VeChain has enlisted the powerful imagery of a Nordic God to transform its brand to VeChain THOR, the company announced yesterday along with a host of new partnerships at a re-branding event.
VeChain to Rebrand as VeChain THOR
The announcement was made to a select audience but streamed live on YouTube. Starting off with imagery that looked like a melding of The Lord of the Rings and Blade Runner, the video which runs for about 38 minutes, outlines the re-branding of Vechain as well unveiling its new partnerships.
VeChain’s cryptocurrency, VEN, had a strong showing in early 2018 making an increase of 500 percent in value. This alone puts VeChain in the top 5% of cryptocurrency performers so far for the year.
VeChain owes its success in part to offering a use case that differs from most cryptocurrency. Instead of being a dark coin meant to hide transactions VeChain is known as a white coin. A white coin is meant to increase the transparency of transactions thus creating “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.”
This use case which may appeal especially to producers and consumers of luxury goods could be what put VeChain together with BMW, officially just hours before the announcement of their re-branding.
New Partnerships Show Strong Support
In addition to the BMW partnership, VeChain has also announced a collaboration with the University of Oxford aimed at assisting the development of the VeChain THOR platform. South Korean Exchange Coinnest also added VeChain to its trading platform in a direct fiat to VET exchange adding an extra bit of stature to the re-branding of its token.
VEN, in theory, could be used to track the authenticity of goods through the marketplace to the purchaser. This is a great reassurance in a world full of fakes, and something impossible to do with traditional currency.
The same tracking technology can be used in the seafood industry to ensure fish are being sourced in legal locations and using humane practices. In order to make this end to end transparency happen a microchip has to be installed in each product to be logged in the distributed ledger.
As VeChain becomes VeChain THOR and VEN is listed as VET their blockchain will run on a two-coin system. THOR will be a separate product from VET which can be acquired through the staking of VET in a wallet, full instruction and use are available at the THOR calculator website.
By adding the prestige of BMW and the accolades of Oxford University there is little doubt that as VeChain takes up the hammer of the gods as VeChain THOR, it will continue to grow as resiliently as it started.
Image courtesy: YouTube
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