VeChain’s Partnership with H&M Expands to high-end brand COS

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During the recent AMA with VeChain’s CEO Sunny Lu, Sunny disclosed that VeChain was working with DNV GL on a project with a “fast fashion brand” that they had previously partnered with.

This led to immediate speculation about which “fast fashion brand” was the subject of the partnership, to which many deduced was H&M. In the past, VeChain had worked with H&M subsidiary Arket to verify the organic manufacturing process of their beanies and other apparel items.

Arket was one of the original VeChain partnerships, showcasing their sustainable origins in stores across Europe.

Chinese media platform “Uncle Cat” began to look into the matter, and soon discovered their fashion brand COS. COS is a high-end label under the H&M brand with over 270 stores globally, including Shanghai. After some investigative research, they found a My Story™ label on a COS pullover with a My Story™ tag.

For COS, transparency and verification is a huge part of their brand image. Considering the Head of Global Sustainable Development at H&M has said that all products produced by the apparel giant will use more sustainable or recyclable materials by 2030, it should come as no surprise that they elected to continue their partnership with VeChain. The brand COS uses high-quality left-over materials to produce a low-carbon fashion product, a perfect use case for blockchain verification.

From the beginning, My Story™ has grown from an authentication platform for Italian red wine, to verifying other products like Norwegian Salmon, to other food products, and now clothing.

For public blockchain leader VeChain, this news helps to support the philosophy that open data solutions will be preferred by both consumers and brands. It’s becoming more and more indisputable that brands will seek a public solution when helping consumers realize the organic or high-quality processes that go into an authentic product.

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Ellipal hardware wallets add support for VeChain

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Disclaimer: The following is a review and discussion about Ellipal’s hardware wallet. Some promotional information was included to support Ellipal’s outreach within the VET community and encourage third-party companies to get involved. VeChain101 turned down the option of placing affiliate links within the article to keep the content as objective as possible.

Storing cryptocurrency is still one of the biggest challenges and questionmarks surrounding investors in the industry. Users have a number of options, ranging from leaving it on exchanges to engraving the keys on metal and burying it in the ground. A strong argument can be made for specialized hardware wallets that have multiple layers of security and can keep your private keys offline, safe from the prying eyes of malware and other threats.

The device next to other items, for scale

There are many hardware varieties on the market, and many resemble a USB drive or something similar. The ELLIPAL Titan Hardware Wallet is different. It resembles a smart phone, with a full touch screen, a camera, and a fully-metal casing. That makes it a lot easier to interact with, especially if you plan to be managing a handful of different tokens.

Mobile app bound to wallets on device

So what are the benefits of an Ellipal wallet? Well for starters, unlike other hardware wallets, it’s completely air-gapped. That means there aren’t any Wi-fi connections, Bluetooth connections, USB ports, or any other means for a hacker to exploit. The only way in or out is through a linked Ellipal smartphone app on your mobile device, that serves as a gateway to transactions, wallet management, DeFi, exchanges, and other tools. Having the app makes your wallets feel a lot more portable as well – you won’t be able to execute any transactions without the hardware wallet, but you can view account balances on your smartphone, which is nice to have when you are on the go.

Thasit Kulvaranon, Ellipal’s Marketing Manager, spoke about how the Ellipal team was eager to integrate VeChain to their list of supported tokens. “VeChain has been on our scope for a long time due to the amount of users who keep requesting us to support VeChain. Seeing the potential that this coin has, it’s a growing community and with our aim to satisfy our users’ needs, it was a no-brainer that we wanted to add VeChain to our ecosystem.”

Thasit also talked about how early confusion over token swaps put VeChain on their radar. “We also had a lot of users hoping to secure their VET, and were mistakenly sending VET to their VEN accounts (which we helped recover of course). It was definitely one of the early signs that pushed us to add VeChain.”

Who would benefit from an Ellipal wallet?

People who buy and store a large amount of cryptocurrency and like feeling in control of their assets. Having used other hardware wallets and paper wallets, the asset always felt distant, and I would always worry about whether or not I had written down private keys correctly when the hardware was out of sight. With the full-sized color touch-screen on the Ellipal Titan and connected smartphone app, the user feels in control.

