VeChain is an enterprise blockchain platform specializing in supply chain management and integrating real-world data with blockchain technology.
VeChain uses IoT and Blockchain to record and store information throughout the product lifecycle, from production to consumer, ensuring transparency, reducing fraud, and enhancing customer trust.
MAIN CONTENT
VeChain operates on the VeChainThor platform with a PoA 2.0 consensus mechanism, supporting fast processing and high security.
The VeChain ecosystem is diverse with practical solutions: Digital Carbon, Automotive Passport, Retail Traceability, Logistics, and Smart Agriculture.
The relationship between VET and VTHO is synchronized, creating a flexible Token system for fee payments and network governance.
What is VeChain (VET)?
VeChain is built as a blockchain ecosystem focused on improving supply chain management through the integration of Internet of Things (IoT) technology and blockchain. This platform helps businesses store and retrieve all information related to products throughout their lifecycle, ensuring transparency and authenticity.
VeChain Token (VET) is the native Token of the system, playing a central role in transactions, service fees, as well as network governance rights. VET contributes to promoting a transparent, secure, and efficient ecosystem.
How does VeChain operate?
The VeChainThor platform uses the Proof of Authority (PoA) 2.0 consensus mechanism, combining the HotStuff algorithm and random verification via VRF, enhancing transaction security and speeding up processing. Authority Masternodes are reputable nodes, verified for identity and staking at least 25 million VET to ensure reliability.
VeChainThor supports many advanced features such as controlled transaction rounds, multi-party payments, and multi-task transactions, thus effectively meeting business requirements. Additionally, ToolChain – VeChain's Blockchain-as-a-Service (BaaS) platform, allows businesses to easily integrate blockchain into their current operations.
Outstanding products of VeChain
Digital Carbon Ecosystem
VeChain builds an ecosystem encouraging environmentally friendly behaviors such as recycling, using bicycles, and green energy through IoT technology and transparent storage on the blockchain. Participants are rewarded with Tokens as incentives, promoting sustainable development.
Automotive Passport Solutions
This solution attaches a unique ID on the blockchain for each vehicle, recording all information regarding maintenance, repairs, parts replacement, and mileage. This creates a transparent system that helps combat fraud and enhances trust for buyers and manufacturers.
"The collaboration with BMW Group demonstrates VeChain's commitment to developing a transparent and secure automotive data traceability system."
Sunny Lu – CEO of VeChain, 2023
Retail & Traceability Solutions
VeChain helps retail businesses trace the complete product lifecycle from raw materials to the point of sale through QR/NFC codes. The solution is particularly useful in food, consumer goods, and fashion to combat counterfeiting and enhance brand reputation.
Logistics & LNG (Liquefied Natural Gas) Solutions
Blockchain applications combined with IoT to track the details of the journey and conditions of goods transportation, ensuring data such as temperature, humidity, and location are accurately and immutably recorded, enhancing efficiency and quality in the supply chain.
Digital Content Distribution
VeChain protects copyrights and manages the distribution of digital content such as music, films, and e-books by transparently storing registration and transaction information on the blockchain, helping reduce fraud and protect authors' rights.
Electronic Document Management
Digitalization solutions for certificates, contracts, and legal documents on blockchain help minimize forgery, speed up processing, and enhance the efficiency of administrative data management, applicable for businesses and public organizations.
Smart Agriculture
VeChain helps collect and manage data across the entire agricultural supply chain, from planting to distribution. The transparency of blockchain supports quality inspection and promotes sustainable development in this sector.
What are the outstanding features of VeChain?
VeChain uses a PoA 2.0 consensus mechanism for a balance between speed, security, and low cost. IoT integration helps connect real-world data with blockchain. The ToolChain tool supports businesses in easily integrating blockchain. The project has diverse applications in various fields like automotive, logistics, retail, agriculture, and digital content.
The relationship between VET and VTHO
VeChain's Token model is similar to the GAS and NEO system, with VET as the primary Token used for value storage and governance, while generating VTHO Token used as gas fees for transactions on the VeChainThor network. Every 10,000 VET creates about 4.32 VTHO daily.
"Separating VET and VTHO helps the VeChain network maintain stability in transaction fees and enhance scalability."
Jerome Grilleres – Director of VeChain Europe, 2024
Overview of VET Token and Tokenomics
VeChain Token (VET) belongs to the VIP180/VIP181 Standard on the VeChainThor Blockchain. The total maximum supply is about 86.7 billion VET, with 86 billion Tokens currently in circulation. VET is a utility and governance Token in the ecosystem, used to pay fees, create VTHO, and participate in network operations.
Token distribution includes 41% ICO, 9% private investors, 23% businesses, 5% founding team, 12% technology development, and 10% advertising.
Development Team, Investors & Partners
VeChain project team
The VeChain team is led by Sunny Lu – former CIO of Louis Vuitton China, co-founder of BitSE. The team includes experienced finance and blockchain experts from Deloitte, PwC, Barclays, Goldman Sachs, and many leading organizations, ensuring the project operates professionally and targets real businesses.
Investors
Currently, the project has not disclosed specific information about funding rounds from investment funds or the community.
Partners
VeChain builds a multi-industry partner ecosystem, including DNV (global certification), PwC (Big4 audit), BMW Group (automotive data traceability), Walmart China (food traceability), along with support from governments like Shanghai and technology conglomerates like Amazon Web Services (AWS), Microsoft Azure.
Summary
VeChain is a pioneering enterprise blockchain project that connects technology and real-world data in the supply chain through blockchain. With a robust infrastructure and an experienced team, VeChain promises to develop into a decentralized technology bridge for businesses. Investors should carefully consider before participating; the content is for reference only.
Frequently Asked Questions
What are the standout advantages of VeChain compared to other blockchains? VeChain stands out with high security PoA 2.0, IoT integration, and ToolChain helping businesses easily apply Blockchain in real business. How do VET and VTHO differ? VET is a value storage and governance Token, while VTHO is used to pay transaction fees, generated from holding VET. In which industries does VeChain apply technology? VeChain applies across multiple industries: supply chain management, automotive, retail, logistics, agriculture, and digital document management. Who is behind the VeChain project? The project is led by Sunny Lu along with a team of blockchain, finance, and business experts.
Source: https://tintucbitcoin.com/vechain-vet-la-gi/
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