Many companies worldwide want to embrace blockchain technology's benefits and multiple use cases. Still, creating and maintaining blockchain-based applications can be challenging and costly. In addition, and most importantly, blockchain's immutable and decentralised nature is attractive to enterprises seeking enhanced automation and transparency for their processes.
This post discusses VeChain, a unique public blockchain network that addresses many issues associated with a supply chain by providing the technology for direct business transactions without third-party interaction. We will be exploring the top 5 projects building on VeChain and which VeChain DApps to watch.
Subsequently, we will look at how VeChain works, the benefits and features of the blockchain, and how and where you can purchase VeChain (VET). In addition, we will discuss the 5 top projects on the VeChain platform.
What is VeChain?
VeChain is a smart contract-compatible blockchain. Primarily, its purpose is to improve the supply chain and tracking capabilities for companies of any size, providing real-world blockchain utility to enhance business processes in supply chain and logistics.
Supply chains can be tricky. Most importantly, one of the primary issues is a lack of transparency, which can cause a supply chain to become stuck, causing disruption and costly hold-ups. Primarily, VeChain acts as a building block for enterprise blockchain ecosystems and, in addition, supports the integration of financial and logistical services and enables transparent data sharing between stakeholders.
You can learn more about VeChain and it's VET and VTHO tokens in our dedicated VeChain review.
From the offset, VeChain set out to differentiate itself from the thousands of speculative crypto projects. Meanwhile, they recognised opportunities for enterprises to capitalise on blockchain technology beyond the digital realm.
Above all, the VeChain team focuses on developing ways to organically synergise technological solutions for diverse realms while maintaining sustainability and nurturing partnerships.
“ Speed and security but made sustainable and scalable, for a digital sustainability revolution.”
VeChain wants to disrupt the supply chain industry. Meanwhile, the blockchain has collaborated with notable public companies such as BMW, Microsoft, Renault, PWC, and Volkswagen, which are interested in the VeChainThor blockchain to improve their business operations.
Who Founded VeChain?
Sunny Lu, an ex-CIO of Louis Vuitton, China and Changpeng Zhao, the Chinese/Canadian founder of Binance Crypto Exchange, founded VeChain, as a subsidiary of Bitse in 2015.
The VEN token was once operational on the Ethereum blockchain. However, in 2018, Vechain rebranded to VeChainThor (VET) and switched to its own blockchain.
What Makes VeChain Unique?
VeChain has unique functionalities which sets the blockchain apart from many others.
VeChain's sustainable dual-token economic model (VTHO and VET) differs from single-token economic models. Primarily, the two-token model was developed to create a non-volatile trading environment by separating blockchain costs from market speculation.
VET is the platform's utility token, and VTHO is the network's payment and incentive token for “straightforward costs.”
The effective mechanism encourages enterprise adoption and user acceptance. Above all, consistently calibrating a balance between the two tokens, with different functionalities, is a priority for Vechain in the best interest of its users.
Low Energy Consumption
VeChain's website states that its energy consumption is “equal to just 0.04% of other blockchains.”
“Vechain's core research team has 11 registered patents which span our Proof of Authority consensus mechanism, IoT and Blockchain, Zero Knowledge Proof, Supply Chains and Carbon Recording Across Supply Chains.”
VeChain reports that the blockchain"consumes as much energy as mining 2.4% of a single BTC or processing 4.3 transactions on the Bitcoin blockchain."
Proof-of-Authority Consensus Mechanism (PoA)
PoA consensus enables fast, secure transaction processing on the blockchain. That is to say, VeChainThor can handle many transactions per second (TPS), making it ideal for projects needing scalability and high-volume transaction processing.
Proof of Authority 2.0 (PoA 2.0) guarantees data integrity without compromising scalability and high throughput. Certainly, PoA 2.0 combines the strengths of BFT (Byzantine Fault Tolerance) and Nakamoto.
Nakamoto is "a set of rules that verifies the authenticity of a blockchain network, using a combination of the proof-of-work consensus algorithm on a Byzantine Fault Tolerance (BFT) peer-to-peer network" (source: Coin Market Cap).
PoA 2.0 solves the blockchain trade-off with data finality versus scalability.
