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The guide provides a full description of the VeChain platform that offers a blockchain solution to businesses while building a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transfer.
Blockchains are characterized as super fast as they process and complete cumbersome transactions seamlessly. In turn, it gives them an edge over traditional ledgers. Having seen the limit of the existing blockchains, it would be amazing to work on a different one that combines DeFi and CeFi features and focuses on providing an improved supply chain and product lifecycle management through the use of distributed ledger technology (DOT) that also enables its business partners and developers to adopt blockchain solutions for business and create a robust and sustainable ecosystem. All this can only be found in VeChain (VET). The latter also offers users a variety of new functionalities that make it ideal for businesses seeking to enhance supply chain protocols and business processes.
VeChain is a Shanghai-based company run by Vechain Foundation. It was founded by Sunny Lu, a former executive at the Louis Vuitton China. The protocol began on the Ethereum (ETH) blockchain as a support ground to garner funds to develop its own blockchain. Today, it operates within the native VeChain ecosystem. It also started providing features geared directly to business clientele. There is speculation that supply chain issues must have inspired Sunny Lu to develop the idea. It started as a sister company of Bitse, one of China’s largest blockchain companies, and is among the few blockchains that already have a substantial customer base among established companies.
The platform offers a blockchain solution to businesses while building a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transfer. Specializing in blockchain and IoT technologies, VeChain has become one of the few blockchain platforms with real-world business applications adopted by reputable enterprises across multiple sectors worldwide. The company operates in Shanghai, Singapore, Paris, Luxembourg, Palo Alto, Tokyo, and Hong Kong. As of June 2021, VeChain is having over 100 international professional members and 50 professional blockchain developers.
VeChain (VET) is an enterprise-focused supply chain and logistics blockchain solution with a long list of large partnerships. It is a distributed business ecosystem that leverages blockchain technology. Some consider VeChain a mature entity due to its uniqueness, with many real-world business applications already existing on its blockchain, VeChainThor. According to its whitepaper, VeChain breaks asymmetric information problem and allow ownership of data to return to and empower its owner. Apart from that, it claims to offer a 360-degree view of necessary information linked to a product and its business processes such as storage, transportation, and supply to authorized stakeholders and create greater market transparency.
VeChain provides businesses with the ability to track an enormous amount of data regarding items, such as quality authenticity, storage temperature, and transportation status. All these features are provided via a trust-free and distributed business ecosystem, reducing overhead and improving accountability. According to the VeChain whitepaper, the platform offers are not just theoretical. Instead, they are solutions tested and discussed with over 700 enterprises and implemented for over 100 fortune-level enterprises. Its top-notch blockchain activity earns it a 5-star rated Blockchain Service Certificate from TÜV Saarland, a European certification body.
VeChain utilizes a variety of technologies to accomplish its goal to streamline the supply chain sector. For example, VeChain uses various Radio Frequency Identification (RFID) tags and sensors to monitor critical data during shipment. This information is broadcast in real-time across the blockchain.
VeChainThor blockchain operates similarly just as other business-use blockchain platforms. Businesses use VeChain’s fully functional Blockchain-as-a-Service (BaaSe) product called ToolChan to build their blockchain-based solutions. It also supports smart contracts.
In addition, VeChain utilizes integrated IoT and DLT technologies. The integration of these brings internet-of-things or billions of smart devices that are in use globally. These devices are smart because they possess some sensors and the ability to communicate data online. IoT and Blockchain technology makes perfect sense. They provide an affordable way to monitor such a vast amount of data in near real-time via consensus. Consequently, VeChain isn’t the only project exploring the merger of both techs.
As a platform previously residing on the Ethereum blockchain, although it now operates on its owned VeChainThor blockchain, still it dualizes its token. Ethereum blockchain can be credited for such features. The VeChainThor blockchain is a public-intended blockchain for mass business-purpose adoption. VeChain has VET and VTHO tokens on the platform. They both serve different purposes.
VET token is a cryptocurrency. It is responsible for sorting value from smart contracts. It serves as an increment of value within the VeChain blockchain. Transactions on DeFi applications occurring on VeChain’s blockchain are carried out using a VET token. Meanwhile, VTHO is not a cryptocurrency. It is a gas fee for powering a smart contract. VTHO is usable for smart contract execution and programming by developers. It is not publicly available, only for the developers’ use.
VeChain has proved to be practicable in the following areas:
To sum up, the VeChain (VET) is designed to be used by both small and big businesses, it will be at an advantage to explore its full potential. The most important of all its differences from other platforms is that the developers, the brain behind the VeChain project, had no desire to create a fully decentralized platform. Instead, their goal was to marry the best DeFi and CeFi sectors, creating a balanced platform that provides users with transparent information flow, efficient collaboration, and high-speed value transfers.
VeChain is an enterprise-focused supply chain and logistics blockchain solution with a long list of large partnerships. It is a blockchain network that has come with aim of expanding business with its unique and top-notch features.
VeChain was founded by Sunny Lu in June 2015.
VeChain utilizes a variety of technologies to accomplish its goal to streamline the supply chain sector. VeChainThor blockchain operates similarly just as other business-use blockchain platforms. VeChain utilizes integrated IoT and DLT technologies.
Anti-counterfeiting, Tracking Carbon Emissions, and Health record.
Existing blockchains are identified for utilizing full decentralized Finance to foster their project; VeChain distinguishes itself from other sectors in some ways. However, the most important of all its differences is that the developers, the brain behind the VeChain project, had no desire to create a fully decentralized platform; instead, their goal was to marry the best DeFi (decentralized finance) and CeFi (centralized finance) sectors, creating a balanced platform that provides users with transparent information flow, efficient collaboration, and high-speed value transfers.
VeChain has two tokens to serve different needs. It is not odd. Existing blockchains before it also have the same. VET token is meant for smart contracts. While VTHO token is for public use, only for developers.
VET is a cryptocurrency that the general public can invest in or trade-in an exchange. VET tokens can be farmed or stoke to earn some passive income. VeChain cryptocurrency VET has 55, 454,734,800 token in circulation. The platform will be issuing VET to a tune of 86,712,634,466 VET. However, VeChainThor Energy (VTHO) is a gas fee for transactions performed on the blockchain, and the second VeChain blockchain-used token is VTHO.
VET tokens are available on Binance for Australia, Canada, Singapore, the UK, and most countries of the world. They come with a promo code on the exchange, EE59L0QP, which rewards buyers 10% cashback of their trading fees. For people in Europe, VET tokens are available on the BitiPanda exchange. Major American exchanges such as Gemini, Coinbase, Kraken are still not listing it, but USA residents can purchase the tokens via Gate.io.