dApp-enabling platform for enterprise solutions, so it will basically be another Ethereum (ETH)-type of blockchain. The VeChain protocol, however, is still all about supply chain management and product lifecycle tracking – which makes it quite unique in the space (especially for coins worth this much).
This cryptocurrency will be making big moves in the months to come. Are you guys buying in, or is there another supply-chain coin we should be heavily considering?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.