EnjinCraft – Enjin Brings Blockchain economies to Minecraft
EnjinCraft breathes new life into Minecraft by bringing the best of digital economies and Non-fungible Token (NFT) collectibles. Whilst Minecraft is the biggest sandbox game in the world, it has always lacked a true economy. Enjin’s new Minecraft integration and SDK allow players to truly own items and move them across servers. With the launch of the Minecraft plugin on the 28th of May 2020, server owners can use a simple plugin to allow blockchain items to be used in their Minecraft worlds.
With Enjincraft, players can equip ERC-1155 assets directly as Minecraft items. This also allows for the trading of items outside of the game and into the Enjin Wallet. Enjin’s new integration allows for the direct trading of ERC-1155 assets, Ethereum and Enjincoin directly in Minecraft.
Players will be able to enter “Enjincraft” and find treasures such as swords, armor, and tools in the game. After finding these items, players can have true item ownership as they are Non-Fungible Assets (ERC-1155 tokens). Items can be directly stored in the Enjin Wallet, allowing for easy trades or even melting.
First Enjincraft World
Enjincraft’s first world is filled with quests, stories and many explorable towns and cities. For those daring to explore, the world is packed with treasure chests and mysteries that can be solved. Treasure chests in the game give out real ERC-1155 items that have value based on Enjin Coin.
Map of Enjincraft
For beginners, the world map is very handy as it marks all the main locations in the game. This map could be discovered in Witek’s House in the first city (follow the main road into the town).
Binding Enjin Wallet
Players can keep valuable items Enjincraft via the Enjin Wallet. The onboarding process is very simple:
This process should take around 1 minute and after which the account will be bound and ready to play. The wallet status will display as linked and the Enjin Coin panel will show the ENJ and ETH balance of the wallet. This makes Minecraft very much similar to Massively Multiplayer games like World of Warcraft.
Enjincraft ERC-1155 Items
Enjincraft Items are cross server and can move between realms. Currently owners of the items could be explorered using the Enjinx blockchain explorer.
Enjincraft discussion and interview with Enjin CTO Witek Radomski
EnjinCraft is Enjin’s newest plugin for Minecraft servers. The EnjinCraft plugin will enable server owners to fully integrate a blockchain economy into Minecraft.
This means that Minecraft server owners will be able to provide players with tangible ownership of in-game assets and currencies. The in-game assets can be used in server owners’ chat rooms, websites and the Enjin Multiverse.
Stormwall is an example of Enjin’s multiverse assets is Stormwall. It is a playable item created by Enjin that can be used in 32 of Enjin’s games.
DonationCraft was Enjin’s first Minecraft plugin. It allowed MineCraft servers to accept Paypal and credit card payments. According to Enjin, DonationCraft has over 5 million downloads and allowed server owners to make millions of dollars.
As first reported by Asia Crypto Today, to introduce people to Enjin’s MineCraft plugin, Enjin has launched the closed beta version of EnjinCraft Server One, a Minecraft server built with Enjin’s plugin.
EnjinCraft Server One has blockchain-based Minecraft weapons, armor, and accessories for players to find and win.
Search and collect blockchain assets in Minecraft’s expansive universe
In-game items are backed with Enjin Coin (ENJ). Players can get Enjin Coin by melting them via the Enjin Wallet. After melting Enjin Coin, it can be transferred into other cryptocurrencies. Enjin Coin can also be used to purchase gift cards from mainstream retailers. For example, Amazon, Apple, and Uber.
Enjin Blockchain SDK for Java
The SDK for Java allows Java developers to create and integrate blockchain assets onto their platform.
For Enjin’s Java SDK, the Company has adopted an open-source codebase. Therefore, Java SDK users can modify and build upon the SDK however they want. Enjin mentions that they encourage the spirit of collaboration and hopes users can use the SDK to build things they could never have imagined.
Players can convert their in-game assets into real life value.
Users will be able to use Enjin’s platform to integrate a blockchain economy onto their servers. This will mean users can integrate blockchain economies onto games, web applications and even andriod apps.
You can start building with the Blockchain SDK by creating an Enjin account here.
By signing up with the Enjin Spark early adopter program, users will be given various early adopter benefits. This will help them market, fund and monetize their projects.
Introducing EnjinCraft: The World’s First Blockchain-Powered Minecraft Server
Seeing in-game items as mere pixels is a thing of the past. Enjin is allowing developers to integrate blockchain economies into the online world through with Enjin’s Java SDK.
