What Is VeChain?
Code : VET Earlier VEN
Type : ERC-20 Token
Category : Supply Chain Management
VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management.
The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain.
The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
Company Founders & Team Behind
Type Of Token
Vechain Is An ERC-20 Token
Vechain Can Be Mined
How does vechain work ?
VeChain blockchain is made on a modified version of the Ethereum Codebase. VeChain adapts its blockchain (called Thor) for enterprise matters. Thor is the core of the VeChain blockchain, which serves as layer for Message Exchange, Key management, And Data Storage. The physical good tracked with VeChain is assigned a Digital Identity created with the SHA256 hash and tracked with NFC, RFID, and QR codes.
VeChain (VET) is a proof-of-token, and VeChain himself states that relatively little computing power is required to achieve network security and maintain user consent. A separate specialty, proof-of-authority, includes authority masternode operators, who maintain the protocol in their own interest in accordance with the rules set by the parent organization, the VeChain Foundation.
To build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers is the objective of VeChain Supply chain. Vechain transaction speed on average is 6 minutes. It does not have a block size limit since it's a dApp. VeChain’s transaction fees are extremely low. The VeChain network can handle up to 10,000 txs per second.
The Board of Steering Committee is the governing frame of the VeChain Foundation.
- Election of new board of Steering Committee
- Fundamental Changes to Consensus Mechanism
- Modification of velocity of generation through holding VET
- Board of the Steering Committee requires for stakeholders voting
Real World Use
For monitoring maintenance, mileage, and anything happening.
With BMW and few vehicle organizations in Europe and Asia.
Can be accessed by used car buyers.
VeChain can be stored in multiple wallets.
Applicable in supply chain e.g. packed food.
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