The $170 listing price may discourage some, as it doesn’t make sense to store a couple hundred bucks worth of cryptocurrency on this device. However, those with larger holdings may consider it worthwhile. For people with diverse holdings, the full screen makes it easy to browse and manage multiple wallets. The Ellipal has support for over 30 different blockchains, including the big ones like BTC, ETH, ERC-20 tokens, XRP, LTC, and now VET.

How does it work?

Once a cryptocurrency wallet and private keys have been generated on the device, you can bind each to your mobile app by scanning a QR code. Outgoing transactions and dApp usage can then be set up within the mobile app.

This transaction will generate a QR code, which must then be scanned on the Ellipal device, in order to be signed. Users can re-confirm the details on the Ellipal device, then tap confirm. This generates a second QR code, which must be scanned by the mobile app to finalize the transaction. This process can feel a bit repetitive, but a necessary one for a device without any network or physical connections. It’s also worth mentioning that the mobile app and Ellipal device give clear instructions, so novice blockchain users will feel more at ease with the UX, with less room for error, and without that anxiety that comes with not having full confidence in the process.

The mobile app allows users to trade between token pairs

Advantages

The device looks and feels nice, and it’s great working with something on a full color screen. In this regard, it has a far superior user experience to a more discreet wallet like a Ledger Nano X. Not needing to be plugged into a computer makes the process a lot more streamlined and feels like how using modern technology should. And the feature list is impressive: it claims to be tamperproof, meaning it self-destructs if an attacker tries to physically take it apart and access the inner components. Note: I did not take out a screwdriver and a chisel to test this claim, but there is video evidence available online.

Drawbacks

The main drawback for VeChain holders or users of other “blockchain 3.0” platforms is that it’s not very dApp friendly. Users won’t be able to take advantage of browser plugins and VeChain’s Sync browser to interact with dApps, unless Ellipal integrates them into their smartphone app down the road. This is something that Ellipal looks to be leaning towards, as they already offer a number of Exchange and Finance tools to give the device even more functionality, but for VET you will be limited to simply holding your tokens (VET & VTHO) for now. This is a good time to bring up wallet management skills: that users should have different wallets for different tasks anyways (i.e. one for dApps, one for public transactions, one for long-term investments), but this could be an issue for some holders, especially for people with nodes.

Conclusion

For someone with a diverse portfolio of BTC, ETH, and a sprinkling of altcoins, this device is a great way to feel comfortable and safe managing your digital tokens. This feels and performs like one of the top hardware wallets on the market, and the touchscreen is good for anyone, ranging from blockchain experts to teenagers and even the elderly.

“Our expertise and quality comes from giving a secure yet simple cold storage choice which we will always focus on. The ELLIPAL Titan is a 100% air-gapped device meaning it is purely for cold storage and QR code signing. Our App, however, has more potential to do more than just storage. This is why we also provide crypto exchange, fiat to crypto exchange and other finance services on the App. It will be interesting to see what we can do with VeChain in the future and grow together as an Ecosystem.”

Thasit Kulvaranon, Marketing Manager

Ellipal’s current promotion and VET airdrop is available through the end of the month

Useful Links:
Learn more about ELLIPAL Titan:
https://www.ellipal.com/pages/coldwallet

ELLIPAL Twitter:
https://twitter.com/ellipalwallet

ELLIPAL Telegram:
https://t.me/ellipalglobal

ELLIPAL Facebook:
https://www.facebook.com/ellipalclub/

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VeChainLinks Posts First Weekly Newsletter

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VeChainLinks sent out their first weekly newsletter on Friday, showing off a Top 10 compilation of stories, tweets, and reddit posts from around the ecosystem. VeChainLinks is a community site that not only serves as a link repository, but also collects live content from websites and social media accounts, displaying unread posts so that you are always up to date (Read More). Below is a preview of the content available in the free newslettter. You can sign up here.

