** Introduction **
VeChain was founded in 2015 by the Chinese developer Sunny Lu, who is currently the head of a project team of over 20 people. The first tests took place on the Ethereum blockchain in June 2016, which successfully saved data from the first generation of the chip to track products in the supply chain.
To raise funds for the further development of the platform, it was decided to carry out an ICO fundraiser. Public sale of VEN tokens based on Ethereum technology (ERC20) took place from August 18 to 31, 2017.
At the time of the transition to its own network in June 31, 2018, VEN tokens were converted into a native VET cryptocurrency, which operates on its own blockchain, and to cover transaction fees it requires a VHTO autonomous token (VeThor Token). After switching to its own network, based on the modified Ethereum source code, VeChain is no longer just a platform to control the quality and authenticity of products, but also a network that allows you to build decentralized applications (dApps) and create smart contracts. At VeChain, ICO tokens are also issued.
VeChain has started operating as a subsidiary of BitSe, one of the largest Chinese blockchain companies. The Singapore team has over 150 members and countless talents among its top management. Sunny Lu leads the team as CEO. For most of Lu's career, he ran IT and information projects for several luxury brands. The most impressive was the Chief Information Officer (CIO) for Louis Vuitton China. Other members of the management team are CFO Jie Zhang, who has 17 years of IT experience and adviser to Bo Shen, the founder of Fenbushi Capital.
** Idea **
VeChain uses a mix of blockchain technology and its built-in intelligent chip to track objects throughout their entire life cycle. The intelligent system can be implemented in various positions of IoT objects, such as NFC systems, RFID tracking modules or QR codes. Although this may not seem like the most interesting technology, it plays an important role in ensuring the quality of products in various industries. Let's look at the luxury sector as just one example. The luxury goods industry is often used by the gray economy. With a product like branded handbags that change hands several times during production and distribution, you must trust that the person in front of you is passing something authentic. VeChain, like other blockchain companies, removes the need for this trust. At every stage of the process, you can scan an intelligent system on every element to ensure that you get what you should. Because blockchain is an unchangeable book, you can trust to receive accurate information.
** ** Competing projects
On the supply chain side, Waltonchain and Modum use blockchain technology in a similar way to VeChain. Logistics, however, is a large industry. Moreso, each of the three companies seems to focus on different niches, which helps prevent direct competition.
Interest in DApp platforms for enterprises has recently gained popularity among competitors such as Ethereum, Cardano, EOS and NEO, whose prices have risen. Although VeChain has not yet released Thor, their number of partnerships should help consolidate them among these higher market limit projects.
** Use of the VET coin **
VeChain has a working product that offers its customers quality control of the supply chain using the VeChain Identity (VID) system, which is able to track a specific product using an assigned and non-robust NFC chip, QR code or RFID (wireless) transmitter. VeChain also offers a notary function that allows you to assign ownership rights to each digital asset, including digital currencies. Data in the VeChain network are saved on a durable blockchain medium. Like IOTA, VeChain focuses on development in the field of the Internet of Things (IoT)
** ** Mining
Although the Vechain Thor network is based on the Ethereum source code, there are no miners in it, and the consensus algorithm itself is called Proof of Authority (PoA), which is based on partial network centralization, being a modification of Proof of Stake. Blockchain Thor is based on 101 Authority Masternodes, each of which has been operating since December 2017 and has a min. 25 million VET units. Each user can run his own node, if he has min. 1 million VET and will block them for at least 10 days. In addition, each VET holder receives VHTO (VeThor Token) tokens necessary to make transactions and run smart contracts, as they cover transaction fees. Currently, VET holders receive VHTO in a ratio of 1: 0.000432 each day. Supervisory nodes receive an additional 30% of all network transaction fees.
** ** Summary
VeChain is one of the most recognized blockchain companies in the industry. Not only do they have customers using a functional product, but also a team with extensive experience in the industry they are targeted at.
Working with giants such as PwC and the Chinese government, they should not have a problem with expanding their clientele. Some people may question the transition to a corporate DApp space, but this seems to be beneficial for customers looking for a more reliable blockchain solution for their specific business needs.
** Website: **
Wallets *: *
- Mobile for Android and iOS *
- A desktop
- A desktop
** Hardware wallet **
Ledger Nano S https://shop.ledger.com/?r=fb95c418f05d
White Paper: https://cdn.discordapp.com/attachments/399857333028651009/447803352114266113/VeChainThor_whitepaper_FINAL_v1.0.pdf
Source code: https://github.com/vechain
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