Review of VeChain Cryptocurrency or How to Implement Blockchain Technology in Real Life?

VeChain

The overwhelming majority of experienced investors are trying to dilute their portfolios with little-known, but promising coins, which, potentially, in the future, can give a good return. One of such very promising cryptocurrencies will be discussed in today’s material. So, the VeChain cryptocurrency, what project is it and why is it able to integrate blockchain into the offline?

Contents:
(please, click the topic to scroll down to it)

  1. What is the VeChain project?
  2. Hierarchy in the VeChain platform
  3. Platform functionality
  4. VeChain in figures
  5. Further forecasts for the VeChain project
  6. Conclusion

1. What is the VeChain project?

This project dates back to the distant 2015. At that time, Sunny Lu had assembled a team to develop a new decentralized platform, the main feature of which was the possibility of digitizing physical goods and listing them in a decentralized database. The development process took about two years, and last year the development team introduced a platform.

The main idea of ​​the project is to use the strengths of blockchain technology and introduce them into real life. Developers want to create a product that will make life easier for both sellers and buyers.

2. Hierarchy in the VeChain platform

The developers assure that they have created a business ecosystem in which all 6 types of users will be equally comfortable:

  • Companies – absolutely any business that involves the provision of goods or services.
  • Services that develop applications for combining users and solving a specific problem (Uber, Airbnb, etc.).
  • Developers of smart contracts.
  • Nodes are users who are responsible for the correct operation of the platform and confirmation of transactions.
  • Members of the VeChain Foundation are people who take an active part in the development of the project.
  • Other users are any users who interact with each other via a platform.

3. Platform functionality

  • Ability to digitize physical goods. To make this possible, the developers decided to use not only QR codes, but also NFC chips and RFID tags. Together, these technologies practically do not give an error. The product receives its unique number and is entered in the blockchain. In the register you can see all the necessary information about the product, learn its “history”, the manufacturer, the route through which it was delivered and much more.
  • Transfer of document flow and corporate information to the blockchain. This means that these data cannot be compromised, edited or deleted in any way.
  • The ability to write smart contracts that will allow platform participants to interact with each other, without the need for intermediaries.

4. VeChain in figures

  • The rate of VEN/USD is $0.0134;
  • Market capitalization – $738 million;
  • Total emission is 86 712 634 466 VEN;
  • Takes the 21st place in the global CoinMarketCap ranking.

5. Further forecasts for the VeChain project

It is worth noting that most market experts are positive about this coin. VeChain has every chance to grow in price several times in the next couple of years, for a number of reasons:

  • Strong team. The project involves more than 60 people, each of whom is a professional in their business. The main developer is Sunny Lu, who has been the technical director of Louis Vuitton for many years. The well-known Bo Shen, who at one time had a hand in creating ZCash, Qtum, etc.
  • Powerful partners. For obvious reasons, this project closely cooperates with such a brand as Louis Vuitton. Clothing is marked with NFC chips. One of the large companies that are partners of VeChain is the largest wine producer in China – DIG. The whole province in China (Guan) stores and processes a large amount of data in the VeChain blockchain.

Conspicuously, despite its young age, the project has already been successfully implemented in real life. This indicates good investment prospects.

6. Conclusion

The VeChain platform can truly introduce blockchain technology into real life, thus making life easier for both business and end users. It isn’t late to invest in this volatile digital token, because, with a favorable outcome, its growth is only ahead. Do not regard this asset as a short-term; the project needs time, in order to realize its full potential.

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Cryptocurrency Prices Today, December 14: Cryptocurrencies Are in the Red Zone Again

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost 3.4% over the past 24 hours. The price at the time of writing is $3298 per coin.

Cryptocurrencies moved to the red zone:

Bitcoin Cash lost 11.17% over the past 24 hours and costs $82 per coin;

Ripple fell by 1.89% and is $0.29 in price;

EOS minus 4.67%, and its cost is $1.88;

Litecoin decreased by 2.35%, and its price is $23;

Cardano lost 4.17%, and its value is $0.028;

Stellar dropped by 6.46% and costs $0.10;

IOTA minus 4.53%, and its cost is $0.24;

Dash lost 4.67%, and its price is $61;

Monero became cheaper by 1.61% and costs $42.

