Post VeChain Summit: Vechain Worth the HODL?

All right, guys, I just got back from the VChain Summit. And something I really want to do this year is to update you guys immediately after a conference or event that I go to. So you guys are all caught up to speed with what are the major announcements there are and what are the futures of the project. And finally, what are my thoughts after kind of attending one of the conferences? Am I more excited, less excited, or, you know, don't give a crap and want to dump immediately? So that's exactly what we're going to do in this video. So everyone's getting ready for Sonny's talk. So I really need to get there. Are you ready, Sonny? Yeah. Are you excited? It's like five more minutes before you speak. I think two minutes right now. Excellent. I won't disturb you then. All right. So let's give you guys a quick rundown of what was announced at the summit. And if you guys want to see the full article, I actually wrote this up in text form and I'll put a link down below. So what's the big stuff? So one thing that you guys probably know is one of the strong partners of VeChain is DNVGL, one of the world's largest assurance companies. And they're building applications like MyStory or the digital carbon ecosystem on top of VeChain. One thing that you probably didn't know is that the migration to the public blockchain is not fully complete. So they're announcing right now that they are migrating all the previous management system certificates into the VeChain public blockchain. And they're going to do that over the summer of 2019. And you can kind of see that's what's happening right now on the VeChain mainnet. So after the mainnet launched, we see occasional spikes of transactions and then for the transactions to fall back down. And that's much in line with this migration of old data, either if it was stored on a private blockchain or if it's just stored on a centralized database. This data is currently being migrated. And with the migration process taking place, eventually everything will be on the public blockchain and accessible there. Now, we also got BMW. They're building something called verified cars. So this is really important because one of the aspects and the strengths of blockchain is that it's append only. So that way you can't falsify something like the vehicle's mileage, insurance or service records. And that's what kind of BMW is interested in. They're building verified car on the VeChain blockchain. Now, we got also more migrations, Deloitte, another huge assurance company. They're also migrating from the Ethereum network to the VeChain blockchain. So they're going to open that information up soon. And you can see that this process will probably take a little bit of time. We've been talking about these partnerships for such a long time. But to see this in action, this is pretty much all that's going to happen over the course of this year. And when it comes down to PwC, they're a little bit more secretive. They're saying they have a new project that will be built on VeChain Thor. But it won't be like poorly announced until around two months later. And lastly, with the San Marino government. So VeChain has been working with the San Marino government to get ICOs and STOs up and running and receiving some sort of approval from there. So what they're expecting is in June of this year, they're likely to see end government approval on that front. So that's what's happening on the official partners and announcement front. Now, on to the more interesting stuff is what did VeChain announce? That's what I really want to launch today. Officially launch today is VeChain TrueChain. What it is, is it's a kind of a current key solution for people to get started using blockchain to solve problems such as transportation or anti-counterfeit immediately without actually knowing how to program. Here, what VeChain is saying is that they've been working on a tool set for the last three years in terms of Internet of Things, IoT devices. Or they have something like the product authenticator, you know, the scan, the app that can scan and check if something is authentic or not. All these things have been developed and what they're doing is they're packaging all that technology together into a toolkit that someone can use and adopt and immediately kind of gain the benefits of being part of the blockchain ecosystem without them knowing anything about programming or blockchain. In many senses, I feel like this is a maturing of the technology. VeChain, we know that they have this stuff in the background, but now to have it all exposed to the public for anyone to join, that's actually a huge deal. So what I really want to see in the next summit is to see all these smaller players adopting and using it. And that will build a huge foundation for VeChain overall to have a lot of different partners, a lot of different people using it. And for that benefit to really be brought to the masses. All right. So that's what's coming out of VeChain. So their partners and their in-house products. But what about the whole atmosphere and the whole ecosystem overall? I was looking into like around 500 crypto assets and there were like four or five that I thought were actually worth it. And so I was like, OK, VeChain looks like there's really they have like business strategies. They've got like a technology platform that they're trying to build. Investors love platforms in San Francisco. Investing myself in it as a software engineer and just as a VeChain holder as well. Valuable transaction means the transaction actually carries business