This post will age well.Those of us that were around in 2017 know exactly what I’m referencing with the Ripple thing. For you newer guys that weren’t around back then, welcome and I’ll give a brief history.RIPPLE (XRP)Around this same time in 2017, Ripple (XRP) was a fraction of a penny. The project was known mostly inside the Ripple community, but XRP certainly wasn’t being talked about by the entire crypto community. Referenced here and there, not heavily understood, rumors of partnerships, lots of weird fud. The price essentially hadn’t done anything in roughly four years. It was around half a cent in August 2013, still around half a cent in February of 2017. For four years, we could have purchased XRP for half a cent. Even with today’s price, we’d have gone almost 100x.Around this time, rumors of banking partnerships and payment processor usages and a bunch of other stuff started surfacing. Some of them were insane, some were serious. Many, many people in this sub dismissed these rumors, and called XRP a shitcoin. Regardless of how anyone feels about Ripple, the following things indisputably happened.By mid May, the price of XRP was over $0.43. That’s 65x in two months.In January, the price of XRP peaked at just under $4. That’s another 9x in less than seven months.In total, that’s around 567x in roughly nine months.Enough about Ripple for now.WHAT IS VECHAIN?Actually, let’s start off with what VeChain isn’t. VeChain is not a sexy, exciting, sci fi idea in a futuristic crypto utopia. VeChain is not aiming to replace fiat, decentralize every single aspect of the internet, or program your Tesla to become a self driving Uber when you’re not using it. VeChain is not a solution looking for a problem, which is more than can be said about the vast majority of crypto projects.So what is VeChain? VeChain is a layer 1 (L1) protocol. Like Ethereum, it is its own blockchain. Other projects can and do operate on top of VeChain. This means it is not an ERC20 token, it is not subject to ETH network congestion, and most importantly it is not subject to ETH gas fees.In fact, VeChain has solved the high fees/network congestion problem with a two woken system. The secondary coin, VTHO, is a gas coin. You generate VTHO simply by holding VET. Without getting technical, just know that the amount of gas required to complete a transaction can be fluid. This allows transaction fees to stay relatively stable regardless of VET/VTHO price increases.The value of this function cannot be overstated, especially when you consider who VeChain’s target clients are.WHO IS VECHAIN FOR?Enterprises. Corporations. Fortune fucking 500 companies. That’s who you’re in bed with if you buy VeChain.VeChain is currently changing the landscape of supply chain. That’s not all they’re doing, but that alone is a huge accomplishment. Literally every product you’ve ever used or purchased was part of a supply chain. Every single one.VeChain’s list of partners/customers is probably the most impressive in all of crypto. Obviously this is subjective, but I can’t imagine anyone reputable not acknowledging the significance of who is working with VeChain. I won’t get into a deep dive here, but a quick partial list includes Walmart (currently using VeChain everyday and expanding), PwC, DNV GL, Deloitte, BMW, and many many many more.A quick investigation of DNV GL, PwC, and Deloitte will reveal why these may literally be the best partnerships in crypto. These are enormous companies that have other enormous companies as clients. As a result, they can implement VeChain into their clients’ operating procedures. The amount of companies that will be/are being force fed VeChain is ridiculous.Tl;dr - VeChain has major, major industry staples using and repping their blockchain.HOW VECHAIN IS DIFFERENTThis is important. So often we hear about the next “Ethereum Killer” and how a project is “better” than ETH. Blah blah blah. It’s exhausting and it never happens. I’m not going to sell you on that dumb dream.What I am going to sell you on is how VeChain is doing things differently from ETH. Not necessarily better or worse, but different in significant ways that appeal to a different audience than ETH.Look, let’s not beat around the bush. VeChain is less decentralized than BTC or ETH. This is by design. Rather than the whole world validating the network, they’ve chosen 101 companies to operate an Authority Node (AN). These 101 companies validate the entire network. It’s secure. It’s immutable. It’s way faster. It’s cheaper. It allows them to handle more transactions per second.This has also been a huge point of attack for the fudsters. They claim the project is centralized as a result of this setup. It’s not, but I’m not here to argue.Here is all that matters. Regardless of how you personally feel about the level of decentralization, I can tell you who loves it: Enterprise level corporations. Fortune 500 companies.These companies cannot roll the dice on adopting a new SOP if the costs aren’t predictable. Imagine Walmart adopting ETH for 100k transactions a day. These transactions were a penny a year ago, now they’re $10. Corporations take one look at that, and they’re out.VeChain has been getting all of this adoption because their consensus model works for the business world.SHOULD YOU BUY A BAG?Yes, you should. VeChain is about to go parabolic, and with actual real world adoption to justify it. For once in crypto, you’re not buying an idea. You’re buying a functioning product.I could go on and on about the value here, but this is already longer than I planned. If you have any questions or concerns, please ask them in the comments. I’m pretty busy irl but I’ll try to answer every single one. I also expect other VeChain holders will do the same.<3
Submitted March 12, 2021 at 03:34AM
No comments:
Post a Comment