VeChain (VET) Wallet

VeChain Goal

VeChain is a Blockchain-as-a-Service (BaaS) platform that offers hardware and software solutions for businesses and developers. VeChain is based on smart contracts which are focused on real production operations. Basically, it digitizes people, products, or events by linking the API to the system's application layer, connecting the blockchain with real information.

VeChain allows businesses to develop decentralized applications (dApps) to protect and prove the authenticity of their products. New tools support efficient data transfer, track what happens on each chain and streamline the information flow. It makes supply chain management more efficient and transparent while eliminating fake and counterfeit products. Customers get the opportunity to ensure that the products they purchase are authentic and come from original manufacturers.

VeChain History

VeChain was founded in 2015 by Sunny Lu, former CIO of Louis Vuitton, and Jie Zhang.

They held an ICO in 2017 that netted the developers close to $20 million in revenue. Like many other new crypto projects, VET began as an Ethereum-based token before its mainnet – VeChain THOR blockchain – was launched in spring 2018.

In October 2021, VeChain announced the beginning of the "VeVoting" process surrounding the mainnet upgrade which will be focused on implementing PoA 2.0 (Proof of Authority protocol 2.0). Such an upgrade is aimed at improving the mass adoption of blockchain technologies.

VeChain Network

The VeChainThor public blockchain is designed for mass adoption of technologies by businesses of all sizes. VeChainThor allows enterprises to use DApps already built on the blockchain or build their own. It also utilizes the Proof of Authority consensus protocol that distributes the votes according to the amount of VET in possession and whether KYC was completed.

ToolChain is a core part of the ecosystem, which enables blockchain implementation in real-life with use cases for industries such as automobile, fashion, food safety, and others.

The VeChain ecosystem includes not only blockchain tech, but also other top-class technologies. NFC, RFID, and QR codes are used to track goods worldwide.

VeChain Tokenomics

VeChain support the unique two-token system (VET+VTHO). Such an approach significantly helps to separate the cost of using blockchain from market speculation.

VET functions as a value-transfer medium enabling fast value circulation in the VeChainThor ecosystem. VET is used for staking and can’t be mined on the consumer market as the blockchain’s nodes are managed by companies that are a part of the ecosystem.

VeChain Partnerships

The project is recognized globally and it established strategic partnerships with brands such as Kuehne & Nagel, Bayer, Walmart China, BMW, Renault and Shanghai Gas.