Newsletter #1 April 10th-17th

This is the beginning, folks. Thanks for being here from the start. We wanted to create a newsletter to compile the biggest stories surrounding VeChain and blockchain in general. Using the posts and articles collected by VeChainLinks, we put together the Top Ten most talked about stories from the previous week, and give it you free of charge, because we are friendly, warm-hearted people who want to give the VeChain community more tools it needs to grow.

1 – VeChain ToolChain gets a new website

VeChain’s complete Blockchain-as-a-Service offering has been getting overhauled, now even the homepage is looking fresh. Story courtesy of Jason Rockwood’s Twitter.

[Link]

#2 – VeChainLinks Launches

Tireless community dev AByteAhead made the announcement on Twitter. But we assume you already know that, or you wouldn’t be here right now.

[Link]

#3 – Blockchain in the Energy Sector

Cointelegraph discusses VeChain’s partnership with Shanghai Gas in their look at how blockchain impacts the energy sector. VeChain is building an Energy-as-a-Service for logistics management, energy trading, and more.

[Link]

#4 – Business Media site TheStreet talks VeChain

TheStreet, with over 700k followers on Twitter, explained how Real Items and VeChain were proving authenticity of KN95 facial masks. Also mentioned VeChain’s other partnerships, including Shanghai Gas

[Link]

#5 – TheStreet makes VeChain “Crypto of the Week”

They give VeChain an A grade for their Fundamental Crypto Asset Score, User Activity, Market Maturity, and Developer Behavior (Hey, that’s us!). Guess VeChain owes us a Thank You note.

[Link]

#6 – Veriarti Announces Vulcan NFT Engine

This is an (upcoming) easy-to-use dashboard for uploading NFTs and creating digital artwork, card games or other dApps. They say that Veriarti founder Jamie Thomson only rests 30 minutes a night. We are starting to believe.

[Link]

#7 – Crypto.com announces AMA with Sunny Lu

VeChain’s CEO will go on the Crypto.com Telegram channel to hold an AMA next week, Apr 23, at 4pm HKT. They will also give away 150k VET. Set your alarm, North Americans.

[Link]

#8 – The VeChainThor node software gets an update

More Github activity as the dev team pushed out V1.3.3. The update contains bug fixes and API updates for pending transaction checking. Core dev Qian Bin gets the credit for this one.

[Link]

#9 – OceanEx Partners with competitor Bitrue

Strange times we live in. These two China-based exchanges are now partnered and co-listing each other’s tokens. Trade all the OCE/BTR your heart desires.

[Link]

#10 – DCEP Screenshot Leaks in China

China’s national currency seems to be inching closer towards launch. While not directly related to VeChain, this is potentially big news for the industry, as people become more comfortable with digital currencies. No surprise here, China still leading the way in many digital technologies.

[Link]

For more information like this, don’t forget to head over to VeChainLinks and subscribe.

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Get VeChain content in one place: VeChainLinks

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For most VeChain enthusiasts, staying up to date on the ecosystem can be a lengthy process. Information is fragmented between official accounts on Medium, Github, Twitter, Telegram, and Reddit. Websites like VeChain101 and other community social media accounts update frequently, so for newcomers or people on a tight schedule, it’s easy to miss out.

<

So what does VeChainLinks do?

VechainLinks (VeChainlinks.com) is a collection of all the websites, platforms and social media accounts in the ecosystem. VeChainLinks organizes them and uses APIs and RSS to pull previews of all the latest content. Want to see if anyone on the team Tweeted recently? Want to check if there are any new commits to the VeChain blockchain’s code on Github? Impatient to see if that amazing Ben Yorke made a new post on VeChain101.com? It all gets collected here. You can view the content either directly on the website, sign up for weekly highlights delivered by email, or by using a third-party RSS reader on your browser, computer, or mobile device. Most RSS readers are free, although some premium ones offer more customization options. Whichever way you prefer, VeChainLinks is built to be agile.

Using a free RSS App on iOS

Using a free RSS reader plugin on Google Chrome

What seems like a simple solution – can turn into a massive time-saving tool. For people just learning about VeChain, it can also be a great way to show off the scope of the platform, with over 100 links to different developers, projects, tools, and team members. If all the links feel overwhelming, users can toggle the Filter button to only display accounts or websites with unread updates.