And with MineCraft Server One, Enjin is showing how these economies can work in mainstream gaming. We will hopefully finally see a win-win situation for developers and players. Developers are able to generate more profit. Whilst allowing players to earn real life value through in-game items.
OKEx cryptocurrency exchange is one of the top-ten global cryptocurrency exchanges by daily volume (over USD$1.68 million) and provides services in over 100 countries. This popular Exchange conveniently offers fiat-to-fiat and crypto-to-fiat trading, futures trading and wallet options all on one site. In this review, we’ll look at OKEx’s features and some controversies that you need to know.
Here are some of OKEx’s key features and functions on offer:
Crypto-to-crypto and crypto-to-fiat trading pairs;
Customer to customer (C2C) trading platform;
Spot and Margin trading;
Futures contracts;
Perpetual swaps;
Options; and
Integrated storage wallet.
Let’s take a look at each of these features in detail.
There are only a handful of exchanges out there that offers crypto-to-fiat trading pairs. With OKEx, customers can purchase cryptocurrencies directly on the Exchange. (https://www.curlygirldesign.com/) Most major fiat currencies such as USD, EUR, GBP, CAD etc. are accepted, as are most payment methods.
OKEx’s C2C trading platform allows users to trade a selection of cryptocurrencies amongst themselves, similar to an Over the Counter (OTC) trading desk. Payment can be made using fiat currency.
Spot trading allows users to buy or sell cryptocurrencies instantly using the funds they have on hand. Whilst Margin trading lets users use borrowed funds to increase their profits.
Futures contracts allows trading of the cryptocurrency at a predetermined price at a future date, irrespective of the market conditions at the time the contract expires. OKEx has a peer to peer leveraged trading platform, and does not require traders to top up additional margin. According to OKEx, a trader’s losses are limited to the margin they paid for entering into the futures contract. Learn more about futures trading at OKEx here.
Perpetual Swap trading allows traders to buy and sell contracts which do not have an expiry date and are essentially bets on the future value of a cryptocurrency. For OKEx’s Perpetual Swap, a traders’ profits and losses are realised and settled twice a day and trading up to 100x leverage is available. However, leverage trading is very risky so extra caution is essential. Learn more about OKEx perpetual swap and its fees here.
Options entitle the contract holder to buy and sell (depending on what contract they hold) the underlying asset i.e. cryptocurrency on a fixed day in the future. It is different from futures contracts in that the person who holds the contract can choose to exercise the option of buying or selling the underlying asset within a specified time. However options contracts still have an expiration date by which the contract holder must exercise their option.
One unique feature of OKEx is its integrated storage wallet called OKEx Wallet. Similar to many other exchanges, OKEx has a mobile app available on the App Store and Google Play Store for convenient trading on the go. However with the OKEx app, the OKEx Wallet serves as a software wallet where you can store multiple cryptocurrencies separately from your trading account. This can also give you an extra layer of security by having your assets spread out in different locations.
OKEx mobile app
History of OKEx
OKEx was founded in 2017 by Star Xu. Originally based in China, the Exchange relocated to Malta in 2018 which has a better regulatory framework for blockchain related activities. OKEx is part of OK Group, which is a blockchain technology company founded in 2013. As at 2018, the Exchange has over 800 employees and serves customers in over 100 countries.
Supported Countries
OKEx is available in more than 100 countries. However its unavailability in the US is a huge downside. These are some other countries where the Exchange is unavailable:
American Samoa
Bangladesh
Bolivia
Crimea
Cuba
Ecuador
Guam
Hong Kong
Iran
Kyrgyzstan
Puerto Rico
Sudan
Syria
US Virgin Islands
Supported Cryptocurrencies and Payment Methods
OKEx supports a wide array of cryptocurrency options for traders and investors to transact. The list numbers in the hundred and include:
Bitcoin (BTC)
Bitcoin Cash (BCH)
Ethereum (ETH)
Ethereum Classic (ETC)
Tether (USDT)
Litecoin (LTC)
EOS (EOS)
Qtum (QTUM)
NEO (NEO)
Ontology (ONT)
Mithril (MITH)
Nano (NANO)
FirstBlood (1ST)
Ark (ARK)
Bitcoin Diamond (BCD)
Bitcoin Gold (BTG)
Zilliqa (ZIL)
DigiByte (DGB)
Stellar (XLM)
Monero (XMR)
Notably, as mentioned above OKEx accepts fiat currencies including USD, EUR, GBP, CAD etc.
