Vechain (VEN) in a Nutshell

hey everyone my name is Michael and welcome to box my knee today I’m gonna talk about V Kane in a nutshell so this video is about what is V change first of all what are the key technologies and partnerships that make them valuable and it’s been called one of the most undervalued cryptocurrencies out there and hopefully by the end of this video you can make a judgment for yourself about that it is quite hard to not to get excited when you’re talking about V chain and you’ll see why in a second so let’s start off with the basic question what is V tching so in one word it is aetherium for business it takes the best parts off Ethier combines that with their own technology for example RFID radio frequency identification or an Internet of Things devices bundles all that together to provide a platform for decentralized apps for enterprise so it’s really about these partnerships how they can offer these industries a solution to the problems they’re facing so what are these problems that the industry is facing why do they need reaching well reaching can be used to help to authenticate wines and luxury goods for example we can put these RFID labels and wines and you can know exactly where they come from how they got transported to you and if they’re authentic or not we also have luxury goods so handbags is another big thing of course with handbags it has a little like currently the technology is a little little tag right now a little piece of paper that says it’s authentic but that’s nowhere near as good as an RFID chip that can be implanted inside the handbag and of course you can scan that to show that it’s authentic we also have through transportation and storage ease of big problems that the current infrastructure and industry is facing and they’re trying to find more efficient ways to solve that and that can be solved with blockchain and lastly of course we got supply chain management so this is just the tip of the iceberg for the possible applications of V chain we’re going to look into some of the properties of blockchain and what makes that valuable for industry because this has been identified almost three years ago when V change started well one of the primary aspect that makes blockchain so valuable and so interesting to enterprise users is that brand the blockchain is in Muta that means it cannot be changed this is a very very important aspect because of course sometimes in industry are and enterprises you’re dealing with fraud what if someone go into a database a centralized database and they have the central authority can they change an alter that information we’re blocking you can’t once it’s actually put inside a block there is a hash of that block and any changes to that block will invalidate the hash it will be noticed and of course it will be invalidated so blocking is immutable that is the key word here we also have blockchain is trustless so once a block is mined we know exactly at the time it’s mined we don’t have to say yeah we don’t have to rely on a database and say oh yeah it was mined at this time blah blah blah well with the blocks and a block number you can know for a certainty you don’t have to trust any central authority to say yep this was there and of course information that was bundled there of course cannot be changed and hence you can trust it and we also have decentralized storage and transactions so we can have right now in fact you can put a transaction and add it onto blockchain at any point and that’s important because of course you can have sensors now that can put information into that blockchain and that information gets stored permanently and cannot be altered so these are the properties that v8 team has identified and they realized can really be applied to enterprise and improve the current situation that they have now of course with that they want to complain that and have their own technologies and their sensors as well because that is very important when you want to have your sensors that right onto the blockchain you want to make sure that this there’s so that’s why they’re interested in radio frequency identification RFID so the idea of this is you can play a RFID tags for say on wines or maybe even locks your handbags these tags can be read by either RFID tag readers that can be read kind of read these tags at a distance so for example if you have a bottle or creative wine going into a supply warehouse they can be read very far away maybe 510 meters away and boom scans and that information can be stored the fact that it has entered or it has left a supply warehouse VJs tags can also be read by con Zoomers as well so that information about how it passes that how that item guess to you or that they have an app for that so this is the V Train app on the iOS or it’s already published on the iOS as well so they want to make everything in-house they want to develop everything themselves to make sure that this is perfect for industry adoption we also have coaching logistics which is their own technology as well they got an in-house internet-of-things team and they want to make sure they can build sensors for food for example that can keep and monitor food at a certain temperature and if it goes outside of a certain temperature range it can record that and submit that to the blockchain so I’ll just think of the implications of that let’s say for example there’s a transportation company transporting sushi we know that sushi is eaten raw and needs to be kept under a certain temperature or else as spoils but what if they’re dishonest what if during the transportation time it goes above that safe to eat temperature but they still kind of just fudge the books and say yeah it was transported under 15 degrees and everything is safe but that might lead to problems later on if the consumer east of you eat that it might be spoiled and it might lead you to getting sick and nasty things as well so the idea of having these sensors is to make sure that every part of the transportation for that sushi is kept at under certain temperature or else these sensors will report it write it on the blockchain now it cannot be erase it can’t be deleted and now they can realize all right the sushi it has gone bad let’s throw that out before I get sent and someone eats it and gets sick so these are the ideas of coaching logistics it doesn’t just apply to sushi applies to for example precooked foods which is quite popular in 7-eleven these days and I talked a little bit about that in a sec so so far we talked about their own technologies they’re kind of using ethereum blockchain and building on top of that with their own technologies for example RFID and Co chain logistics and internet thing devices then we need to talk about partnerships because you can’t really just say yeah we’re the enterprise solution without finding good partners well we can’t approach partnerships in one of the smartest ways possible I was like thinking about this I was kicking myself like these guys have nailed it because their partners aren’t just one single partners their partners are the ones that can bring more partners on board they’re the partners that can really push adoption so this is the important phrase here so we got first of all PricewaterhouseCoopers so one of the biggest Assurance firms out there and what does PricewaterhouseCoopers do well they count things right they’re kind of making sure that every company is honest making sure they can do audits and when you’re auditing something you want to really just make that process faster so right now of course you’re relying on paperwork they’re relying on the partners are they’re relying