“The Blockchain X”
Vechain (VET), also known as “Vechain Thor,” is a blockchain-as-a-service platform which launched its network in June of 2018. Vechain seeks to use blockchain technology to alleviate the issues on the supply-side of businesses through verification technology that prevents counterfeit products while also streamlining production. All transactions on the Vechain network are paid through VTHO which is generated by holding VET.
The way Vechain works is through the use of NFC chips and trackers which are recorded on its public ledger. By being able to track every product, all of them are accounted for on the supply-side of a business. Vechain thus has use-cases for all sectors of the economy, from clothes to food to luxury items. Their business focus has been on working with established companies and thus are not aiming to create a consumer-friendly product.
Currently, there is a gap between the success of existing digital ledges and their error rates. Vechain aims to bring the error rate to effectively 0 through the use of a distributed blockchain ledger that is self-organizing and does not require much oversight to function. Through the use of Vechain Identity, the process of shipping, receiving, and warehousing can be tracked with ease. This identity protocol on the Vechain network is the primary layer, being responsible for the fundamental digital infrastructure that will be necessary for the Vechain-created internet-of-things.
Built on top of Vechain Identity is the secondary smart-contract layer of the network. Legal ownership and digital assets will be represented on the Vechain network as well. However, each business and organization will be responsible for running their own individual nodes. They will be able to also mine VET to link them to their necessary supply-based trackers. The public will not be able to mine VET though, but they can generate VTHOR by holding VET in their wallet over time.
Vechain was first released on the Ethereum network as an ERC20 token. Thus, their ICO was done with Ethereum with a rate of 1 ETH = 3500 VeChain. This puts the ICO price at the time at around $0.90 per token.
This past summer the original ETH-based VEN tokens were formally converted to VET at a rate of 1 VEN:100 VET in preparation for the MainNet.
Features of Vechain
Vechain is a blockchain solution for the supply-side of businesses by making manufacturing and logistics easier.
- Vechain’s total supply is 86,712,634,466 VET currently.
- Transactions are validated through a Proof-of-Stake consensus system.
- By holding VET one generates VTHOR in their wallet.
- Has two network layers: the primary layer for their internet-of-things layer for verification and a secondary layer for smart contracts and digital assets.
- VET can be mined by businesses if they have a node.
- A functioning MainNet that was released in the summer of 2018.
- Supports decentralized applications; the first ICO held on Vechain Thor was Plair in May 2018.
You can read more about the details of Vechain in their whitepaper.
About the Team
Vechain was founded by Sunny Lu who is currently the CEO. The project started in 2015 and included a core team of developers from LV China, PwC, Deloitte, and TCL Communications. The Vechain Foundation is the company responsible for running the network.
The price of VET reached its peak in September 2018 at a price point of $0.02 per VET. Since then, it has dropped to $0.004561 at the time of writing along with the rest of the market which took heavy losses.
Website & Social Media
Vechain boasts an active soVeccial media presence and one of the largest subreddits in the cryptocurrency sphere. They are known for movie-like visuals in their advertisements. For the latest updates, follow them on Twitter or Telegram group.
For more information, check out the official Vechain website.
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