VeChain has now officially completed its branding process, and now the blockchain-based supply chain enhancement platform has been rechristened as VeChain Thor – changing its ticker name from VEN to VET.
VeChain is a blockchain-enabled platform that is designed to enhance supply chain management processes; specifically, the platform aims to provide retailers and consumers with the capability to determine the authenticity of products that are bought.
By assigning products with unique identities to the VeChain platform, manufacturers and supply chain partners are able to track the movement of items through a supply chain. Ownership, further, can be represented digitally through the use of smart contracts.
The rebranding to VeChain Thor was first announced at the tail end of 2017, and the move brings with it ramifications for the wider cryptocurrency community. VeChain Thor will be relisted as VET, and the platform will now run on a two-coin system. Thor will become a separate product from VET, which can be acquired through staking VET in a wallet.
Specifically, VeChain Tokens (VET) will be used a smart payment currency to run activities on the blockchain. Thor Power (THOR) will be provided to VET holders, and can be used to perform smart contracts and run applications on the blockchain similarly to how NEO produces GAS for its holders. A base generation rate will provide VET holders with 0.00042 THOR per VET per day.
The change was officially confirmed by CEO Sunny Lu during an exclusive event on February 26th, where the platform announced a new partnership with luxury automotive manufacturer BMW.
BMW’s partnership with VeChain Thor might well mark the former company’s chance to become an industry leader in terms of supply chain management for the automotive industry. Spokesperson Luca Crisciotti announced that the first application under direction of the partnership would be outlined at a company event in Tokyo in the following week.
VeChain Thor’s partnership announcement with BMW comes just after IOTA had cemented a similar partnership with Volkswagen.
VeChain Thor has further issued a new partnership with the University of Oxford’s Mathematical Institute, where the academy will assist in the development of VeChain Thor’s platform.
The announcements were rounded out by the revelation that VeChain Thor has now been listed on Coinnest, where the exchange will offer a direct fiat VET pair.
VeChain’s price remains steady at the time of writing, and sits directly north of the $5 USD mark – a far cry, still, form its apex value of $9.37 USD in late January this year.
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