VeChain (VET) is a blockchain-powered supply chain platform, used to make supply chain management simpler and solve many of the problems traditionally faced.
What is VeChain?
- VeChain (VET) is a blockchain-powered supply chain platform.
- VeChain (VET) is a proof-of-stake token, and VeChain itself explains that relatively low computing power is required to achieve network security and maintain user consensus.
- VeChain has two in-house tokens: VET, used for payment transactions in VeChain’s system, and VTHO, used for providing fee payments as a “gas token.”
- The main focus of VeChain is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
|Token Type/Protocol||VeChain protocol|
|Total Token Supply||86,712,634,466|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||2015|
|Can it be mined?||No|
Who is behind VeChain?
Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China, together with Jay Zhang, formerly worked in the finance and risk management sphere, co-founded VeChain, with its “trust-free” structures in June 2016.
What is the purpose of VeChain?
VeChain aims to create an ecosystem that addresses some of the major problems with supply chain management with Internet of Things (IoT) technology.
- VeChain records what happens at every stage of the supply chain. It combines physical tracking with blockchain records to keep tabs on real-world products from production to delivery, helping to prevent fraud and increase transparency.
- Vechain uses Tracking Sensors to keep tabs on what happens at each stage of the supply chain. Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking products in a given supply chain, while reducing cost through trustless automation.
- VET can also be used to generate 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.
- VeChain is not completely decentralized, as it has partial centralisation which means the structures rely on one individual (or entity) to make decisions and provide direction for the network.
- Although VeChain addresses some of the issues to do with verifying genuinity of goods, provenance, and traceability, VeChain cannot overcome inherent supply chain issues, such as trying to increase manufacturing bandwidth when fixed capital takes time to set up, or raw material shortages.
News and Updates
- The VeChain Foundation – the parent organization of Vechain – laid down rules to involve authority masternode operators maintaining the protocol in their own interest and implemented a separate feature, proof-of-authority.
- VeChain has been using innovative technology by removing concerns of data tampering and lowering the risk of safety error throughout the entire supply chain. VeChain’s experience working with clients such as Walmart China and its subsidiary, Sam’s Club.
- VeChain announced VeVote for SURFACE (PoA 2.0) upgrade, standing for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension. The upgrade enhances finality and data security of the blockchain.
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