Blockchains 101: VECHAIN

Blockchain applied to Supply Chain

Introduction

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.

VeChain Logo

In 2018 the token was migrated from Ethereum to VeChain dedicated blockchain and VEN token rebranded VET.

Description

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 Authority Masternodes Infrastructure

VeChain governance is managed through a Steering Committee elected by VET stakeholders at regular intervals of time via the non-profit VeChain Foundation.

Supply model

  • 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.
VeChain Ecosystem

Storage and wallets:

Official VET wallets:

Technical specificities:

  • 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

Documentation:

TradingBull.io

Telegram community: https://t.me/TradingBull_DA

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