Ideas for the Future of VeChain
According to the VeChain whitepaper (version 3.0), the blockchain has three core ideas: -
- OWNABILITY: We have the vision and cutting-edge technology to silently shape society in ways yet not imagined. It takes a conductor in these moments of transition to be successful
- DESTINATION: We imagine a future where our systems are interwoven in a way that creates trust, efficiency, and optimal decision; making the interwoven society will flourish for generations
- IMPACT: Saving our planet is the most pressing challenge of our time, and it will take radical new ways of approaching sustainability solutions; we must bring this vision to the world for it to have an impact
(Source: VeChain Whitepaper V.3.0)
VeChain looks to have significant potential, but where can you buy VET, and does VeChain have a compatible wallet? Let's find out.
How to Buy VeChain (VET)?
Firstly, check that VeChain (VET) is available in your country. After that, you can store your VET tokens in the iOS and Android-compatible Thor Wallet, your personal crypto wallet or keep it in the exchange wallet. Most importantly, VeChain (VET) is not compatible with MetaMask and similar wallets.
VeChain (VET) tokens are available from Binance, the largest cryptocurrency exchange globally by trading volume.
Does VeChain Have NFTs?
Meanwhile, users can create and trade VIP-181 tokens (a standard introduced by the VeChain Foundation to create functionality for tokens within smart contracts).
You will need a VeChain-compatible wallet to buy, sell and store NFTs on VeSea. Trading fees are 2.5% but there are no gas fees.
VeChain offers two NFT collections:
- VeKings: NFTs depicting Valkyries and Vikings (over 8,000 available).
- NFT Paper Project: Almost 12,000 NFTs - developed by artist Emmet Ahlstrom.
The VeChain platform can support new NFT projects via the launchpad, and NFT token owners can stake their NFTs in the creator ecosystem.
VeChain: A Developer-Friendly Platform
VeChain has an in-depth documentation page for new and experienced developers who want to create dApps on the VeChainThor platform.
- Quick Start: An introductory guide to developing dApps on VeChainthor.
- Guides & Tutorials: Step-by-step guides and tutorials.
Components: A guide to the necessary components on VeChainThor.
- Example Codes: Example codes that developers can use for their projects.
- Community Links: A range of VeChain community-created resources.
Above all, VeChain is proving attractive to developers and several projects that can utilise the technology that VeChainThor provides.
The Top 5 Projects on VeChain
VeChain has a mix of projects addressing different industries and unique functionalities.
The first crypto project on VeChain to discuss is OceonEX, a crypto asset management platform.
What is OceanEX?
OceanEX is an asset management platform created explicitly for the VeChain ecosystem that works with the VeChain Foundation to bridge the gap between the crypto industry, investors and enterprises. VeChain also provides products and financial services to other VeChain projects in its ecosystem.
The OceanEX Exchange
On OceanEX, users can trade VTHO and VET, BTC, and ETH and the VeChain ecosystem projects:
- Safe Haven
According to the OceanEX website, the exchange's volume is increasing and, at times, has surpassed some of Binance Exchange VeChain token pairings.
Upcoming OceanEx Features
- Fiat Pairings: OceanEX is working with legal entities and banks to provide fiat trading pairs in the future.
- Margin trading: Planned for the future so that users can trade with "borrowed money."
***Please note that margin trading is high-risk and not recommended for novice traders. Some countries ban margin trading.
- OCE Launchpad: Similar to the Binance Launchpad for a project's ICO (initial coin offering).
- OceanBrain: AI technology to monitor user asset and trading behaviours and spot irregularities.
- OceanQuant: A quantitative trading platform integrated with the OceanEX trading engine to enable users to develop trading algorithms using historical data from OceanEX.
- OceanMarket: a subscription-based marketplace for access to OceanQuant algorithms.
- CryptoBento: Users can purchase bundles representing cryptos within a specific ratio, targeted for inexperienced crypto enthusiasts.
- OCE Club: Members receive exclusive discounts and benefits, such as a referral program, transaction fee discounts, member events, and more. Prices start at 2,000 OCE for Level 1 to 100m OCE at Level 5 membership.
- Pilot Whales: OceanEX has a Pilot Whale scheme that chooses its most helpful members to join the group.
The OceanEX (OCE) Token
OCE is the project's trading token. It is listed in the top 1,500 Coin Market Cap cryptocurrencies list and has a total supply of 8,811,756,112 tokens.