Toggle on/off the filter button to sort by newly updated material

<

The site is intended to be used in four ways:

  1. For people seeking to learn more about VeChain
  2. For people looking for a particular site, person, or tool
  3. For people to actively monitor new updates and activity
  4. For people to passively monitor updates through email or RSS

How can I install an RSS Feed?

The easiest way is by downloading a third-party RSS feeder on your mobile device, or searching for a plugin on your browser of choice. Just google “RSS Reader” or search for it in an app store. Once you’ve installed the app or plugin, you can add the VeChainLinks feed: https://vechainlinks.com/rss/

Who made this?

Like many things on VeChain, VeChainLinks was a community effort. Developer AByteAhead and VeChain101 founder Ben Yorke originally created the idea as a simple link repository for personal use. Shortly after, they realized that it would be a lot more useful if content could be updated automatically, saving them from having to visit different platforms to check for updates. They turned to other developers and community members like VeChainStats and Veriarti for help building, testing, and fine-tuning the site. In the future, they are planning more updates to improve the UI, UX, and quality of information on the platform.

To try it out, head over to VeChainLinks.com and give it a test run.

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ToolChain, ToolChain Credits, and VTHO – how does it all fit together?

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Last Spring VeChain revealed ToolChain, their new blockchain-as-as-service (BaaS) offering at their global summit in San Francisco. Over the following year, ToolChain scaled from being used to tag custom shoe designs to being incorporated into Walmart China’s food safety and traceability platform. The idea has remained consistent throughout – create a way for businesses of all sizes to incorporate public blockchain and IoT solutions without having to deal with the technicalities of a rigorous development, testing, and deployment. More importantly, the cryptocurrency-free solution saves businesses from having to manage assets and deal with regulatory headaches.

The site features an overview, a trial registration form, and a document center that go into more detail about the service. The document center is where the bulk of the info lies, with technical data about IoT hardware including sensors, chips, and the VeKey, a multi-sig enabled hardware wallet and identity solution. For those more interested in this side of ToolChain, checkout the Products & Services section.

What is a TCC?

ToolChain Credits (TCC) are not a cryptocurrency, nor do they interact with the blockchain. They are a traditional method of payment that businesses can use to create digital identities to new products (known as a VID), upload data, manage users, and other administrative needs. Since this unit of accounting doesn’t involve cryptocurrency, ToolChain is completely compliant in difficult and conservative regulatory regions that are less friendly towards digital assets. They are priced to reflect the cost of using the blockchain (in VTHO) and other development costs associated with the ToolChain platform. So what happens when a business purchases VIDs with ToolChain Credits?

The foundation is able to complete the transaction on the blockchain mainnet by supplying the VTHO themselves. Note: Every transaction on VeChain requires VTHO, it’s just a matter of who sponsors the payment. For ordinary transactions, users pay directly. However, using fee delegation, it’s possible for businesses or dApp users to pay in regular currency, and have a secondary party (in this case, VeChain themselves, pay the VTHO). The advantages of this method are plentiful:

  • Simplicity – Businesses don’t need to manage VTHO or worry about price fluctuations
  • Faster onboarding – Steps to deployment are significantly reduced
  • Regulator-friendly – Major regions such as China don’t allow for cryptocurrency to be used as a form of payment
  • Generates revenue – VeChain have a consistent revenue stream to fund future development, staff salaries, research & develop new technology, and put towards marketing, PR, and client outreach

All these advantages should lead to one thing: Faster adoption for businesses.

But wait a minute, what happened to the tokenomic model?

A few in the community were quick to disclose their concerns about how this might effect the market price of VTHO. Obviously, it would be ideal to have businesses buying VTHO and VET from secondhand markets such as OceanEx. In addition to this being the original vision for the project, this would also be the fastest way to increase the price of VET, a move most retail investors would welcome. Still, the number of businesses who would be able to manage that process, both from an operational and risk management perspective, are quite low. This would significantly reduce the potential client base for ToolChain, and with it the rate of adoption. Investors from 2017 should accept that the cryptocurrency side of the blockchain industry has not progressed at the pace we originally expected, with cryptocurrency largely failing to gain any traction over the last few years, especially as far as commercial enterprises go.