Traders also have a wide variety of payment methods for purchasing cryptocurrencies. These include:
Bank transfer;
Credit (Visa and Mastercard) and debit card payments from select jurisdictions;
Cryptocurrency transfer from an off-exchange wallet or from a separate exchange to the OKEx exchange;
WeChat; and
Alipay.
Credit card payments are accepted
Deposit and Withdrawal Fees
OKEx does not charge deposit or withdrawal fees.
Trading Fees
OKEx adopts a maker-taker fee schedule to encourage more placements of orders and liquidity. Accordingly, the maker fee is lower than the taker fee. The maker and taker fees start from 0.10% and 0.15% respectively. Here’s the differences between maker and taker fees:
Maker fees: Payable when the trade order isn’t immediately matched with an existing order on the order book.
Taker fees: Payable when the trade order is immediately matched with an existing order on the order book.
Like other exchanges, OKEx has a VIP program to reward users who frequently trade with them. Users who hold more of OKEx’s token-OKB and have a high 30-day trading volume can get progressively more discounts on the maker and taker fees. In particular, higher level VIPs are even given rebates on the maker fees.
OKEx VIP tiers
Moreover, traders who satisfied OKEx’s KYC verification process, have at least 20 BTC balance and satisfy the Exchange’s trading requirements are eligible to join OKEx’s Market Maker program. Depending on whether you are joining the program for OKEx’s Spots, Futures or Perpetual Swaps markets, users can get -0.005% (i.e. a rebate) on maker fees and 0.04% on taker fees.
Accepted Payment Methods
The exchange has a number of payment options for customers depending on your location. You are advised to reach out to the support team if unsure that a payment option is not available in your country. These options include:
Bank transfer;
Credit and debit cards;
Cryptocurrency transfer from an off-exchange wallet or from a separate exchange to the OKEx exchange;
WeChat network payments; and
Alipay system.
Controversies
The Exchange faced several challenges in 2018. In August, after a large wrong way bet by one of its users, the Exchange transferred the losses onto its other traders. Later on in November, the Exchange suddenly change the terms of its Bitcoin Cash contract, forcing an early settlement and leaving traders suffering from losses. The Exchange’s explanation was that it was to protect traders from any volatility which may arise out of the Bitcoin Cash split. Yet some traders lost over USD $700,000, and many were prompted to file complaints with the Hong Kong’s Securities and Futures Commission.
Further, there was a massive scare in September 2019 when Twitter user Whale Alert found that more than USD $270 million was sent from the Exchange to an unknown account. This prompted OKEx’s head of PR, Jennifer Chow to go on Twitter to confirm that it was only a regularly scheduled wallet maintenance. No one has come forward on that occasion saying they suffered any losses as a result. So it was unlikely to be a hack.
OKEx uses distributed storage to safeguard against losses in the event of hacking. This is because the exchange has various cold storage locations across the world to limit asset exposure. Additionally, the network has offline private keys to exchange hot wallets. Therefore, only a minimal amount of assets is held in the exchange hot wallet to boost security. OKex has also gained favorable exchange review ratings from different crypto security agencies.
OKEx also has a robust system to ensure customer account security. These tools include 2FA verification, mobile verification codes for withdrawals and changing settings, and anti-phishing codes in every OKEx email. They also have a bug bounty program to reward any persons who discover and report security vulnerabilities in the Exchange.
The Exchange did suffer a hack in August 2017 where one user’s account was compromised and lost 200 Bitcoin (then worth around USD $750,000) as a result. In that case, OKEx blamed the situation on hackers, rather than any issues with the Exchange itself. It is also still unclear whether the Exchange was really hacked in September 2019. Though there are no reports of any users coming forward to say they have suffered losses. So far, unlike some other cryptocurrency exchanges, OKEx has not suffered a confirmed hack involving multiple victims.
Based on their track record, OKEx seems to be a safe Exchange to use. But some other exchanges have insurance funds to cover any potential losses from hacks, which does not seem to be the case with OKEx. This could be a turn-off for some users. Notwithstanding this, they do have the usual security measures that you’d expect from any reputable exchange. However, it is still advisable to only store assets you will trade imminently in an exchange wallet and store the remainder of your funds in an offline hardware wallet.