activities. You're supporting some real-world business activity, like creating value to the enterprises. Right. What's your favorite kind of VeChain project or favorite aspect of VeChain right now? I think the favorite project is definitely the digital carbon ecosystem because it's really the next generation of ecosystem powered by tokenized assets that we really want to push out. And to do that, actually, we are building a lot of the building blocks to enable enterprises to run this kind of applications. Now, if you want to find out more about the tone, I've got the interview there with a lot of the kind of attendees in my live stream. I can check that out as well. In terms of the projects as well, a lot of the projects that were developing on VeChain, they're there. So, for example, I had a nice cool chat with Patrick from Player. We got to check out Playtable. We got to check out the Exchange, OceanX. One thing I want to say about VeChain is that you definitely feel the force of VFAM, like the whole idea that all these different applications are connected together and their project leaders are working close to each other. What I do want to see as well in this space, and I think something that they do need to encourage to develop, is kind of more people coming in. And I think this is something they need to focus on, is to find people who can leverage all that information, you know, now that all those certificates from TWC or from DMVGL, they're on the blockchain. Can we find additional use cases for it? And can we innovate and do something that can only be done on blockchain or VeChain Thor? And you can see really huge leaps in this respect as well. Sunny declared a new fund to get things going. We also have the incubators, for example, the Creamy incubator. And we also have Fambushi Capital. And a lot of these partners coming in to provide funding for new projects to get started. Now to the fun stuff. What do I think about VeChain? Is it still a huddle? Am I buying more? Am I dumping it? What's next? Now, I want to start off with this, which is a lot of very concerned people came to me after the VeChain Summit to ask, you know, what should I do? Especially because they're concerned because they might have bought VeChain during the all-time high. When VeChain, as then, was $8 or $9, it's crazy to see it now. And if you look at it, you know, even after that conversion, even after the 1 to 100 split, if you're looking at old prices, we're down to around $0.70, $0.60 level. And that's pretty brutal if you think about it. A 92% drop from the all-time high. That's pretty insane. And it's very, very crypto. In fact, I had a discussion with some of the attendees there. They've been running capital funds and investing in various projects. And they basically said, if this was in traditional finance, and if anyone invested in a product that lost 92% of its value, someone will be jumping off the building by now. It's more than dead. But crypto, it's completely different. Because with all the coins, what we saw is this enormous all-time high and this enormous fluctuation value. So what can go up 100x or 200x can also go down and make a 0.8 or 0.1x. So how about VeChain? In the VeChain front, actually, VeChain did very well. So after, since I discovered it, it actually climbed and outperformed a lot of the other coins. When I first discovered it, it was ranked 60 to 80. Just check back on the old videos from 2017. And now it's happily sitting at rank 25. And it left a lot of competitors in the dust. If you look at Modem, Ambrose, ShipChain, Wabi, they're nowhere even near the top 100 anymore. And that left a lot of projects and people pretty jealous. And a lot of people did a lot of half-baked research and didn't really understand the full picture of how partnerships take place and what they mean for the whole ecosystem. Being physically at the VeChain conference was pretty big in setting all that kind of FUD aside. Just seeing people from, like, representatives from DMVGL, from all these big partners coming in and talking about what they're working on is really meaningful. The other thing to note is that everything takes a darn long time in the business world. VeChain built a lot of the stuff, but just taking it, applying it, and putting it, and deploying it as a product, that takes a lot of both time and money. Now, VeChain, the foundation, they got the money. But also, the time is really important to just beta test and migrating. And you see that with a lot of these announcements. A lot of these announcements center around the migration of existing products or existing services onto the blockchains first. And that's just the first step to actual full business use case adoption. So, in quick summary, a lot more confidence in the whole ecosystem and where they're going. A lot of very high expectations for development in the next two years. And definitely, I'm going to kind of downplay that excitement I do get because it does take a long-ass time to get enterprise adoption. And I want to open this question up for you guys as well. What do you want to see from the VeChain ecosystem? What do you find good or bad about the VeChain Summit? Leave a comment down below, and I'd love to discuss this with you guys. And also, if you guys have questions, I want to bring back another member of the VeChain team. Thank you so much for watching, guys. And I do want to say, if this video helped you in any way, remember to click the subscribe and that little notification bell. It really helps this channel grow. Thank you guys so much for watching. See you next time.