#2: Safe Haven
A Belgium team, Logino Dujardin, Jurgen Schouppe and Andy Demeulemeester founded Safe Haven, intending to provide secure crypto asset management solutions.
What is Safe Haven?
Safe Haven is a crypto asset management solution on VeChain for enterprises and individuals. It enables users to protect their digital assets. For example, Safe Haven can manage what happens to a user's coins if they die or allow multiple people to manage crypto funds together.
Safe Haven provides crypto asset management solutions for the following: -
- Crypto Projects
- Fintech companies
- Crypto Exchanges
Safe Haven has four different categories:
- Community dApps: The Safe Haven Community provides tools and protocols to the community to help them manage their funds. The first product released is Thorblock, a dApp that enables users to pool their funds to participate in initial coin offerings (ICO).
- Asset Management dApps: Safe Haven offers Multisig wallets and long-term cold storage. In addition, it has a solution to make wallets inheritable.
- Financial DApps: Safe Haven developed SD (shared distribution) Protocol technology, which means that users can securely encrypt and distribute shares of their digital assets, from a crypto wallet, for example, between stakeholders, family members or a founding team.
- Products Engineering: Safe Haven aims to develop and engineer innovative products. For example, it is co-developing a hardware ledger device with Nitrokey.
The Safe Haven Token (SHA)
The SHA token powers the Safe Haven economy on the VeChainThor blockchain. The SHA token is the project's currency for paying for "in-house" solutions.
In addition, Safe Haven may impose an SHA locking process before users can access Safe Haven products.
Safe Haven (SHA) is listed in the top 1,500 tokens by market capitalisation, with a total supply of 8,500,000,000.
MustangChain is a unique VeChain project that provides blockchain-powered solutions for the Equine industry using IoT technology and VeChainThor blockchain. It began in 2017, founded by CEO Danny van de Griend. The team chose VeChain because of its multiple technological advantages, including IoT integration.
According to the MustangChain website, the equine industry is worth $300 billion.
What is MustangChain?
MustangChain wants to disrupt the equine industry, which is prone to fraud, by creating a globally adopted standard of trust and transparency for validating and managing aspects such as:
- Medical records
- Equine identity
- Breeding history
- Physical conditions
Suppose, you have a winning racehorse, a stallion with a stud fee of hundreds of thousands of dollars; how do you protect the data of a living, breathing animal?
MustangChain will develop an online platform for equine stakeholders to collaborate to share their expertise and essential data and buy and sell horses with fully documented historical data.
"The MustangChain Foundation chose to seek a partnership with VeChain because of their world-class distributed ledger technologies and advanced Internet of Things (IoT) solutions. We believe this will make them the leading blockchain of choice when it comes to enterprise and commerce".
“By implementing these technologies, we can easily generate unbiased data and empower MustangChain to provide fraud-proof authentication, traceability, and eliminate the national boundaries establishing a globalised equine ecosystem that thrives on the bedrock of transparency.”
-Danny van de Griend, Chief Executive Officer
Features of the MustangChain Online Platform
The primary features of the MustangChain platform include a digital equine passport that utilises iris scan technology, blockchain and NFC (near-field communication).
In addition, the platform also gives users access to the following: -
- Equine research: Above all, buyers can access data about the horse's performance, breeding history and heritage, enabling them to make informed breeding decisions.
- Insurance Policies: Using available data from the MustangChain equine passport, horse owners can choose a suitable insurance policy for their horses.
The MustangChain team suggests the project already has more than ten partnerships with equine organisations under NDA.
Plair is a project providing blockchain-powered solutions to the gaming industry.
What is Plair?
Above all, Plair created a platform for gamers to create tournaments, discuss and watch others' gaming and stream their game sessions. The video gaming industry is vast and growing. For example, the video game industry generated $191 billion in 2021, representing 26% growth from 2019 (source: Wikipedia)
Plair aims to disrupt the gaming industry by developing a user-generated, user-friendly, decentralised eSports platform where players of all levels can interact, test their gaming skills and watch others play. Users can earn Plair (PLA) tokens in matches in games such as:
- CounterStrike: Global Offensive
- Dota 2
- League of Legends
- Player Unknown's Battleground
Plair Platform Features
The first phase establishes core functionality on the platform by enabling users to join or create tournaments to achieve PLA tokens for the win. Further, it will support popular games such as PUBG, CS:GO and Dota 2.