Over the past 24 hours, Ethereum lost 3.95% and continues to decline. The coin exchange rate is $85, according to Coin 360.

The total market capitalization fell to $104 billion. Bitcoin accounts for 55% of the total volume. In monetary terms, this is $57 billion.

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Saudi Arabia and United Arab Emirates Will Release a Joint Cryptocurrency

As reported by the local news media, the Saudi Arabian Monetary Authority is cooperating with the Central Bank of UAE in order to develop their own blockchain, which will be the basis for the joint digital coin. The new currency will be used for cross-border transactions between these two states.

This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region,” said an Abu Dhabi official.

The cooperation is currently ongoing, no specific dates as to when the development will be finished have not been released so far. The innovations in the financial sector will involve only banks and institutional investors, not the regular customers.

We remind you:

Ripple Technology Will Soon Be Implemented in the Biggest Bank of Saudi Arabia

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Cryptocurrency Prices Today, December 13: BTC and Other Cryptocurrencies Remain Stable

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) remained stable over the past 24 hours and slightly increased in price – by 0.2%. The price at the time of writing is $3415 per coin.

Cryptocurrencies changed in price very slightly:

Bitcoin Cash lost 2% over the past 24 hours and costs $96 per coin;

Ripple dropped by 0.78% and is $0.30 in price;

EOS added 1.91%, and its price is $2.01;

Litecoin minus 2.04%, and its cost is $24;

Cardano grew by 0.06%, and its value is $0.030;

Stellar lost 1.81% and costs $0.11;

IOTA dropped by 0.53%, and its cost is $0.24;

Dash fell by 1.06%, and its price is $65;

Monero decreased by 2.06%, and its rate is $43.

Over the past 24 hours, Ethereum lost 0.56%. The coin price is $90, according to Coin 360.

The total market capitalization is $109 billion. Bitcoin accounts for 54.9% of the total volume. In monetary terms, it is $59 billion.

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How Is a Schoolboy Millionaire Doing: A Story About the Youngest Bitcoin Richer

Erik Finman’s life is like a dream. He is the youngest Bitcoin millionaire in the world. His digital wallet stores more than 400 BTC, which at the rate of $20 thousand per one coin was equal to $8 million.

From a schoolboy to a Bitcoin Millionaire

The story of Erik Finman began in 2011, when he was 12 years old. Young man received from his grandmother $1 thousand for college. However, the guy decided to invest them not in education, but in Bitcoin. He was confident that the digital currency has a great future and therefore he will have it, if he buys BTC. A schoolboy purchased Bitcoin on all the money that his grandmother gave him, with the rate of $12 per one coin.

The first million Erik earned at 15 years. Before that, the future millionaire, argued with his parents that he would not go to college if he earned his first million before the age of 18. When the Bitcoin rate first increased in the summer of 2017, Finman became a millionaire. After that, he went into business.

In 2013, Erik’s capital was valued at more than $100 thousand. This fortune pushed the guy to drop out from high school, in order to start his own business. Moreover, the young man was convinced that the secondary school provides with low-quality education.

“I had these teachers that were all kind of negative. One teacher told me to drop out and work at McDonald’s because that was all I would amount to for the rest of my life. I guess I did the dropout part.”  – said Erik in CNBC interview.

The young entrepreneur founded his own online educational platform Botangle, which helped the young people to find suitable teachers for class via video chat sessions.

January 2015 has been a remarkable for the guy. He sold Botangle for 300 BTC, whose rate at that time was $ 200 per coin. The buyer also offered the guy $100 thousand in exchange for the business. However, Erik was convinced that it was much more promising to make a deal with cryptocurrency.

“My parents asked ‘Why don’t you take the more cash? But I thought of it more of an investment.” –  Finman explained.

You may ask, what’s the catch? And the catch really is. After all, the guy for $100 thousand could buy 500 BTC instead of 300 BTC. But he chose cryptocurrency, because the official transaction is accompanied by certain difficulties with which, the underage wouldn’t not cope.

