Buy VeChain (VET)
What is VeChain?
VeChain is a blockchain platform that focuses on enhancing supply chain management and business processes. It utilises distributed ledger technology to provide a comprehensive view of an organisation's operations by disintermediating data from information silos. VeChain aims to support businesses in building and running decentralised applications (DApps) as part of the Web3 landscape. Founded by Sunny Lu in 2015, the platform leverages a unique dual-token system and a Proof of Authority (PoA) consensus mechanism to address inefficiencies in supply chains and business operations.
How does VeChain work?
VeChain operates on the VeChainThor blockchain, which is designed for efficiency and reduced energy consumption compared to other smart contract-capable blockchains. It integrates Internet of Things (IoT) technology, like RFID tags and QR codes, for real-time tracking and data management. VeChain employs a PoA consensus model involving 101 Authority Masternode operators responsible for validating transactions. The platform also supports smart contracts and uses a dual-token economy with VeChain Token (VET) for value transfer and VeChainThor Energy (VTHO) for transaction fees. This design helps stabilise transaction costs and promotes secure, efficient business processes.
What are the potential use cases for VeChain?
VeChain has a wide array of use cases across different industries:
- Supply Chain Management: Partnerships with BMW, Walmart China, and others to enhance transparency and traceability in product logistics.
- Healthcare: Development of the E-Hcert App for secure vaccine certification and medical data management.
- Automotive: Collaboration with Renault for tamper-proof digital car maintenance records.
- Sustainability: Initiatives like My Story TM and the ReSea Project for demonstrating product provenance and supporting environmental efforts.
- Fashion and Food Industries: Providing consumers with detailed product origin data to enhance authenticity and safety.
What is the history of VeChain?
VeChain was founded in 2015 as a subsidiary of Bitse, a Chinese blockchain company, by Sunny Lu and Chengpeng Zhao. Initially, it focused on blockchain solutions for IoT applications. In 2018, VeChain transitioned from the Ethereum blockchain to its own blockchain, VeChainThor, rebranding its token from VEN to VET. This move was a significant milestone, along with the launch of its mainnet the same year. VeChain pioneered a dual-token system and has secured partnerships with leading brands like PwC and DNV GL. Over the years, VeChain has evolved to become a major player in the blockchain space, with solutions that combine scalability and transparency to address real-world challenges in various industries.
