Tag: Blockchain

In today’s world, where transparency and efficiency are of utmost importance, blockchain technology is making a big difference in many sectors. While cryptocurrencies like Bitcoin and Ethereum often grab the headlines, the use of blockchain goes far beyond just finance. VeChain (VET) is a remarkable platform that’s all about improving supply chain management and business operations. By combining distributed ledger technology with real-world applications, VeChain aims to bring blockchain to the business world. This article explains how VeChain works, what makes it special, and why it’s important in our digital economy.

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What is VeChain?

VeChain started in 2015, thanks to Sunny Lu, who was previously the CIO of Louis Vuitton China. Initially a project under Bits, one of China’s largest blockchain firms, it became an independent platform in 2017 and launched its mainnet, VeChainThor, in 2018. Unlike other blockchains that serve a broader purpose, VeChain is tailored for businesses, providing tools to improve supply chain visibility, fight counterfeiting, and manage data more effectively. With its dual-token approach (VET and VTHO) and an energy-efficient consensus method, VeChain caters to businesses that want a scalable and sustainable blockchain solution.

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How ​​VeChain Works

• Dual-Token System (VET and VTHO)

• VET (VeChain Token): This is the main cryptocurrency used to transfer value and create VTHO. When a person holds VET, he or she can earn VTHO, which encourages long-term investment.
• VTHO (VeThor Token): Think of it as fuel for transactions and smart contracts. This setup keeps transaction costs stable, which is really helpful for businesses planning their budgets.

1. Proof of Authority (PoA) Consensus
   VeChain uses PoA, where 101 “authority masternodes” (approved by VeChain) are responsible for validating transactions. Although this may reduce decentralization, it speeds up the process, allowing for about 10,000 transactions per second, as opposed to Bitcoin’s 7 TPS. This low energy usage fits well with sustainability goals, making it attractive to environmentally conscious businesses.
2. Smart Contracts and IoT Integration
   The VeChainThor platform allows for customizable smart contracts, which can automate tasks such as issuing payments upon delivery. Connected IoT devices (such as sensors and RFID tags) collect real-time information (such as temperature and location), which is stored securely on the blockchain. This combination ensures that products can be verified and tracked from the factory to the customer.
3. Governance and Upgrades
   The platform has a decentralized governance model, which allows users to suggest and vote for improvements, ensuring that VeChain evolves according to the needs of its users.

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Use Cases: Why VeChain Matters

• Supply Chain Transparency

• Walmart China: They use VeChain to track food items, reducing inspection time by half and improving security. Shoppers can scan QR codes to see where their food comes from and how it was handled.
• BMW: They keep car maintenance records on the blockchain, helping to prevent odometer tampering and increase the resale value of cars.

1. Anti-Counterfeiting
   Luxury brands like LVMH use VeChain to confirm the authenticity of their products. Each product has a digital twin stored on the blockchain, allowing buyers to check whether it is genuine or not using a mobile app.
2. Sustainability
   VeChain helps companies like DNV GL track their carbon footprints, helping them achieve their environmental goals. For example, it monitors methane emissions in aquaculture, promoting more sustainable practices.
3. Healthcare
   Hospitals use VeChain to secure patient information and the origin of medicines, helping to fight counterfeit drugs.

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Partnerships and Adoption

VeChain has built its reputation through partnerships with leading companies:

• DNV GL: A global risk management firm that collaborated on My Story™, a traceability solution for brands.
• PwC: Works with VeChain on blockchain audits and supply chain solutions.
• Government Partnerships: In China, VeChain supports cities like Gui’an in digitizing public services.

The VeChain Toolchain platform allows businesses to easily implement a blockchain solution, making it more accessible. More than 1,000 companies from 50 countries have turned to VeChain, including H&M, Bayer China, and Haier.

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Challenges and Considerations

• Competition: Other players such as IBM’s Hyperledger and Ethereum are also offering similar solutions for businesses.
• Regulatory Uncertainty: Different countries have different regulations regarding cryptocurrencies, which could impact how widely VeChain is adopted.
• Centralization Concerns: The reliance on approved nodes in the PoA model may not appeal to those who favor decentralization.