so right now PricewaterhouseCoopers is relying to partners to submit paperwork to submit documents and for auditors to go through certain exercise to do this well reaching can solve all of that if you think about it we train because they’re using blocking because they have smart sensors it can completely simplify what PricewaterhouseCoopers are doing and the thing is with that once PricewaterhouseCoopers sees that this is valuable to them they’re gonna make sure that all of the companies that deal with them start using V chain so this is like the partnerships to rule them all and this is so smart in the way they’re approaching things it’s not just about one or two good partners is about partners that can keep on giving this is the same thing with the and vgl as well if you haven’t heard of DMV GL you probably heard of organic foods if you check this local food preserve supermarket well there’s these little tags that say this is organic or certified organic well DMV GL has an arm that certifies food they also do transportation and logistics they’re a huge company with a lot of connections well DNV GL in terms of their partnership they have just been starting to giving they recommended retain to coaching logistics while I was talking about earlier and they recommended a partner that has 24,000 locations in Asia so they we can’t really they can’t really say which one it is over these partnerships are under NDA but DMV GL has recommended we chained to this partner and they’re trying to solve the solution of food transportation because it is huge because with large chains they want to make sure that all their food all the food items are not only stored properly but transported probably so they don’t get their customers sick so these are partnerships that keep on giving there’s a lot under NDA and hopefully they’ll be revealed soon but there’s one partnership that rules them all and that is of course national level partnership in China this is the biggest thing and I think a lot of people don’t realize how big this is what national level really means we talked about neo and they’ve been working with the provincial governments they’ve been trying to get developers in China engage in the etherium of China but think about this this is national level because what China is trying to do right here is they’re trying to build a new city so China they’ve been trying to do this in the past as well so we got shanghai pudong district as one of their new cities that are building up they’re experimenting with new ideas we also got change and so on bottom we have a picture of Shenzhen this was all just like jungle 20 years ago Shenzhen was one of the smaller cities but what they want to try a new economic policy and now this is where $0.10 was born this is the birthing Brown often stand that was a picture I took in Shenzhen to just developing the city at a super rapid pace because the policies that they’re using there are working and are highly effective and this is the thing China has a track record of building these amazing new economic development cities so what is reaching doing here overall so Li Qing has partnered with the national government to be the blockchain technology provider for this new development area called GUI and it’s right next to Kwai Yong so if you guys remember I talked about this earlier Vitalik wasn’t William promoting big data promoting these new technologies well they’re very excited for that over there they want to build a new smart city that uses both blockchain and of course Internet of Things and of course all these new technologies coming forward so Vijay will be the mandated technology partner this is just crazy if you think about it like my mind is blown because of course China is very excited for blockchain they didn’t really like from the currencies back we saw the China banned but they’ve been pushing blockchain too hard and that’s because they realized the power of blockchain remember that immutability aspect I was talking about what if items get sold and they get tracked and blocked you and that means they can solve a big tax issue for the Chinese government so just think about that how much money they’re willing to put in there to solve these kind of issues that they’re facing in the government as well so that’s one of the things they’re gonna be doing there they also want this to be the main wine hub as well and wine authenticity is very important so we’ve been talking about these RFID tags you can tag wine and if you tag it at the bottle or at the bottle area basically if they open the wine they instantly invalidate the tag so now you got a way to make sure in the strip design proof way of making sure that wine is authentic and that’s a big issue in China and not just wine like spirits you know whiskies and Chinese white wine until Uncle Joe multi if you guys are Chinese is made in grades oh and this is probably one of the best applications of washing technology over there so it’s hard not to get excited when you’re talking and you seen these partnerships these partnerships are the ones that can lead to more partnerships in fact if this is successful this model might be copied to every city in China that’s kind of the implication of this you know China doesn’t mess around with new technologies they identify the ones are gonna work they give a new testbed for it and then they start applying that and that’s been the case in the past in China with changing the new economic zone a lot of these economic policies that were adopted there were spread pretty much throughout the whole of China so just think about that so this is a video very quick summary there’s so much to talk about envy chain I can’t cover it all but what the summary is is that we train is a four Covey theorem is trying to use your own combine that fork with the power of a fork with their own technologies as well and their own innovation they have a maintenance or two of 2018 you have around 48 developers working on it and just to tell you you know type of quantum before well Patrick died the CEO of quantum worked at V chain I mean the DC guys are top class developers and that’s just a caliber of the V chain team we also have scalability so scalability on they definitely have that in mind and you want to scale up to 10,000 transactions for a second I’m very excited to see what’s gonna happen with their main net deployment and also have master notes if you guys are interested in that as well so these are economic master notes that secure the network as well so it’s definitely a very innovative train I’m very excited to see that deployment in 2018 and there’s gonna be a rebranding coming up with a to coin system so this video I haven’t covered the economic aspect of that soon because it’s just so much a cover in this so I want to cover probably the economic aspects on featuring in another video so I’ll stay tuned for that I love to hear what you guys think about V chain I’ll also be interested in maybe in checking out their offices that’s one of the offices in Shanghai it looks pretty cool and clean I love to hear what you guys think about V chain and the direction they’re going but do you have you research anything that more exercise you about reaching do you have anything you dislike about vici I’d love to hear that in the comment section below thank you guys so much for watching remember to subscribe to this channel for more videos and explain the nations of cryptocurrencies like this and also click the notification bell because that’s a great way to keep in touch thank you guys so much for watching see you next time

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