VECHAIN INSIGHTS



  • Originally published on November 6th, 2017.

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    The weeklong VeChain Tokyo promotion event has successfully consummated. The event aimed at promoting the establishment of VeChain Japan community and the real world application of VeChain technology in Japan. Although the promotion event only lasted for a week, it concluded with fruitful outcomes:

    VeChain has established a partnership relationship with BitOcean Japan and both parties agreed to mutually develop VeChain Japan community and the real world application of VeChain technology in Japan by exploiting their particular advantages in certain fields;
    VeChain has arranged meetings with several famous local exchanges in Japan and negotiated and confirmed the future details of successive cooperations;
    VeChain has also arranged meetings with influential Japanese enterprises and explored the possibility for the future cooperation;
    VeChain has organized its first Japan community meetup at the Snack in Ginza, Tokyo.

    In the evening of November 1st, 2017, the first VeChain Japan Community Meetup was successfully consummated at The Snack in Ginza, Tokyo. Here we are going to take you back to the site and present what happened during the meetup.

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    As the venue of the VeChain Tokyo Meetup, The Snack is well-known to the Tokyo’s digital currency community. Located in the bustling downtown area of Ginza, The Snack has already become the venue where various digital currency communities, such as Bitcoin, Ethereum, and Lisk, host regular real life activities. Apart from paying by legal currencies, The Snack also accepts Bitcoins as an alternative payment method. We experienced the complete process of Bitcoin payment method on site. First, it requires the customer to key in the amount of payment in legal currencies in The Snack’s App. Once the amount of payment in legal currencies (Japanese Yen) is keyed in, the real time transaction price between Japanese Yen and Bitcoins generated by the major Japanese exchange Coincheck, was displayed on screen. The customer then pays the commensurate amount of Bitcoins via any of his/her Bitcoin wallet. The whole process takes approximately 10 seconds and the efficiency of Bitcoin payment method is almost the same as credit card payment method.

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    Currently, 11 digital currency exchanges in Japan, including Coincheck and BitFlyer, have already obtained the business license regarding the transaction of digital currencies issued by FSA (Financial Services Agency of Japan), in addition to 17 digital currency exchanges are under examination. In the meantime, over 450,000 businesses and retailers over Japan, including Big Camera, Marui and ANNEX have accepted Bitcoins as one of the payment methods.

    The VeChain team members have arrived in The Snack by 4:30pm, and started setting up the venue, adjusting the Demo video cameras and live streaming platforms for the preparation of the meetup later. We would like to especially appreciate for the help from out cooperation partner BitOcean during the activity, and we are expecting further cooperation in the future.

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    The meetup officially started at 7pm (Tokyo Time). The CTO of BitOcean, Yan Pu, as the special guest of the event, briefly introduced VeChain to Japanese community members. The General Counsel of GSR and Bitcoin.com, Daniel Kelman, shared his opinion from perspective of legal compliance.

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    By 7:45pm, VeChain CEO, Sunny Lu, introduced general project contents to the audience, covering from the core team of VeChain, VeChain ecology, real world application of VeChain technology, industry cooperation partners, to project development plan. The meetup was fully broadcasted to Chinese and oversea communities through Facebook, Huajiao.com, Yizhibo.com, and other live streaming platforms. The VeChain Japan Community meetup was the first overseas real life meetup since the Shanghai Meetup on August 8th, 2017.

    During the speech, Sunny Lu also demonstrated recent project development progress, including the establishment of VeChain economy model by the cooperation with Professor Rui Zhu from City University of Hong Kong, the active interactions with MAS (Monetary Authority of Singapore) regarding legal compliance issues, the joint research and exploration of supply chain Assurance Service with DNV GL, further cooperation with luxury goods industry, and application development that targeted at customer end etc.

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    In addition, VeChain will attend the BlockShow held by The CoinTelegraph on November 29th- November 30th, 2017, during which the VeChain European Director Jerome will present on relevant topics. Please stay tuned for further information.

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    Another highlight of the VeChain Japan Meetup is that all community members presented can experience the payment process via VEN, and enjoy the security, convenience and speed of digital currency payment.

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    For the full length video recording of the Japan Meetup:


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