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VeChain is a platform that provides blockchain solutions for a wide range of businesses around the world. VeChain ecosystem has a wide range of use in different fields. Established in 2015, VeChain Thor provides solutions for businesses by applying the power of its VeChainThor blockchain. It has deep ties with the Chinese government, with most of its operations initiated in this country.

About VeChain (VET)

How the VeChain Ecosystem Works

The VeChain blockchain works the same as any other business-use blockchain platform. The platform has a fully functional product known as ToolChain that businesses use to build their blockchain-based solutions. This platform also supports smart contracts. It is important to note that single transactions on the VeChain ecosystem can perform multiple tasks. Besides, VeChain users don’t have to use crypto to transact on the platform. This gives users a more convenient experience and a wide range of currency options to consider.

To confirm transactions, the VeChainThor blockchain uses Proof of Authority, a platform that delegates power to specific nodes in the blockchain. This means that the platform passes transactional blocks through Masternodes that hold a minimum of 25,000,000 VET.

Importance of VeChain Ecosystem

VeChain ecosystem has a wide range of use in different fields. For example, VeChain is vital in blockchain-based solutions that help improve the food economy. With these solutions, there is a more transparent food economy. VeChain can do this by deploying VeChain-enabled IoT devices across the food supply chain (including transport vehicles, products, and warehouses).