What Is VeChain?
VeChain began in 2015 as a private consoritium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants.
Closer Look at the VeChain Token
VeChain is a company that has been in operation for over 7 years. Its founder, Sunny Lu, was formerly the CIO of Louis Vuitton China. Initially, the VeChain token operated on the Ethereum blockchain, using a ticket symbol VEN. But in late 2018 the company began operating on its own blockchain called VeChainThor and rebranded itself as VET, using 2 tokens (VET) and (VTHO). This new blockchain platform enables VeChain to create its own digital assets and applications.
So, as mentioned, VeChain ecosystem is built on two tokens. The first one, VET, is used for transferring value between users of the platform. The second token is VeThor (VTHO), is used as the platform’s gas token. It pays for smart contracts and is not directly used to make payments. This allows for more transparency in the supply chain and more trust among users. There are several notable companies partnered with VeChain.
The blockchain technology behind VeChain enables it to track the supply chain. This data is stored on the network and cannot be altered. This creates a transparent record of the supply chain. Despite the initial enthusiasm, the team is still growing rapidly. While Cardano, Avalanche, and Solana are its main competitors, VeChain has many other exciting projects for the future in the works.
VeChain, as a decentralized network, is planned be used to store the bank account details and business certificates of a whole administrative region in China. VeChain is a good investment opportunity with its stable of partners and real-world applications. In fact, it’s one of the few blockchains with real-world utility. This is an excellent way to get started in the decentralized world.