Today, December 2018, Erik has about 400 BTC at his disposal, and the Bitcoin rate varies within $4,000 per coin. That is, Erik’s fortune does not exceed $2 million. Despite the fact that experts like Warren Buffett are confident that the cryptocurrency is a bubble that is about to burst, the young man says:

“Personally I think bitcoin is going to be worth a couple hundred thousand to a million dollars a coin”

Some believe that the young millionaire suffers from paranoid syndrome. After an increase of popularity and capital, Erik is obsessed with the security of his assets. For example, he divides his capital into various super secured wallets.

Bitcoin millionaire lifestyle

Erik bought a house in West Hollywood, where he neighbors with young YouTube stars and IT elites. Well, and as usual it happens, the guy had his head turned by his fortune. The first evidence that Finman “went off the rails” was the reusable rental of Lamborghini sports cars.

The insanity did not last long. During this dizzying period, the guy did not insert the diamond teeth, did not fill the wardrobe to the full with clothing. By the way it is half empty. The millionaire dresses very inconspicuously: T-shirts, shorts and jeans.

Erik hated the school so much, that when he bought a car, it was indicative that he chose a number with his average grade of school certificate – 2.1GPA.

All of Erik’s relatives have a higher education, so they really want their children to get a higher education. But, a bet’s a bet,and besides, the guy is not going to college under any circumstances:

“The purpose of that would be to get another education level and get a job. I had to learn through running a business. Instead of writing essays for English class, I had to write emails to important people.” – said Erik. “The way the education system is structured now, I wouldn’t recommend it,It doesn’t work for anyone. I would recommend the internet, which is all free. You can learn a million times more off YouTube and Wikipedia.”

The young millionaire eats at Polo Lounge, In-N-Out Burger and other restaurants, depending on his mood. In his free time from work, the guy travels. He likes to have a rest on distant continents, especially Dubai.

Source: https://www.inverse.com

Now Finman is in charge of managing his own and family Bitcoin investments.

The young millionaire’s view of the future of cryptocurrency

The world’s first cryptocurrency by capitalization is not the only digital currency that makes up the capital of the millionaire. Litecoin and Ethereum are also in reserve.

If the young man believes in the future of Bitcoin, the future of Vitalik Buterin’s creation he doubts though. Erik believes that Ethereum’s growth depends on speculation on the crypto market.

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Cryptocurrency Prices Today, December 12: Cryptocurrencies Are Relatively Stable

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) remained stable over the past 24 hours. The price at the time of writing is $3412 per coin.

Cryptocurrencies are both in the red and in the green zone:

Bitcoin Cash lost 4% over the past 24 hours and costs $95 per coin;

Ripple added 0.52% and costs $0.30;

EOS grew by 0.04%, and its price is $1.91;

Litecoin dropped by 0.91%, and its rate is $24;

Cardano increased by 0.32%, and its value is $0.029;

Stellar lost 2.76% and costs $0.11;

IOTA fell by 7.31%, and its cost is $0.24;

Dash decreased by 4.83%, and its price is $65;

Monero became cheaper by 1.40% and costs $43.

Over the past 24 hours, Ethereum lost 1.59%. The coin rate is $89, according to Coin 360.

The total market capitalization is $109 billion. Bitcoin accounts for 54.9% of the total volume. In monetary terms, it is $60 billion.

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Bitmain Closed Its Branch In Israel Due To Crypto Market Situation

Chinese mining giant, Bitmain, has closed its branch Bitmaintech Israel in Ra’anana. It was set up two years ago as a company which specialized in developing blockchain technology, AI technology and controlled one of the mining pools Connect BTC in Israel.

The branch was headed by Gadi Glikberg, who held the title of VP International Sales and Marketing. He and his 23 employees will be laid off.  The reason of closing the branch is that Bitcoin trading price fell down by more than 80% since its all-time high, while Ripple’s XRP and Ethereum decreased by more than 90% since the peak of their prices.

Glikberg commented on the situation: “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”

We remind you:

Is Bitmain Really Dying, or How Much Money Was Lost in 2018?

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