VeChain (VET)
VeChain is a leading blockchain platform designed to enhance supply chain management and business processes. Originally launched in 2015 as a private consortium network, VeChain has evolved into a public blockchain platform known as VeChainThor. This platform is notable for its comprehensive adaptability to various real-world applications, including supply chain management, sustainability, carbon emissions, sustainable development goals (SDGs), decentralized finance (De-Fi), and non-fungible tokens (NFTs).
History of VeChain
The VeChain Foundation, the organization behind VeChain, was established to drive the development and adoption of blockchain technology in the business world. Since its inception in 2015, VeChain has transitioned from a private consortium to a public blockchain network with the launch of VeChainThor. The platform has been operational for over three years without downtime, highlighting its reliability and robustness.
| Ticker | VET |
| Category | Internet of Things (IOT) |
| Website | https://www.vechain.org |
| @vechainofficial | |
| Telegram | vechainandfriends |
| https://www.reddit.com/r/Vechain | |
| Contract Addresses | |
|---|---|
| vechain | |
How VeChain works
VeChainThor blockchain
VeChainThor operates as a fully programmable smart contract platform that is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to create and deploy decentralized applications (dApps) with ease, leveraging the well-established Ethereum ecosystem. The platform's design ensures that it can handle a wide range of applications, making it a versatile solution for businesses.
Two-token model
VeChain employs a unique two-token model consisting of VET and VTHO tokens. VET is the primary token used for transactions and value transfer across the network. VTHO, on the other hand, is used to pay for transaction fees and smart contract execution. This dual-token system helps maintain low and stable transaction costs, which is crucial for widespread adoption and usage in business operations.
Proof-Of-Authority consensus mechanism
VeChain uses an advanced Proof-Of-Authority (PoA) consensus mechanism. This consensus model allows for high throughput, scalability, and security while minimizing energy consumption. PoA ensures that the network operates efficiently and reliably, making it suitable for enterprise-level applications.
Global presence and partnerships
VeChain Technology has established a strong global presence with offices in key locations, including China, Singapore, Luxembourg, Japan, France, San Marino, and the United States. This international footprint enables VeChain to collaborate effectively with businesses around the world.
Strategic partnerships
VeChain has formed strategic partnerships with major enterprises, leveraging the professional compliance guidance of partners like PwC and DNV GL. These collaborations have facilitated the integration of VeChain's blockchain solutions into the operations of leading companies, including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, and ASI Group.