VeChain is a blockchain focused on providing supply chain management solutions for businesses and individuals. VeChain allows Internet of Things (IoT) to work together with blockchain technology to ensure the legitimacy of products.
VeChain's goal is to use blockchain technology to manage information flows for complex supply chains. The platform was developed in 2015 by Sunny Lu. He was CIO of Louis Vuitton in China. He came across a use case for which no solution had yet been found. Namely, the fashion industry is struggling with many fake products that are difficult to distinguish from authentic branded products. Sunny Lu recognised that blockchain could help solve the problem. That is why VeChain was developed in 2015 as a smart contract platform aimed at verifying authenticity of products and solving problems in the supply chain.
VeChain's blockchain is VeChainThor. The blockchain is secure and can process transactions using the Proof-of-Authority (PoA) consensus algorithm. The VeChain network consists of two tokens that allow the network to continue operating, namely VeChain Token (VET) and VeThor Token (VTHO). VET is used to provide value to the network, while VTHO is used to pay the transaction cost of a transaction. The more complex the transaction is, the more VTHO it costs. For example, a simple transaction from wallet A to wallet B costs 50 VTHO, while executing a smart contract can cost 800 VTHO.
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VeChain's release began in 2017. At the time, VeChain was still an ERC-20 token running on Ethereum's blockchain. The abbreviation was 'VEN' and a total of 1 billion VEN tokens were put into circulation. The distribution was as follows:
Retail investors received 90 million tokens (9%);
Corporate investors received 230 million tokens (23%);
Crowdsale investors received 277 million tokens (27.7%);
The project team received a total of 50 million tokens (5%);
The foundation used 220 million tokens (22%) for network development and over 132 million tokens (13.2%) were burned by the VeChain Foundation.
VeChain's blockchain is built based on a modified version of the Ethereum codebase. The blockchain is optimised for business use. The core of the blockchain is Thor. Thor is the base layer used for messaging, data storage and key management. Applications such as business applications (smart contracts) can be built on top of the Thor layer. A key component of the blockchain is VeChain IDs. This means that all goods tracked using VeChain are assigned their own digital identity. The IDs are created with an SHA256 hash and can be tracked using NFC, RFID and QR codes.
VHTO is a token for a lower transaction fee model issued to owners of VET tokens, based on the amount of tokens they own. VTHO can then be used to pay transaction fees on the network and to execute smart contracts on the VeChain blockchain. While executing a transaction, 70% of the VTHO is burned (removed from circulation) and 30% is given to the Masternode operator who validated the transaction.
A rebranding took place in 2018. VeChain switched from Ethereum's blockchain to its own blockchain called VeChainThor. The VEN were transferred 1:100 to VET coins. This means that for 1 VEN token, you got 100 VET coins. The total number of VEN tokens were multiplied a hundredfold, so the distribution remained the same.
Besides VET, VeThor Token (VTHO) was also introduced, with VET representing the value of the network and VTHO being used to pay transaction fees on the network.
VeChain uses the Proof-of-Authority (PoA) consensus mechanism. This consensus algorithm uses masternodes to validate transactions. Masternodes are selected by the Vechain Foundation and the community after going through Know Your Customer (KYC) processes.
The users of the VeChain blockchain can be divided into users and service providers. By users, you can think of business users such as manufacturers and retailers. Users also include product users (consumers). In short, anyone who is part of the supply chain of a physical product. On the other hand, you have service providers, who build applications such as smart contracts on the blockchain that help improve the supply chain.