Review Vechain($VET) – Everything you need to know about it.

March 31, 2022 - Around 5 mins mins to read

What Is Vechain

VeChain is a platform built to provide a holistic solution to businesses looking to improve their efficiency and develop new ways to do business and manage their operations. To help it accomplish this, VeChain has built a wide range of tools and features that make it an attractive option for businesses.

How Does It Work?

VeChain utilizes a variety of technologies to accomplish its goal to streamline the supply chain sector. For example, VeChain uses various types of Radio Frequency Identification (RFID) tags and sensors to monitor critical data during shipment. This information is broadcast in real-time across the blockchain.

Internet-of-Things (IoT)

VeChain is a pioneer in the integration of IoT and DLT technologies. Keenly, VeChain was built from the ground up with IoT integration in mind. The Internet-of-things refers to the network of billions of smart devices currently in use globally. All of these devices are smart because they possess some sort of sensor and ability to communicate data online. Today, these devices encompass an unbelievable array of stuff, from TVs to doorbells, to the phone you are holding in your hand right now.

History of VeChain

VeChain went from the drawing board and into reality in 2015 with the goal to disrupt the supply chain industry by making data actionable and transparent. The project’s creator, Sunny Lu, was best known for his executive work with Louis Vuitton China before this venture. You have to imagine that dealing with all of the supply chain issues facing clothing manufacturers face helped inspire him to develop this unique system.

Dual Token

VeChain did borrow one thing from Ethereum, its dual token strategy. In this style of blockchain ecosystem, one token serves as the public investment and/or digital cash and the other is for smart contract execution and programming. Examples of this style of backend token are Ethereum’s ether and NEO’s GAS.

Outstanding Features

Features of VeChain (VET)

Being a Decentralized Application (DApp), one of the innovations VeChain brings to a table is Proof of Authority (PoA). The PoA algorithm implements in-platform tokens as gas to energize the system, so enterprises can expect more time-sensitive and secured transactions across the blockchain network.

VeChain ToolChain

To make Small and Medium Enterprises (SMEs) stay ahead of the market, VeChain put in its hard effort and launched VeChain ToolChain™, an advanced-coded software to assist SMEs and other businesses in quickly incorporating blockchain technology into their business model.

With VeChain ToolChainTM, medium-sized firms can eliminate a time-consuming and expensive operating process while also enhancing their supply-chain management. As a comprehensive corporate solution, the system offers a package of services such as data storage, data validation, product traceability, and many more to assist businesses in achieving competitive advantage.

Proof of Authority (PoA)

Proof of Authority (PoA), one of VeChain’s prominent features, is a consensus model that integrates blockchain technology with advanced algorithms to maintain transparent, time-oriented, and reliable users’ experiences. The system of PoA uses ‘Nodes’ to help participating entities validate all transactions in the blockchain network.

VeChainThor Blockchain

To make NFTs more widely adopted in the market, VeChainThor has integrated VIP-180 Standard to allow users to safely transfer tokens to 3rd parties’ chains and integrate legal entities into a decentralized solution.

As a public blockchain, every business can now sustainably boost their business efficiency along with the VeChainThor ecosystem. In particular, PoA 1.0 & 2.0 are also excellent examples of how VeChainThor can significantly transform commercial transactions and make them safer than they’ve ever been.

Technical Data

Token Metrics

VeChain has two separate tokens: VET and VTHO.

VET (VeChain Token) is used for financial transactions on the VeChainThor blockchain and market speculation.

VTHO (VeThor Token) is the “energy token” that’s used to conduct transactions on VeChainThor. VET owners can generate VTHO for use on the VeChainThor blockchain.

VET Token

Token Name: VechainThor
Ticker: VET
Blockchain: VechainThor
Token Standard: VIP180, VIP181.
Block generation time: 10s
Transaction speed: 10,000 TPS
Total Supply: 86,712,634,466 VET
Circulating Supply: Updating.

VTHO Token

Token Name: Vethor
Ticker: VTHO
Token Standard: VIP18
Blockchain: VechainThor
Contract: 0x0000000000000000000000000000456E65726779
Total Supply: 35.790.195.546 VTHO
Circulating Supply: Updating.

Token Allocation

Private investors received 90 million tokens (9%); now 9 billion VET
Enterprise investors received 230 million tokens (23%); now 23 billion VET
Crowdsale investors purchased 277,162,634 VEN (27.7%); now 27,716,263,400 VET
The VeChain Foundation burned 132,837,366 VEN as part of the token sale refund process (13.3%)
Project team members received 50 million tokens (5%); now 5 billion VET
The Foundation gave themselves 220 million VEN (22%) for operations and development expenses; now 22 billion VET

Token Sale

Updating.

Token Release Schedule

Token Use Case

Backers

Team

Vechain is developed by a team of experts from various industries including blockchain technology, business and finance. The main members of the group include:

Sunny Lu: CEO (CEO), he was previously a co-founder of BitSE (a Chinese software company that has created other famous projects like QTUM), and before that Sunny was CTO and CIO (Chief Technology Officer) of a famous fashion house Louis Vuitton in China branch.
Richard Fu: Chief Marketing Officer (CMO)
Chin Qian: Sales Manager (CSO)
Jay Zhang: Chief Financial Officer (CFO)
Scott Brisbin: General Counsel
Jerome Grilleres: Business Development

Advisory Board

Investors

Updating.

Verdict

VeChain is considered a mature company by some, with many real-world business applications already existing on the VeChainThor blockchain. As the VeChain Whitepaper 2.0 states, “these solutions are not just theoretical, they are solutions tested and discussed with over 700 enterprises and implemented for over 100+ fortune level enterprises.”

Find more information about: Vechain

Website: https://www.vechain.org/

Whitepaper: https://docs.vechain.org/

Twitter: https://twitter.com/vechainofficial

Telegram: https://t.me/vechain_official_english

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures

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Review Vechain($VET) – Everything you need to know about it.

What Is Vechain