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Future Outlook

VeChain is set to continue innovating, with ambitions to incorporate AI and enhance its DeFi capabilities. As businesses continue to prioritize transparency and sustainability, VeChain’s practical uses could establish it as a major player in the blockchain landscape.

Conclusion

By combining IoT, blockchain, and user-friendly resources, VeChain tackles critical issues in supply chains and beyond. It not only improves business operations but also builds trust and efficiency by giving consumers meaningful data. As VeChain continues to grow, its impact on global industries could help solidify blockchain’s role in this new era of industrial transformation.

Bitgert (BRISE) is an ambitious blockchain project that entered the world of cryptocurrencies with the aim of creating a fast and efficient system for decentralized finance (DeFi) and blockchain applications. Launched in 2021, it was previously known as Bitrise on the Binance Smart Chain (BSC). However, to better represent its broader goals and unique offerings, the project rebranded to Bitgert in December of that year. Eventually, it launched its own blockchain, the Bitgert Chain or BRISE Chain, transforming from being just a token on another blockchain to a fully independent network. Bitgert’s main objective is to tackle common issues in the blockchain space such as high fees, slow transaction speeds, and limited capacity. By using innovative technologies and a special consensus method, Bitgert plans to provide a platform that can handle large volumes of transactions quickly and affordably, attracting both fans and skeptics in the crypto community. — ## Technical Foundation At the heart of Bitgert’s promise is its own blockchain, designed for scalability and efficiency. Bitgert Chain claims to manage over 100,000 transactions per second, unlike many existing blockchains that face congestion during peak hours. This high capacity is made possible by using the Proof of Authority (PoA) consensus model. Unlike Proof of Work (PoW) or Proof of Stake (PoS), this PoA approach relies on a set of pre-approved validators to confirm transactions and ensure security. This not only speeds up the process but also keeps transaction fees low, making it suitable for smaller transactions and everyday use.

Another key aspect of Bitgert Chain is that it works with the Ethereum Virtual Machine (EVM). This compatibility allows developers to easily migrate their decentralized applications (dApps) from Ethereum to Bitgert while enjoying faster transaction speeds and lower costs. This feature is central to Bitgert’s strategy to create a diverse ecosystem that supports a variety of decentralized services, from finance to gaming.

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Bitgert Ecosystem

Bitgert is more than just a fast blockchain; it includes a wide range of products and services aimed at helping people use blockchain technology in everyday life. Here are some of the main components of the Bitgert Ecosystem:

1. BRISE Token

BRISE is the native cryptocurrency of the Bitgert Chain. It serves several purposes:

• Utility: BRISE is used for gas fees, staking, and transactions across various applications.
• Deflationary Model: The token has a deflationary structure. A portion of each transaction fee goes toward buybacks and token burns, which helps reduce the total supply over time. The purpose of this is to create upward price movement and encourage holding, potentially increasing the value of the token as demand increases.

2. BRISE dApp Wallet

An effective wallet is crucial for interacting with the blockchain. The BRISE dApp Wallet supports various token standards, allowing users to manage various assets in one place. It is secure, user-friendly, and integrates with popular wallets like MetaMask and Trust Wallet, making it accessible to multiple users.

3. BRISE Swap

Decentralized exchanges (DEXs) are crucial in today’s DeFi world. BRISE Swap, BitGo’s own DEX, is designed to utilize the speed and low fees of the blockchain. It aims to provide quick and affordable trading services for token swaps and liquidity provision, with both new and experienced traders invited to participate.

4. PayBrise

With digital payments becoming more popular, PayBrise serves as Bitgert’s payment gateway. It enables instant transactions with low costs, making it attractive to both merchants and consumers. Its goal is to streamline the payment process by combining the transparency and security of blockchain with everyday financial transactions.

5. Bitgert Ventures

To encourage innovation in the blockchain space, Bitgert has launched Bitgert Ventures. The program aims to support startups and projects in the crypto and Web3 sectors by providing funding and partnerships, helping to develop new applications within the Bitgert ecosystem.

