(Also have a look at our latest technical analysis on Vechain)
On Wednesday, February 7, VeChain announced its first public DApp, called VeVID. This is a platform based on the decentralized blockchain technology from VeChain. VeVID will serve to validate users based on their digital ID, as a part of the Know Your Customer (KYC) procedure (companies need to have such a procedure by regulation, and it mostly revolves around getting crucial customer information including simple things such as address and source of income, but also whether they (or their family members) are practicing / have practiced a political mandate, etc.) The blockchain technology behind this in particular, could contribute to a safe and reliable ecosystem for interactions between private individuals and companies, and can actually bring the level of security and trust to a whole new level.
It has long been clear that VeChain aspires the further professionalisation of crypto coins. In addition to many partnerships (PwC, DNV GL) with large companies, they have often indicated that they attach great importance to good contact with government agencies. Since the beginning of January, the rumor has been circulating that VeChain will even cooperate with the PBoC (People’s Bank of China). This rumor was officialized for the first time when VeChain’s twitter retweeted an article with the following quote:
Moreover, they introduced VeVID on Wednesday, with the following quote in the accompanying article:
If we interpret this correctly, VeVID would serve to give the government control over a blockchain technology based trading platform. All users would be verified by the government via the VeVID KYC technology, so that the government retains complete control over all participants in a trade. Payments via this platform are made via the VET tokens, which will be generated by VEN holders.
Of course, for the time being, this is still mostly speculative information, but it is certainly an interesting development that only further nourishes the rumor mill. We have complete confidence in VEN as one of the most promising crypto coins for 2018. And we will follow further developments closely!
PS: Interesting links
- VeChain website: Click here
- VeChain “first official public infrastructural decentralised application” : Click here
- VeChain white paper / development plan: Click here