Blockchains 101: VECHAIN
Blockchain applied to Supply Chain
VeChain (Tickers: VET & VTHO) is a Blockchain Network applied to disrupt the supply chain industry by providing transparency and reducing friction of existing supply chains management models.
VeChain was Founded in China by Sunny Lu and Jay Zhang in 2015 and did an ICO for its VEN (ERC20) token in September 2017, raising $20 million worth of ETH.
In 2018 the token was migrated from Ethereum to VeChain dedicated blockchain and VEN token rebranded VET.
The VeChain platform aims principally at serving business customers to help them process their dataflow and improve their supply chain processes via the use of Decentralized Ledger Technology (Blockchain) with progressive integrating Internet of Things (IoT) capabilities.
VeChain has a substantial existing customer base among established companies and applies a form of “Blockchain as a Service” (BaaS) model.
The VeChain platform operates a Proof of Authority Consensus algorithm with “Authority Masternodes” mostly controlled by Enterprise clients as entry requirements are high (Full KYC, 25M VETs as collateral, enterprise grade servers).
VeChain governance is managed through a Steering Committee elected by VET stakeholders at regular intervals of time via the non-profit VeChain Foundation.
VeChain relies on a double token system: VeChainThor (VET) and VeChain Thor Energy (VTHO). VET is used to provide value to smart contracts on its blockchain while VTHO is the underlying energy (or gas) used to power transactions and actions on the network with the following characteristics:.
- VTHO are automatically generated in any address containing VET at the speed of 5x10–8 VTHO / VET / block (10s)
- 70% of VTHO paid in each transaction is destroyed and 30% awarded to the Authority Masternode Operator.
Storage and wallets:
Besides being available in most popular hot wallets such as Trust Wallet, Cobo Wallet, Atomic Wallet, Arkane Wallet, MySafeWallet, Guarda or Exodus
Official VET wallets:
- Type: Native Coin + Gas Token
- Total Supply: NI
- Consensus: Proof of Authority (PoA)
- Encryption algo: VRF
- Privacy: Low
- Blocktime: 10 seconds
- Blocksize: NI
- Smart contracts: yes
- Transactions per seconds (TPS): 165 TPS (low)
- Coding languages: multiple
- Open source: Yes
- Whitepaper: https://www.vechain.org/whitepaper/
- Github code: https://github.com/vechain
- Official website: https://www.vechain.org/
- Explorer: https://explore.vechain.org/
- Twitter account: https://twitter.com/VechainThorCom
- Reddit: https://www.reddit.com/r/Vechain/
- Wiki: https://en.bitcoinwiki.org/wiki/Vechain
Telegram community: https://t.me/TradingBull_DA