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Security and Audits

Security is crucial for any blockchain network. Given the high volume of transactions and the variety of dApps on its platform, Bitgert prioritizes security measures to protect its infrastructure and users’ funds. In February 2023, Bitgert underwent a comprehensive security audit by BiPOLE Labs, which included automated analysis and in-depth code review to detect any potential vulnerabilities and meet industry standards.

However, Bitgert has faced criticism. Some in the crypto community have raised concerns about the transparency of the team and the thoroughness of its audits. Skeptics have questioned some of the claims and the actual readiness of some ecosystem components. As with many new projects, it is wise for potential investors and users to do their own research before getting too involved.

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Market Performance and Tokenomics

BRISE’s market activity has mirrored the volatility seen in many cryptocurrencies. With a supply in the trillions and a fluctuating market cap with investor sentiment, BRISE reflects broader trends in the crypto world. The token’s deflationary structure is attractive to long-term holders, as lower supply can, in theory, lead to higher prices over time.

Many traders, both retail and institutional, have shown interest in BRISE, particularly those looking to gain exposure to high-performing blockchains. However, the project’s rapid growth and ambitious claims have led to periods of price volatility, making it a high-risk investment for those willing to deal with market fluctuations.

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Controversies and community views

There have been several controversies surrounding Bitgert, including:

• Team transparency: Some critics question the backgrounds of Bitgert team members. The lack of clear information has led to speculation within the community.
• Audit legitimacy: Although Bitgert has been audited, some community members feel that these do not fully reflect the realities of live blockchain networks. Discussions about the thoroughness of audits continue among enthusiasts.
• Product readiness: There have been claims about a non-functional platform within the Bitgert ecosystem. These concerns, whether valid or not, create some uncertainty about the project’s credibility.

Despite these issues, the Bitgert community remains engaged. Supporters highlight the project’s innovative approach and technology, while skeptics urge caution and call for more transparency.

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Future Outlook

As it looks ahead, Bitgert aims to become a significant player in the next wave of the blockchain ecosystem. Its focus on speed, low costs, and high transaction capacity addresses some of the challenges facing existing networks. Additionally, its range of products – from blockchain and BRISE token to integrated wallets, DEXs, and payment solutions – reflects a strong effort to create a self-sustaining ecosystem that can achieve widespread adoption.

For developers, Bitgert’s EVM compatibility is a huge benefit, allowing for easy migration of Ethereum applications. This could lead to an increase in the number of dApps that can leverage Bitgert Chain’s impressive performance. For users, the promise of quick transactions with minimal fees is attractive, especially as the crypto market becomes more mainstream.

In the long term, Bitgert’s success will depend on maintaining stability, increasing transparency, and innovating to meet market demands. Forming strategic partnerships and fostering a vibrant developer community will be crucial to its future. As with any emerging technology, potential investors and users should stay informed and consider both the exciting developments and the risks involved.

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Conclusion

Bitgert (BRISE) represents a bold attempt to tackle critical challenges in blockchain technology, providing a platform that focuses on speed, scalability, and low costs. With its own network powered by a Proof of Authority model, a deflationary token, and multiple integrated services such as wallets and payment systems, Bitgert seeks to create a well-rounded ecosystem for decentralized applications and digital finance.

While the project has garnered considerable attention and has a number of innovative features, it has also faced criticism regarding the transparency of the team and the thoroughness of audits. These issues highlight the importance for potential users and investors to approach Bitgert with both cautious optimism and a healthy dose of skepticism.

Ultimately, if Bitgert can continue to grow its ecosystem, build trust through transparency, and meet its technical goals, it could become a significant player in the blockchain space. However, like many new projects, only time will tell whether Bitgert’s ambitious vision will lead to lasting success in the quickly changing world of cryptocurrencies.

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This summary aims to provide a clear understanding of Bitgert (BRISE), its technology, ecosystem, and challenges, serving as an introduction to this emerging blockchain project.