VeChain (VEN) – Why Tim Draper Invested in This Cryptocurrency
VeChain (VEN) – (slowly rebranding itself to VeChain Thor) has been making big moves recently. Currently the 17th largest cryptocurrency by market cap, it is possible for this coin to become a dominant force in the industry as it proves to have a real use case and specific functions. While the price has recently plunged, big news and announcements continue to be made that can potentially increase price dramatically. With working products and real world use cases in the industries of automobile, medical, agriculture, fashion, and even liquor, VeChain’s uptrend can start happening any moment.
VeChain’s advanced technology has made their cryptocurrency a top contender amongst the market and has very credible venture capitalists like Tim Draper investing. Silicon Valley legend Tim Draper is a big believer in Bitcoin and cryptocurrencies alike, and predicts that in five years cryptocurrencies will be the main way society goes about making payments. Tim Draper is a legend in Silicon Valley, and basically all over the world, for his smart investments in companies like Tesla and Skype. Having invested majorly into Bitcoin when it was trading around $6, Draper has publicly invested in two cryptocurrency platforms as of recent: Nucleus Vision and VeChain – both extraordinary projects in their own way. Tim Draper has said this about the time we are living in: “This is the most excited I’ve ever been as an investor, and I was right there at the beginning of the internet,”
VeChain is a “leading global enterprise blockchain platform that aims to connect blockchain technology to the real world by providing a comprehensive governance structure and a robust economic model as well as advanced IoT integration. “
Using smart contract features, VeChain tracks item ownership. Sensitive valuables like jewelry and glass are documented from original sourcing all the way through transitional ownership. With their identity system, they can track shipments through tags that are eligible using NFC, QR, or RFI identifiers. By processing the product with a tag, companies and customers can track their items throughout the shipping journey. The blockchain platform Vechain runs on secures the supply chain by verifying product authenticity. Little details in a project like this are what end up being major deals and, with investors like Draper backing the cryptocurrency, it is evident that this platform can obtain mass adoption – quickly. As millennials become a dominant force in retail environment, brands are changing their strategies to accommodate their interests; perhaps making VeChain the perfect idea for its time. Companies may start to use this platform as it provides a solution to problems faced in the business world.
VeChain is currently trading at a price of $2.90 with 24 hour volume reaching $52 million. Things are looking steady as of now, but as we go further into 2018 things will get very interesting for the cryptocurrency market. Hitting an all time high of over $9 mid-january, the coin increased over 2,000% from its initial ICO listing.
Having publicly announced their partnership with the German car manufacturing giant BMW, VeChain’s use for real world adoption is set to skyrocket! While it is hard to understand what this partnership specifically has in store, it is most definitely a big deal. The increasing demand for implementing blockchain protocol in corporate and established firms is manifesting. It has been stated by the BMW group that they have been involved with the blockchain distributed ledger technology since 2015 and conducts research for this topic on a very broad spectrum of potential applications. The goal of VeChain and BMW is to implement the use of blockchain technology as a solution for the storage of vehicle data and its secure provision to third parties. In addition to the BMW deal, VeChain also has a collaboration the University of Oxford that will assist the development of the VeChain THOR platform. VeChain also has established partnerships with PricewaterhouseCoopers, DNV GL, Renault Group, KUEHNE+NAGEL, D.I.G., and China Unicom. There is a lot of hype surrounding this project as the ever-active VeChain Reddit Community of 23,000 members posts updates on the daily.
VeChain’s Board of Steering Committee
The Board of Steering Committee is the governing body of the Vechain Foundation that oversees the various functional committees within a decentralized foundation. VeChain has a strong Advisory Board as the backbones of the Foundation. The board represents the balanced interests of the Vechain blockchains stakeholders who help decide goals with efficiency and enable collaboration amongst platforms. When the committee held their first ever meeting in Singapore, in November of 2017, the VeChain platform underwent several changes and has since continues to innovate and progress. With a strong team and a strong roadmap going into the future, the China based organization will improve transparency and security in a ever-growing market still in its infancy stages. As people are looking for ways to up their potfolio, VeChain is a project that cannot be ignored.