From a long-term perspective, VeChain must do what’s best for VeChain (the company). If VeChain can’t earn revenue, then development slows and the whole ecosystem loses momentum. On the flip side, if they are earning substantial revenue, expanding the ecosystem will be much easier, as well as securing the future sustainability of the project. This follows the theory that VET token price can’t be continually pushed up by the foundation, and must be pulled by organic demand for VTHO. But exactly how much is needed to accomplish that?

Some quick math shows us that with a contract call requiring a minimum of 51 VTHO, and 70% of that burned, we are left with a minimum of around 35 VTHO burned per ToolChain transaction. To match the daily generation rate, ToolChain would need somewhere in the range of 1 million transactions per day. That’s not an unthinkable amount, and certainly plausible if a few large clients were onboarded. Still, VeChain’s 10th Financial Report shows that VeChain controls around 25% of the total supply, meaning that they are probably sitting on a fairly large supply of VTHO as well. Skeptics might point out that they have enough to fund a few hundred thousand transactions per day without needing to buy on the open market for the foreseeable future. This isn’t a great sign for people focused on the short-term demand for VTHO, unless third parties and community projects can increase the burn rate.

We are left with two conclusions – the first being that ToolChain is well-positioned to become one of the top public BaaS platforms on the market, with a simplified, regulatory-friendly software and IoT hardware suite of technology that is easy to onboard new clients. On the other hand, VET holders are forced, at least for the immediate future, to wait for a major jump in transactions, before we can see open market VTHO consumed by ToolChain. This boils down to a simple case of long-term patience versus those demanding instant gratification: a game VET holders should be all-too-familiar with.

Want to read more? A complete Twitter update was given by VeChain’s Jason Rockwood and summarized on Reddit here.

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What’s Vendor Lock-in and how does it affect a blockchain partnership?

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This week, BMW set the crypto-media on fire with an announcement that their auto-part traceability platform was set to roll out in 2020. BMW is notorious for being involved in the blockchain scene – they are one of the founding members of MOBI (Mobility Open Blockchain Initiative). For retail investors, this can get confusing as MOBI includes a smorgasbord of blockchain players, including VeChain, IBM, IOTA, R3, Consensys, Hyperledger, and many others. So what’s the deal? Who will end up earning the auto giant’s business?

Answer: Quite a few. BMW, like other major corporations, have a strict policy to prevent vendor lock-in, the problem that arises when a corporation gets too reliant on one service provider or one geographic region. If unfortunate circumstances were to befall that service provider, such as insolvency, large scale hacks, tech disruption, legal issues, political struggles, or natural disasters, BMW’s entire business model could come to a grinding halt. This is something that stockholders and executives fear most, especially in light of the current pandemic and geo-political struggles around the world.

We’ve already seen this play out in a number of similar fields, such as cloud service providers. Gartner estimates that by 2024, two-thirds of businesses will have a multi-cloud strategy, despite the issues that fragmenting parts of your enterprise cloud backend might lead to. Researchers Flexera pointed out that 68% of CIOs are concerned about vendor lock-in with their public cloud strategy, a sentiment that should be mirrored in their approach to blockchains. For a Fortune 500 company, partnering with multiple blockchain service providers will surely be the preferred Risk Management strategy going forward.

So does this mean that if BMW announces their auto parts will be tracked on an IBM blockchain, then everyone else is left out in the cold? On the contrary, this presents an opportunity for innovative projects to continue creating new use cases, as major corporations will be interested in trying new things, even after the major blockchain players have emerged. It also prevents one major giant, such as Ethereum or Hyperledger, from gobbling up the marketshare and choking out the competition. The focus for projects who wish to compete will be on developing compatible, agile, plug-and-play solutions that allow hardware, IoT, and blockchains to quickly integrate with existing ERPs, CRMs, and even other blockchains. This will make it easy for businesses to quickly test and deploy, lowering their risk by spreading out processes with a multi-blockchain strategy.

More about BMW’s blockchain solutions, including VerifyCar (VeChain) can be found here.

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