OKEx Exchange has a simple and easy to use interface. This makes it a solid exchange option for customers. The exchange features a large number of listed coins with various functions and competitive trading fees. On the downside, the mobile app has room for development. The Exchange also has to be more transparent regarding the veracity of its daily volume figures. This is something certain analysts have looked into. Nonetheless, the fact that OKEx is accessible and fairly liquid keeps it in good standing with most in the crypto economy.
Pros
Good track record with no significant hacks so far.
Offers fiat-to-crypto trading so users can easily enter into, and “cash out” their cryptocurrencies.
Built-in software wallet in its app means convenient on the go trading and using cryptocurrency.
Wide range of functions for traders to choose from.
Cons
Not available to those in the US.
Unknown whether they have an insurance fund to cover users’ losses in the event of a hack.
OKB is OKEx’s own utility token. On the Exchange, users can hold OKB to enjoy trading fee discounts. OKB however has lots of different functions outside of the Exchange. Such as using OKB to subscribe for BitTorrent’s high-speed ad-free downloading or pledging your OKB for cryptocurrency lending. To learn more about OKB’s functions, click here.
Is OKex available to US customers
Currently OKex is not available to US residents or citizens.
Where can I download the OKEx trading app
OKEx offers both iOS (iPhone) and Android apps for trading on the go. You can download these apps via the official Apple Store or Google play store
How to avoid OKEx Fees
To get the lowest exchange withdraw fees, withdraw with options such as ERC-20 Tether (no Omni). You can also reduce fees by using the OKB coin, which offers trading discounts.
Is OKEx safe to trade
Yes. OKEx is one of the top tier exchanges in the world.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Private keys are made of numbers and letters, they are used to uniquely identify users which will allow them to perform secure transactions.
A cryptocurrency private key uniquely identifies, authenticates, and grants you access to your account, enabling you to spend or send the cryptocurrencies in your wallet. This means that you will lose your assets if you lose your private key. Fortunately, there are methods to help store your private keys as will be seen later.
Private Key vs Public Key- What’s the difference?
Private keys are NOT public keys. A public key or address allows other users to identify you and your account during a transaction.
By way of analogy, a public key is like a bank account number which others can know and they require it to transact with you. On the other hand, the private key is your PIN code which you need to access your bank account at the ATM. Only you should know that secret PIN code as anyone who knows it can withdraw funds from your account.
To learn more about how this technology came about, check out my interview with one of the pioneers of public-key cryptography-Whitfield Diffie.
Father of cryptography: Whitfield Diffie
How are private keys generated?
The platform first generates a private key using random mathematical sequences. From there, the public key is generated.
How do you access your cryptocurrency using a private key?
There are 2 ways to access your cryptocurrency once you have a cryptocurrency account and a private key:
Vsit a reliable Digital Ledger Technology (DLT) website using your internet browser and log onto your account using your private key. The site will confirm that the account matches the private key and allow you to view and perform transactions online. However this method of directly logging in through a browser is inconvenient as you must input all the alphanumeric characters of your private key every time you wish to transact; or
Use a cryptocurrency wallet. With this wallet, all your private keys will be stored and accessed with a simpler to master authentication phrase. The wallet will provide the private key when you make a transaction. There are several kinds of wallets which store your private and public keys, e.g.
Speaking of wallets, you’ll also hear people mentioning “hot wallets” and “cold wallets”. It may sound confusing at first, but it simply refers to whether they are connected to the internet or not. Hot wallets are connected to the internet, whilst cold wallets are not.
What is a seed phrase / recovery phrase? What does it have to do with your private key?
In our wallet setup tutorial videos you there will be a step where you need to write down and keep in safe custody a string of words. This is known as your seed phrase. The seed phrase is generally 12 or more English words which is used to encrypt your private key into an easier to understand format (i.e. instead of a string of letters and numbers). Therefore, anyone who has access to your seed phrase has access to your private key.
How can I keep my seed phrase safe?
Your seed phrase (or recovery phrase) is essentially your private key, but encrypted in an easier to understand format. Therefore it is crucial to keep it safe from hackers and thieves. Here’s some tips and tricks which you could consider to keep them safe.
Recording your seed phrase:
Write down your private keys using pens with permanent ink and paper that would not smudge or cause ink to fade over time (e.g. paper which receipts are usually printed on).
