Summary
VeChain provides blockchain solutions to businesses around the world.
With a host of existing industry blockchain applications ranging from supply chain management to anti-counterfeiting and carbon credits, their system has already been proven in the real world. VET is the token that underpins VeChain, where VTHO is the fuel token used for transactions on the VeChainThor blockchain (just like gas on Ethereum).
VeChain is a company founded in 2015 that leverages the power of the VeChainThor blockchain for Enterprises offer blockchain-based solutions. The company has developed deep ties with Chinese industry and government and seeks to deepen cooperation further.
Launched in 2015 as a spin-off of Shanghai-based blockchain-as-a-service (BaaS) company BitSE, VeChain is a distributed business ecosystem leveraging blockchain technology. It is specifically designed to serve businesses of all sizes. VeChain’s public blockchain is called VeChainThor.
The Vechain Foundation was established in Singapore to oversee the development, governance and advancement of the Vechain ecosystem.
VeChain is a mature company that already has many real business applications on the VeChainThor blockchain. As stated in the VeChain White Paper 2.0, “These solutions are not limited to theory, but are solutions that have been tested and discussed in more than 700 enterprises and implemented for more than 100 wealth-level enterprises. ”
VeChain’s parent company has received a five-star blockchain service certificate from TÜV Saarland, a European certification body.
How the VeChainThor blockchain works compared to other commercial blockchains Chain platforms are similar. Enterprises use ToolChain, VeChain's full-featured Blockchain-as-a-Service (BaaS) product, to build blockchain-based solutions. VeChainThor also supports smart contracts.
A single transaction on the VeChainThor blockchain can perform multiple tasks. Additionally, users of the VeChain app do not need to hold any cryptocurrency to conduct transactions. The owner of the application can perform this operation on their behalf, resulting in a more convenient user experience for ordinary users.
The VeChainThor blockchain uses a Proof of Authority (PoA) consensus mechanism that delegates authority to certain nodes in the VeChainThor blockchain to confirm transactions. This means that it only needs to deliver transaction blocks through authoritative masternodes holding at least 25,000,000 VET.
VeChain has two independent tokens: VET and VTHO.
VET (VeChain Token) is used for financial transactions and market speculation on the VeChainThor blockchain.
VTHO (VeThor Token) is the "energy token" used for transactions on VeChainThor. VET owners can generate VTHO for use on the VeChainThor blockchain.
VeChain is known for its close ties with China, which It is a key blockchain market that is difficult for non-Chinese companies to enter. The company is headquartered in Singapore, with offices in Shanghai, and is funded by Chinese venture capital firm FutureCap, with CEO Sunny Lu from China. The project also has partnerships with several Chinese government agencies, including the China National Animal Health and Food Safety Innovation Alliance.
The organization also has numerous business partners on the VeChainThor blockchain, employing multiple solutions that already exist in the real world. Partners that already have VeChain solutions include PricewaterhouseCoopers (PwC), Walmart China, Renault, and Shanghai Waigaoqiao Imported Goods Direct Sales Center.
Let’s take a look at some of the most important use cases of VeChain technology . But this list is not exhaustive. You can visit the VechainWorld repository of Dapps to learn more.
Blockchain-based solutions can create a more transparent food economy around the world.
VeChain-enabled Internet of Things (IoT) devices can be deployed at various points in the supply chain, including products, vehicles, and warehouses. Environmental and location data from these devices are then available for upload, verification, and tamper-proof, decentralized storage on the VeChainThor blockchain. Solutions like these have been adopted by several companies, including Shenzhen Yuhongtai Food Co., Ltd.
Counterfeiting has become a serious problem in the luxury goods market. By attaching an encryption chip and then using the chip to record and track logistics, warehousing, maintenance and resale information, owners can ensure the authenticity of the product. This technology has been used to trace the origin of high-end wines at the Shanghai Waigaoqiao Imported Goods Direct Sales Center and to detect Renault luxury car parts.
It is a well-known fact that health care record systems are outdated. This valuable data can be stored on the blockchain, with access restricted to the patient and other authorized parties, instead of using inefficient and insecure lab result recording systems. The VeChain-based E-HCert app will soon be rolled out to patients at the Mediterranean Hospital of Cyprus and Aretaeio Hospital in 2021.
This solution reduces carbon emissions by tracking carbon emissions activities, allowing consumers to participate in carbon saving plans .
Credits for energy services can be earned when data from smart devices such as cars or appliances shows that consumers produce reduced carbon emissions. Chinese electric vehicle brand BYD (BYD) is already using Vechain solutions.
➟ Want to start a digital currency journey? Buy Bitcoin on Binance today!
You can store it in the VeChainThor official light wallet for iOS or Android VET and VTHO and other crypto assets. The official desktop wallet is VeChain Sync, which works with Ledger for cold wallet storage.
Third-party wallets that can store VET and VTHO include Trust Wallet, Cobo Wallet, Atomic Wallet, Arkane Wallet, MySafeWallet, Guarda Wallet, Ellipal, and Exodus.
VeChain is very ambitious and already has a strong influence in the Chinese market.
Currently, many mature projects from well-known companies are running on the VeChainThor blockchain, proving that VeChain can indeed help companies build useful blockchain applications.
Do you have any other questions about VeChain? Please visit Ask Academy, our Q&A platform, and members of the Binance community will patiently answer your questions.