What is VeChain?
VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology (DLT). The Vechain platform has two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). The former is used to transfer value across VeChain’s network, and the latter is used as energy or gas to power transactions.
The way it does that is simple: give each product a unique identity, then use sensors to track what happens at each stage of the supply chain. That way, companies can be sure products are handled correctly, and consumers can verify their purchases are legitimate.
Who invented Vechain?
VeChain was founded in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. He combined his expertise in luxury goods with blockchain technology to create an IoT (Internet of Things) application for supply chain management. He remains the CEO of VeChain through a non-profit called the VeChain Foundation.
- June 2016 – VeChain 0.1v launches
- May 2017 – PwC partners with VeChain as part of incubation programme
- Summer 2017 – VeChain Foundation launches
- February 2018 – VEN rebranded VET
- Spring 2018 – Main-net launched
- 2018 – Mobile wallet launched
What is VET token?
VeChain originally issued tokens (known as VEN) on Ethereum before it released its own platform in 2018. With this new platform came a rebranding as VeChainThor (known as VET). VET is the payment used in VeChain’s system. The more VET a person or enterprise holds, the higher priority when it comes to using the blockchain’s resources.
VET can also be used to generate the second kind of token, known as VeThor or Thor Power (VTHO), to access the supply chain technology. So a company that wants to use VeChain’s tracking for their supply chain has to pay VTHO in order to add more information to the blockchain.
Basic information about VET:
- Ticker Symbol: VET
- Blockchain: VechainThor
- Avg. Transaction time: 10,000 TPS
- Avg. Block time: 10 second
- Total Supply: 86,712,634,466 VET
- Circulating Supply: 64.315.576.989 VET
Don’t hesitate to register a VNDC Wallet account to buy/sell, convert, send/receive, or store VET:
For iPhone users: Apple Store
For Android users: Google Play Store