Laminating the paper which your seed phrase is recorded on to avoid water damage.
Avoid the cards provided to you by the wallet manufacturers to write down your seed phrase i.e. do not use the recovery cards provided by say Ledger to record your Ledger seed phrase. This is to try and make it that much more difficult for thieves to piece the puzzle together.
There may be debate on this, but some have suggested to have more than 1 copy of the seed phrase in case it gets lost.
For those who are worried about using pen and paper. Some companies such as Cryptosteel which sells devices with metal tiles for you to record your recovery seed on.
Some have even come up with the idea of memorising the entire phrase themselves, or having their trusted friends and family to memorise several words each.
Confirming your seed phrase: As a best practice, once you’ve copied down your seed phrase you should confirm the phrase with the following steps. Firstly to send a small amount of cryptocurrency to the public key that is generated, then to delete the account from your device. Finally to import your account to your device again. If you see the same amount of cryptocurrency in your device, then the seed phrase correctly corresponds to your account.
Storing your seed phrase: if you have several copies of your seed phrase, you can store it in several discrete locations which are ideally safe from the elements and not obvious to find. Another best practice is also to keep your seed phrase in a separate location from your hardware wallet.
Your seed/ recovery phrase gives you access to your private keys
What happens if you lose your private key?
If you lose your private key, you will not be able to access any funds in your account. Because of the secure nature and random mathematical sequences used to generate the private key, nobody will be able to recover your private key and consequently the cryptocurrencies.
It is therefore advisable that you keep your private key very safely.
Using a cryptocurrency hardware wallet can prevent loss of your private key.
When setting up the wallet and syncing with the accounts, users must set an 18 to 24-word recovery phrase. This recovery phrase is then used to restore your device and consequently your private key.
Cryptocurrency private keys and cybersecurity
Anyone that has access to your private key can access your funds. This is the same for the recovery phrase.
Therefore, be careful not to reveal your private key to anyone. You should also be careful not to inadvertently give thieves access to your funds by saving your recovery phrase online or taking photos of it.
To prevent theft, one option that some people use is to save the private key offline on a paper wallet.
Some people print out their private keys on a piece of paper and keep it safe. This is known as a “paper wallet”
Conclusion
A cryptocurrency private key is a unique identifier that distinguishes your cryptocurrency account from others. It generates the public key that your trading partners will use to transact with you, and allows you to log in and transact with them.
Therefore you should ensure your seed phrase/ recovery phrase and thus your private keys remain safe.
Updated 30th March 2020: Added 2 new sections “What is a seed phrase / recovery phrase? What does it have to do with your private key?” and “How can I keep my seed phrase safe?”
Carry Protocol is a blockchain project that integrates directly interacts with millions of customers who shop and dine in South Korea. Carry creates an ecosystem that directly rewards shoppers, advertisers and retail stores, creating a win-win situation using blockchain technology. The key value behind Carry (CRE) is the integration into the biggest Korean rewards program – Dodo point (with more than 20 Million registered users).
Despite the rise of online retailers such as E-bay and Amazon, a great deal of commerce still occurs offline in brick and mortar stores. This traditional offline market is worth about US$25 trillion and comprises of 90% of all retail spending. This creates a lot of transactional data which includes valuable information on how and what we spend our money on.
Carry CEO Richard CEO demonstrates the Carry App
Carry Protocol uses blockchain technology to harness the utility of this transactional data. The network will give merchants better advertising tools and also enable consumers to control their data.
How does Carry create a win-win situation?
How Carry works from a consumers’ perspective
Merchants
Consumers can choose to pay in cash, credit or cryptocurrency
Merchants will be able to also accept digital currencies such as Bitcoin, Ethereum or Carry in their brick and mortar stores.
Carry will also enable merchants to reward their customers with digital tokens and custom Branded Tokens (BT). These BT will act as loyalty points.
Consumers
Consumers will be rewarded for sharing their transactional data
Carry will finally allow consumers to own and monetise their transactional data.
Most importantly, Carry will allow consumers to do this anonymously. Carry ensures consumers’ data remains anonymous by associating it with one or more wallet addresses rather than consumers’ names. Consumers can also choose to withhold selling their data to advertisers.
And of course, consumers will enjoy the benefits of the CRE tokens and BT.