In addition, users can watch gaming streams and purchase gaming hardware and games using PLA tokens in the Plair shop.
Phases 2 and 3
Firstly, phase 2 will create a decentralised streaming network utilising blockchain technology. That is to say, gamers can earn PLA tokens from participating, watching and lending resources to video solutions and streams.
Secondly, phase 3 Plair will concentrate on cloud computing enabling players to stream, play and rent video games using computing power shared by other users on the network. Further, in phase 3, Plair plans to provide resources and SDKs to enable the additional building of gaming dApps on the Plair platform.
Plair (PLA) Token Usage
The Plair Token (PLA) plays a significant role on the platform. Further, users have a variety of options for spending their PLA tokens:
- Playing tournaments and matches
- Having coaching sessions with well-known gamers
- Get access to data analytics for valuable insights into improving gaming skills
- Purchase hardware and games (from Razer, MSI, and others)
- Purchase quests
Meanwhile, Plair's future plans include a donation or subscription plan to rent cloud computing machines or pay for content providers.
Further, Plair has a total PLA token supply of 100,000,000,000.
How do Players Acquire PLA Tokens?
- Purchase PLA on exchanges or during the token sale
- Winning tournaments or matches against other players
- Beating purchased quests
- Referrals to others
- Running a node to verify matches
- Participate in celebrity or sponsor-hosted events
Further, Plair has plans for a later stage to enable users to buy PLA tokens on the Plair platform with Fiat currency. In addition, you can lend your CPU / GPU bandwidth to others.
Decent.bet is a smart contract-based online casino and betting platform. Further, the project switched from the Ethereum blockchain to the VeChainThor platform.
What is Decent.bet?
Decent.bet's mission is to disrupt the gambling industry by removing current online casinos' centralised house systems.
Primarily, by using smart contracts on the VeChain blockchain, Decent.bet will provide transparent, verifiable transactions. In addition, once executed, smart contracts cannot be altered. Certainly, such an environment reassures players that the platform is honest and fair.
What Makes Decent.bet Unique?
Unlike traditional casinos, Decent.bet provides a range of options for players to make profits.
- Players can buy shares in the house. That is to say, 25% of the house profits are divided between all house shareholders.
- Players can "lock up" their decent.bet, which the platform can use and then later return to the user with a profit.
- 5% of house-generated profits are awarded randomly to a Decent.bet owner.
In addition, Decent.bet acquired a license enabling them to provide services in over 100 different countries worldwide.
Why Did Decent.bet Move from Ethereum to VeChain?
The Decent.bet team released a statement explaining their decision to move the project to VeChain.
"From a technical and strategic standpoint, the Vechain Platform has always stood out to not only the DECENT.bet team but the global business community as a whole. It's a platform that has cemented its long-term value through its strategic partnerships, both disruptive and traditional."
“When talking with the Vechain Foundation, reviewing documentation, and collaborating with the team, it was apparent to us that the VechainThor Blockchain is revolutionary, it is necessity, and it is the future. ”
Decent.bet Token (DBET)
DBET is the house payment token for players. It is available on several exchanges, including HitBTC, YoBit and IDEX.
Top 5 VeChain Projects: Conclusion
To sum up, VeChain is a unique layer-1 smart contract platform suitable for novice or experienced developers to build smart contracts and DApps. VeChain has applications in supply chain management, logistics and many other industries.
Above all, VeChain's goal is to focus on accelerating the mass adoption of blockchain technology by addressing typical issues associated with a blockchain, such as the high costs of maintaining an Ethereum DApp.
VeChain takes cyber security seriously and aims to identify potential vulnerabilities and help prevent cyber attacks. Meanwhile, VeChain works with established industry security experts, such as:
Meanwhile, some crypto enthusiasts ask if VeChain will become the new Ethereum. Certainly, Ethereum is the trusted network for thousands of developers. Meanwhile, only time will tell if VeChain can compete with Ethereum's reputation as the number two cryptocurrency by market capitalisation.
Finally, VeChain certainly appears to have the right intentions, and it will be interesting to monitor how many projects build on the network and collaborates with other high-profile partnerships.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.