#Vechain X What is it (not)
$VET is not a supplychain (SC) coin. VeChain is a public blockchain (like $ETH) on-which you can build anything you want.
The reason a lot of people think that $VET is a SC coin is that a lot of the first usecases built on VeChain are SC related.
1/8
$VET is not a supplychain (SC) coin. VeChain is a public blockchain (like $ETH) on-which you can build anything you want.
The reason a lot of people think that $VET is a SC coin is that a lot of the first usecases built on VeChain are SC related.
1/8
2/8
This is because the whole idea of VeChain started with the CEO Sunny Lu who worked at Louis Vuitton as Chief Information Officer on an internal project called "track and trace". They wanted to expand that project and that's how he discovered blockchain technology.
This is because the whole idea of VeChain started with the CEO Sunny Lu who worked at Louis Vuitton as Chief Information Officer on an internal project called "track and trace". They wanted to expand that project and that's how he discovered blockchain technology.
3/8
Sunny noticed that 90% of the blockchain startups were developing apps related to financial services, which is considered difficult because of the strict compliance regulations.
He also realized if you have no commercial activities on the blockchain and just go
$VET
Sunny noticed that 90% of the blockchain startups were developing apps related to financial services, which is considered difficult because of the strict compliance regulations.
He also realized if you have no commercial activities on the blockchain and just go
$VET
4/8
bare-handedly to develop and promote blockchain apps, you are playing in an empty field.
So when VeChain started in 2015, the idea was to begin with traceability and anti-counterfeit. The next step was to put more commercial activities on the blockchain.
$VET
bare-handedly to develop and promote blockchain apps, you are playing in an empty field.
So when VeChain started in 2015, the idea was to begin with traceability and anti-counterfeit. The next step was to put more commercial activities on the blockchain.
$VET
5/8
Once you established a business ecosystem, it would become a natural move to provide the financial support on the blockchain.
You can already see the expansion of usecases. Healthcare, Certification, Carbon credits, Sustainability, Gas industry. The list goes on.
$VET
Once you established a business ecosystem, it would become a natural move to provide the financial support on the blockchain.
You can already see the expansion of usecases. Healthcare, Certification, Carbon credits, Sustainability, Gas industry. The list goes on.
$VET
6/8
This rapid expansion is due to the consensus algorithm called Proof of Authority whereby 101 companies put their reputation at stake. This results in a decentralized IaaS, existing of 101 companies with 101 different business models, services and client networks.
$VET
This rapid expansion is due to the consensus algorithm called Proof of Authority whereby 101 companies put their reputation at stake. This results in a decentralized IaaS, existing of 101 companies with 101 different business models, services and client networks.
$VET
7/8
You could see VeChain as a decentralized IaaS whereby you pay $VTHO to use that IaaS (store data / run smartcontracts). The same way you pay AWS credits to pay for Amazon Web Services, a centralized IaaS.
( $VTHO is part of VeChains economic model)
$VET
You could see VeChain as a decentralized IaaS whereby you pay $VTHO to use that IaaS (store data / run smartcontracts). The same way you pay AWS credits to pay for Amazon Web Services, a centralized IaaS.
( $VTHO is part of VeChains economic model)
$VET
8/8
So, the VeChain blockchain, with the 101 different companies, $VET and $VTHO, is column 2.
One of VeChain's products is called ToolChain; a kind of Wordpress for different usecases.
ToolChain is a dApp using the blockchain.
You could put Toolchain in column 3 / 4.
So, the VeChain blockchain, with the 101 different companies, $VET and $VTHO, is column 2.
One of VeChain's products is called ToolChain; a kind of Wordpress for different usecases.
ToolChain is a dApp using the blockchain.
You could put Toolchain in column 3 / 4.
If you want to like or RT, please RT the first tweet of the thread
More explanation threads about #VeChain, check the comments on the tweet below or click #EducationVET for single explanation Tweets.
More explanation threads about #VeChain, check the comments on the tweet below or click #EducationVET for single explanation Tweets.
https://twitter.com/Martijncvv/status/1218895904469651456
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