VET is the native cryptocurrency of VeChainThor, a blockchain platform focused on solutions for supply chain management and product lifecycle.
VeChainThor Fundamentals:
* Blockchain: VeChainThor uses proprietary blockchain technology, optimized for tracking products and information throughout the supply chain.
* Smart Contracts: The platform supports smart contracts, which allow the automation of processes and the creation of customized solutions for different sectors.
* Dual Token Model: VeChainThor has two tokens: VET (value token) and VTHO (utility token). VET is used for staking and governance, while VTHO is used to pay transaction fees on the network.
* Scalability: The architecture of VeChainThor allows the platform to efficiently process a large number of transactions.
* Governance: VeChainThor is governed by a foundation that defines the guidelines and development of the platform.
Real Uses of VET:
* Product Tracking: VeChainThor is used to track products throughout the supply chain, from production to the end consumer. This allows verification of product authenticity, ensures quality, and provides information about the product lifecycle.
* Supply Chain Management: The platform offers solutions to optimize supply chain management, such as inventory control, logistics, and information management.
* Product Authentication: VeChainThor can be used to authenticate products, combating counterfeiting and ensuring the provenance of products.
* Product Lifecycle Management: The platform allows tracking of the product lifecycle, from manufacturing to disposal, facilitating recycling and the circular economy.
* Payments and Transactions: VET can be used to make payments and transactions within the VeChainThor ecosystem.
Major Players Using VeChainThor:
* Walmart China: Walmart China uses VeChainThor to track food and ensure product safety for consumers.
* BMW: BMW is exploring the use of VeChainThor to track automotive parts and ensure the authenticity of the parts.
* Renault: Renault uses VeChainThor to track automotive parts and manage the supply chain.
* DHL: DHL is exploring the use of VeChainThor to track packages and optimize logistics.
* Chinese Government: The Chinese government has used VeChainThor in food tracking projects and information management.
