In this blog I will share my thoughts on Blockchain X. Roman numerals are a numeral system that originated in ancient Rome. Numbers in this system are represented by combinations of letters from the Latin alphabet. X = the fixed integer value of 10.
Bitcoin or (BTC) is considered blockchain 1.0 and was the first digital currency used as a medium of exchange which was created by an entity known as Satoshi Nakamoto in a white paper published on October 31st, 2008.
Ethereum or (ETH) is considered blockchain 2.0 and was created by Vitaly Dmitriyevich "Vitalik" Buterin a Russian-Canadian programmer in a white paper published in late 2013. It was also a digital currency but had the added benefits of allowing smart contracts and software development on a single blockchain.
VeChain or (VET) is considered blockchain 3.0. It was founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China. VET was originally (VEN) but the token went through a rebranding and officially became $VET on the VeChainThor blockchain in 2018.
The VeChainThor blockchain is a public blockchain and their goal is secure the leading position in supply chain management worldwide by tracking goods and services on the blockchain. They can accomplish this with the Internet of Things (IoT) platform and Radio Frequency Identification (RFID) tags and sensors which send key information onto the blockchain network that can be accessed in real-time.
VEChainThor blockchain or blockchain X uses a 2 token economic system to conduct transactions on the blockchain. $VET is the token that acts as the store of value (asset) of the system, like gold or BTC. $VTHO is the token that acts as the medium of exchange (currency) of the system, like dollars or LTC. This two tiered token system will ensure economic value and stability on the blockchain network.
The VeChainThor blockchain with its 2 token economic system, its hundreds of business partners worldwide, is not content with blockchain 3.0. It is set to scale to blockchain 10.0 or blockchain X by providing individuals, corporations, and governments with high speed value transfers of information in real-time anywhere on the planet. This is game changing groundbreaking technology.
