VeChain is a weird, weird token...
So we're writing a report on VeChain for our next edition of Over The Shoulder - and it's a straaaange little project.
You know that season of The Office, where Ryan tries to rebrand the Dunder Mifflin website as 'Dunder Mifflin Infinity,' by turning it into an online office supply store / social media platform?
VeChain reminds us of that.
It's purpose-built to do one thing...then does something completely different.
VeChain is used to verify the origin of real world goods, for example it can be used to:
Allow consumers to see when/where their food was first packaged, how far it's travelled (etc.) by scanning a QR code.
Let buyers verify designer goods as genuine, by scanning an NFC chip embedded in the product.
Let manufacturers track parts across warehouses...that sort of thing.
VeChain's big selling point is that the information is all verified on the blockchain, so the data can't be fudged.
We thought: neat! It's a niche token serving an un-sexy, but vital industry (the supply chain industry).
But when you start to look at the wide and varying use cases that have since been implemented into VeChain...the wheels start to fall off.
Somehow, the wide array of functionality seems to detract from the project, instead of adding to it.
(Much like Dunder Mifflin Infinity and its social media gimmick).
We're going to detail VeChain's weird combination of use cases and un-needed functionality, in this Sunday's edition of Over The Shoulder.
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