Advertisers
Advertisers can utilise the data which consumers choose to share
They will be able to make use of the transactional data provided anonymously by consumers.
Advertisements will be sent to consumers’ phones about various merchants and their offers, which can attract consumers to them.
How does the Carry token (CRE) work?
CRE (pronounced “carry”) is the main token in the Carry system and features a huge part in the ecosystem.
Merchants use CRE to access Carry’s host of services. For example creating custom BT or programmable smart contracts. The merchants stake a certain number of CRE tokens on the Carry Protocol which will determine how many BT transactions they can have.
Consumers use CRE as payment for goods and services. The CRE spent will also be converted to loyalty points in the form of BT, which consumers can use in subsequent visits.
Advertisers will distribute CRE to consumers as compensation for accessing their transactional data.
What’s the status of Carry?
Carry will be operated by the co-founders of Spoqa. Spoqa is South Korea’s largest brick and mortar rewards platform with customer-facing tablets in 10,000 stores across Korea. Customers use this platform with their Dodo Point loyalty service.
Carry will utilise the system of consoles by Spoga.
Carry will utilise this existing infrastructure by launching its service on Spoga’s tablets. A simple update on the tablet is all that’s required.
In terms of partnerships, Spoqa itself already has $10 million in funding and has expanded into Japan. Meanwhile, Carry already has support from Hashed (the early angel investors in ICON).
Carry hopes to eventually expand out of their base in Asia to the rest of the world.
The Company has also recently announced its partnership with Genesis Block, an Asia-wide Over The Counter (OTC) trading desk and cryptocurrency ATM machine provider.
Carry x Genesis Block
CRE will be tradable at Genesis Block’s OTC desks.
Click here to learn more about OTC desks. You can also check out our video with Genesis Block’s Head Trader- Charles where we make him spill all his trading secrets.
Binance Competition
Carry Protocol has been selected to be in a voting competition on Binance – if successful CRE will be listed on Binance Exchange.
Conclusion
As much as we increasingly spend our times online, we cannot escape the offline world. We still want to travel to different places, visit shops and go out for meals with our friends.
Carry will be a welcome change to the increasingly relentless and intrusive world of online targeted advertising. Consumers will be able to choose to share their data to advertisers. Most importantly, we will receive actual incentives for doing so.
The low cost associated with Carry will also help a lot of small businesses gain exposure. This will enable them to survive in this aggressive market dominated by corporations who may simply only have better resources but not necessarily a better product.
VeChain ToolChain could bring blockchain technology to the masses. Toolchain allows anyone to use the power of blockchain without complicated programming or engineering. We always hear a lot about blockchain projects including VeChain partnering with big names. Examples being DNVGL, BMW, PwC and others (Click here to find out more about Vechain and its partnerships).
According to statistics from the United Nations, over 90% of firms worldwide are Micro-, Small and Medium-sized Enterprises (MSMEs).
VeChain’s ToolChain seems to recognise their importance and is bringing its blockchain technology to them.
What is VeChain?
VeChain is a blockchain platform which supports the creation of smart-contracts. These are self executing contacts that have a guaranteed outcome without third party trust. This allows for the creation of decentralized applications which is intended to solve enterprise problems such as anti-counterfeiting and cold-chain logistics. To learn more, check out our article VeChain Explained or our VeChain in a Nutshell video below.
ToolChain is VeChain’s latest product. It was announced at the VeChain Summit 2019 (Click here for a recap).
ToolChain hardware kit displayed at VeChain Summit 2019
ToolChain is a kit containing all the necessary hardware, software and service protocols to onboard a business onto the VeChainThor blockchain.
There are 3 Versions of the ToolChain kit: Standard, Developer and Channel Partner. This is so that businesses with any levels of technical capability can use VeChain’s technology.
Standard Version
The Standard Version provides standarized application modules, tools and Internet of Things (IoT) devices. It was designed for MSMEs without the capability to develop their own blockchain-based lifecycle management solution. Businesses can be onboarded onto the VeChainThor blockchain within 30 minutes.
Developer Version
The Developer Version is designed for enterprise customers with stronger technical capabilities. It will allow enterprises to develop various applications based on the VeChainThor blockchain tailored to their needs.
Channel Partner Version
Channel Partners will be able to have independent deployment and multi-dimensional customisation of ToolChain.
VeChain ToolChain at a glance
The ToolChain hardware kit contains:
QR code printer and application software to print QR codes.
