Today we’re going to be talking about one of the other cryptocurrency besides bitcoin today and giving a Vechain review. I know shocker right. We’re going to be talking about a coin called Vechain review that has been making some headlines recently. There’s been a lot of stuff going on with this so we decided we’re going to talk a little bit about it to inform you guys on the background and what’s been going on or at least rumored to have been going on. So with that, we’ll get started.
Yeah, this is a really interesting token. So the team came together and founded the Foundation back in 2015. They progressed through several test cases, early versions, early partnerships up until the middle of 2017. And that’s when they released the current version bitcoin which we know as Vechain Thor, ticker symbol VET. Before that, it was under the ticker symbol VEN. Now the reason we’re bringing this up because there’s been some really interesting stuff going on with this coin only recently.
Back in 2015 has Aaron said, they launched VEN. Originally they had their focus on supply chain management for luxury goods, automobiles, agriculture you name it what they were really trying to focus in on. They were actually the first block chain companies to partner with a division of the Chinese government don’t believe it was anything major national government was more of a local government contract that they secured to use their blocking technologies in supply chain management. They’ve gone after a couple big names that you recognize BMW; It’s unclear whether that contract actually went through or not. But, they did end up contracting with French manufacturer and quite a few other people, a large tobacco conglomerates in China. They’ve partnered with University of Michigan with the University of Oxford in England. So they have quite a reputable reputation. But now that they have rebranded to Vechain Thor or VET Thor they’ve changed directions a little bit and have their eye on the future.
Absolutely. So it sounds like they’re trying to move away from supply chain management and industrial logistics. Moving a bit more into the financial sector so they’re broadening their smart contract templates and they’re trying to increase the number of things you can do their blockchain. So I think it’s a coin with a bright future but unfortunately, its recent past is a little bit more sorted now. It’s unclear why this happened but on coin market cap this coin in particular which has been roughly between about a buck fifty and five bucks for most of the year was suddenly listed as a mere fraction of a penny. And unfortunately that mistake whether it was malicious or peer accident tanked the value of this coin down to less than half a penny on some exchanges and it has been slowly climbing back but it’s worth just over a penny now. So we thought we would bring up that brief point of intrigue just to inform you guys; lets you know why the value so incredibly low at the moment.
All right so now we’ve had a little introduction to what it is what’s kind of going on with it in the marketplace right now. What is done in the past and where they’re looking to go in the future so that if you like Aaron’s new shaved face it’s like if you hate it just let them know in the comments, don’t hold back.
Hope you enjoyed our Vechain review.