re: Official CryptoTalk Thread

Thanks. I also found this.

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The benefit of the blockchain being public rather than private is in its resilience and immutability. A private blockchain is really just an append-only centralised database that can be mutated easily given the correct incentive. Private blockchains simply cannot have the guarantees of a public blockchain.

So the answer to your question is that VeChain needs its own token because it is a public blockchain.

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It can probably be useful as far as tracking parts installed on a vehicle over time. Think of it like a carfax, you would know everything thats ever happened with that car.

And yes its a huge name in the world market. And helps to show mass adoption of blockchain. Specifically Vechains system.

Was asking myself that same question and found this -

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Quality control in the supply chain
My brother in law’s role at BMW is this exactly
I’m sure he doesn’t know anything about this stuff yet, but I can guarantee if VeChain becomes a BMW reality, he’ll be using it every day
Edit (x2): Sorry, I just realized I didn’t go into detail. BMW probably doesn’t manufacture every single part itself, and even those it does require raw materials. VeChain would assure accuracy of serial/batch numbers, place of origin, date of manufacture, and basically anything else you’d want to know about the history of a part or batch of parts, down to who inspected them and at what point(s) in the supply chain.
Increases transparency between BMW and its vendors, as well as much improved traceability.
An example might be: BMW gets partX from multiple vendors. About halfway through the model year, they discover that a percentage of BMW’s sold are experiencing partX failures. Excellent traceability could narrow the problem down to a specific vendor and/or run of partX, saving potentially millions in recall costs. Furthermore, the vendors can’t lie about the origin of parts, or potential known issues - liability protection for BMW

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Thanks, that's good info that makes sense. However, I still don't see how BMW using VeChain's tech for tracking parts could affect the price of the coin. Are we saying that this partnership is basically a foot in the door towards adoption of blockchain tech in general, and if that happens, it's a step forward for blockchain tech (specifically VEN) as a currency?

Not hating (I hold VEN), just curious about these partnerships in general. I think a big part of the "shilling" problem is that people automatically assume that the bigger the name of the partner, the bigger and sooner the price will go up and stay up, when really what a partner brings to the table is much further off.

I think you need a crash course on blockchain technology.

Because you can't run a public blockchain without them .Tokens are necessary in order to incentivise data storage and security. Without a token of value, the theoretic security model falls apart.

Heres the start of an AMA on Vechain, answers are from its CTO. LINK

Well its definitely got a ways to go. Its not gonna do anything like bitcoin or ethereum. But it can feasibly get to $100 and over. Once they launch mainnet and their wallet, companies will lock up their VET in the wallet to produce the Thor they need to operate on the blockchain. Effectively this takes tokens out of circulation thus helping to drive the price up.

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Its not gonna do anything like bitcoin or ethereum.

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You base this conclusion on what exactly?

I understand the concern over number of coins, but if VEN is performing and actually delivers on their promises, their market cap will reflect accordingly.

One of my biggest complaints with crypto has long been that none of the coins really have an underlying value unlike traditional assets/investing. VEN is the first one I feel differently about based on their progression, partnerships, and roadmap. I think the sky is the limit at this point.