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Past ICO Review: On VeChain Success Train

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  • Eric Eissler
    🕵️‍ ICO Watch

    VeChain promises to verify products, link up logistics and end the black market

Past ICO Review: On VeChain Success Train
Cover image via u.today

Singapore-based VeChain, a non-profit organization, was founded in July 2017 as a solution to product identification management with Blockchain technology: a unique ID for every product, combing Blockchain and encrypted ID. One month later the token was launched. Starting at only $0.23 on Aug. 21, 2017, VeChain has increased by 2,091 percent in eight month’s time up to about $5 and is ranked now 15 by CoinMarketCap.

Don’t get lost in logistics

VeChain is a Blockchain-as-a-service company that primarily focuses on supply chain logistics. In conjunction with developed smart chips, it essentially uses Blockchain and the Internet of Things to track products in real-time, keep counterfeit products out of supply chains, and allow retailers and wholesalers a glimpse at how products performed in various quality control tests.

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VeChain suggests a solution to make every product traceable and verifiable. For the consumer, this means you will be able to verify that what you are buying is the real thing.

For example, wines, whiskeys, and down to the exact ingredients that went into making these fine products can be verified by using the tracking technology. Diamonds, pharmaceuticals, the list goes on. With verifiable products and ingredients, consumers will have confidence in what they buy. As more commerce moves online so will the money.

A system like this would weight heavy on the black market of knock-off goods, leading the way for its eventual consolidation and potential destruction.   

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VeChain currently works with:

  • Luxury goods

  • Liquor

  • Auto

  • Retail

  • Agriculture

  • Cold-chain logistics

  • Logistics

It’s all who you know

VeChain has been partnering with some large, well-known companies, which is really drawing some attention. It first partnered with Norway-based global assurance service company DNV GL to allow retailers to track products in real-time. But the big news was its  February 2018 announcement that VeChain and German car manufacturer BMW would be teaming up. In particular, VeChain will aid BMW in tracking its auto parts supply chain so as to eliminate child labor.

Partners:

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The stress test

VeChain is the very first digital currency to pass the Cryptocurrency Disaster Recovery Plan (CDRP), according to PwC. The CDRP acts as a stress test for the crypto market, with the most serious and likely threats to virtual coin holders being examined such as loss of login info, virus infiltration, system crashes on virtual wallets, hardware damage, private keys compromised, etc. It was determined that VeChain responses to these threats were sufficient so as to protect the assets of token holders. This is similar as to what banks have to test for after the 2008 financial crisis but specific for digital assets.

New economy

Overall, VeChain looks like a success story from hundreds of failing ICOs. However, it is interesting to wonder if the ICO is the precursor for the next level of fundraising for new companies. As many companies start to move toward Blockchain adoption and development, the ICO just might replace the IPO in the next 10 to 20 years. It is hard to say how the market will function in the future, but there is no doubt that Blockchain and cryptocurrencies will be a part of the new economy of the future.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
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    John Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
Cover image via u.today

Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

“I doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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