Carefully! Lots of text.
VeChain provides blockchain solutions to companies around the world.
With a variety of industry blockchain applications ranging from supply chain management to anti-counterfeiting to carbon credit management, their systems have already been tested in the real world. VET is VeChain's native coin, and VTHO is a gas token that is used for transactions on the VeChainThor blockchain (like gas in Ethereum).
Introduction
VeChain was founded in 2015 and provides business solutions based on its VeChainThor blockchain. She has strong, deep ties to businesses in China and is committed to further strengthening these relationships.
What is VeChain (VET)?
VeChain is a distributed business ecosystem based on blockchain. It was introduced in 2015 as part of BitSE, a Shanghai-based BaaS (blockchain as a service) company. VeChain helps both small and large companies, and its public blockchain is called VeChainThor.
The management and development of the VeChain ecosystem is controlled by the Singaporean organization Vechain Foundation.
VeChain is a fairly mature company; many business applications are already running on the VeChainThor blockchain. According to the VeChain Whitepaper 2.0, “these solutions are not just theoretical - they have been tested and reviewed by more than 700 businesses and have already been implemented in more than 100 companies.”
VeChain's parent company has received a five-star blockchain service certification from TÜV Saarland, a European certification service.
How does VeChain (VET) work?
The VeChainThor blockchain works similarly to other blockchain platforms for business. Companies use VeChain's full-featured Blockchain-as-a-Service (BaaS) product called ToolChain to build their blockchain solutions. VeChainThor also supports smart contracts.
Each transaction on the VeChainThor blockchain can perform multiple tasks. Additionally, VeChain users do not need cryptocurrency to complete transactions. It is maintained by the application administration to make the user experience even more convenient.
The VeChainThor blockchain uses a Proof of Authority (PoA) consensus, which delegates authority to certain nodes on the blockchain to confirm transactions. This means that it transmits blocks of transactions only through governance masternodes, which must hold at least 25,000,000 VET.
What are VET and VTHO?
VET and VTHO are two separate VeChain tokens.
VET (VeChain token) is used for financial transactions on the VeChainThor blockchain, as well as for market speculation.
VTHO (VeThor Token) is an “energy token” that is used to conduct transactions on VeChainThor. VET holders can generate VTHO for use on the VeChainThor blockchain.
Importance of VeChain (VET)
VeChain is known for its close cooperation with China, the most promising blockchain market, which is extremely difficult for non-Chinese companies to enter. VeChain is headquartered in Singapore and has an office in Shanghai. The company receives investments from Chinese venture capital firm FutureCap and Chinese CEO Sunny Lu. The project is also collaborating with several Chinese government bodies, including the China Alliance for Animal Health and Food Safety.
The organization also has many business partners using VeChainThor blockchain solutions. These include: PriceWaterhouseCoopers (PwC), Walmart China, Renault and Shanghai Waigaoqiao Direct Imported Goods.
Examples of using VeChain (VET)
Let's look at some of the most common uses of VeChain technology (although this is not a complete list). You can find more examples in VechainWorld's Dapps library.
Food Safety
Blockchain-based solutions could lead to a more transparent food economy around the world.
Internet of Things (IoT)-enabled devices can be deployed across the supply chain—products, vehicles, and warehouses. Environmental and location data from these devices is then uploaded, verified, and stored in a decentralized manner on the VeChainThor blockchain. Similar solutions are already in place in several companies, including Shenzhen Yuhongtai Foods.
Fight against counterfeit products
Counterfeits in the luxury goods market are a serious problem. By using an encrypted chip along with a chip to record and track logistics, warehousing, servicing and resale, owners can be confident of the authenticity of such items. The method has already been used to track high-end wines at Shanghai Waigaoqiao Direct Imported Goods, as well as Renault car components in testing.
Medical data
Current healthcare data storage systems are outdated. Instead of using inefficient and insecure systems for recording laboratory results, this data can be stored on a blockchain and only accessible to patients and authorized individuals. The E-HCert application powered by VeChain will be deployed at the Mediterranean Clinic in Cyprus and Aretaeio Hospital in 2021.
Carbon tracking
By tracking carbon emissions, this solution allows customers to participate in reducing their carbon footprint.
If smart devices, such as cars or home appliances, record that the owner emits less carbon, they can receive rewards for use in energy services. BYD, a Chinese electric vehicle brand, is already using this Vechain solution.
➟ Thinking about where to start working with cryptocurrencies? Buy Bitcoin (BTC) on Binance!
How to store VeChain (VET)
You can store VET and VTHO, as well as several other crypto assets, in the official VeChainThor light wallet on iOS or Android. The company also offers a desktop wallet, VeChain Sync, which can be used with Ledger for cold wallet storage.
In addition, VET and VTHO can be stored in the following third-party wallets: Trust Wallet, Cobo Wallet, Atomic Wallet, Arkane Wallet, MySafeWallet, Guarda Wallet, Ellipal and Exodus.
Summary
VeChain is a very ambitious company with an already strong position in the Chinese market.
Thanks to projects for large companies that have switched to the VeChainThor blockchain, the company has proven the effectiveness of its products in creating blockchain applications.
Still have questions about VeChain? Visit our Q&A Ask Academy platform where the Binance community will answer them.