NFC writer and software to create digital labels on NFC tags.
IoT devices, RFID chips and sensor devices
Handheld terminal devices which will enable ToolChain apps to bond and activate NFC chips, and transfer the data on them.
In terms of software:
ToolChain Admin Center: this app is a command centre. One of its features is that business owners can use this software to configure NFC and/or RFID chips. The Company can ship these NFC and/or RFID chips directly to businesses.
VeChain Work App: this app allows business owners or third party manufacturers to “bind” the physical product to the NFC/RFID chip. To learn more about this app, check out Bsc44’s article here.
VeChain Pro app: this app is already available to download. It will be pre-loaded onto the NFC scanner. It allows anyone to view the entire story of the product including proof of authenticity and origin.
Description of the ToolChain kit components
Examples of VeChain ToolChain in use
One of ToolChain’s notable users is SBTG Surplus & Co., a custom sneaker artist. SBTG uses NFC chips embedded into its limited edition sneakers. Customers can verify the sneakers’ authenticity, origin and other information by scanning them with the VeChain Pro app.
Best use of blockchain is real life use 🤩 – with @vechainofficial's help, these sneakers are impossible to counterfeit. An NFC tag is sewn into the shoe with a private key that's recorded on Vechain's Blockchain. $VET Now if only they have it in my size….😱😱😱😱 pic.twitter.com/NgFuZrsq5c
SBTG have recently partnered with Adidas and HBO Asia to produce limited edition Game of Thrones sneakers. These sneakers are powered with VeChain Technology.
SBTG x Game of Thrones sneakers with VeChain RFID chips
Problems with authenticity and quality assurance
MSMEs generally lack technical or financial resources. Hence they have difficulty in ensuring their products’ authenticity and quality. They are also vulnerable towards counterfeiters and bad actors in the supply chain. This in turn could seriously damage their reputation.
Even for products from larger corporations, product authenticity and quality assurance is not transparent. We as consumers do not have easy access to information on the supply chain of our products.
Consumers still rely on outdated authentication methods. This is true even for expensive luxury items. As an example, for luxury watches we would compare an items’ appearance or check its serial number. Meanwhile there are official databases of serial numbers. The numbers are only etched onto the watch and counterfeiters can easily copy this.
Thus, authenticating a luxury watch requires significant expertise and experience. Whilst counterfeiters are always trying to make their watches look more authentic.
Can VeChain ToolChain bring mass adoption through MSMEs?
ToolChain can be a simple and cost effective supply chain management solution for MSMEs. ToolChain could finally give MSMEs the same ability as large corporations to ensure product quality.
As mentioned above, most of the world’s businesses are MSMEs. ToolChain could finally bring blockchain to a substantial but overlooked group
Moreover, customers will be able to scan the NFC/RFID chip embedded into the product and see information pertaining to their exact item.
If you want to learn more about VeChain, check out our guide, VeChain explained.
Want to find out more interesting happenings at the VeChain Summit? Check out these videos below!
https://www.youtube.com/watch?v=ZRBuQ96ikPc
Check out our livestream with VeChain’s with Sunny Lu (CEO) and Kevin (COO), and Patrick from Plair
And don’t forget to check out our post VeChain Summit recap video!
Mass adoption is starting through…milk?
On 18th May 2019, VeChain announced that its enterprise partner, Bright Food (Group) Co., Ltd (“Bright Food”) has put its “Cupids Farm” milk on their BrightCode Commodity Confidence Index Platform (“BrightCode Platform”).
Cupids Farm milk
The BrightCode Platform is a blockchain-based commercial ecosystem built upon the Partner Version of VeChain ToolChain. To learn more about the Platform, check out Oliver’s article here.
Bright Food was founded in 2006 and mainly produces milk products, sugar, wine, snacks and canned goods. Bright Food’s products can be found in over 4000 online shops in China. The Company was listed as one of the ten Chinese companies to watch in the international arena by Forbes Magazine in 2015.
When customers can scan the QR code on bottles of “Cupids Farm” milk, they will be directed to the BrightCode Platform. There, key information on the bottle of milk’s lifecycle will be available. For example information on where it was produced, videos of the diary farm, production techniques etc.
VeChain’s other partner, DNVGL will be responsible for verifying the source data and tamper proof technology. So customers can be assured that the information presented is authentic.
Information shown to customers when they scan the QR code
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