This is the official HackerNoon wiki for VeChain. As part of our coin price pages, this living wiki displays on VeChain crypto price page. If you’d like to suggest edits to our official VeChain wiki, please submit them in comment field below, a real human editor will read and review your suggestions for accuracy and publication.
VeChain is a privately held public blockchain that gets its value from activity by members within the VeChain ecosystem solving problems in the real world like verification of supply chain products. The goal of VeChain is to build a distributed business ecosystem that has a transparent flow of information, high-speed transfers of value, and efficient collaboration. The aim of VeChain is to find uses for blockchain technology in the real world by arranging the infrastructure for it.
The platform uses two tokens, the VeChain Token (VET) and the VeChainThor Energy (VTHO) The VET is used to transfer value along the VeChain network while the VTHO is made use of as gas to power VeChain smart contract transactions.
History of VeChain
VeChain was founded by Sunny Lu and Jay Zhang. It is among the oldest and most prestigious dedicated smart contract platforms in the market.
VeChain started out in 2015 as a private company working with different businesses to explore how blockchain can be applied to them. Their transition into a public blockchain started in 2017 with the use of the ERC 20 token VEN. They launched a mainnet in 2018 and used the ticker VET.
VeChain has been able to show boosted traceability, efficiency, and transparency across supply chains and within several kinds of ecosystems and data trails.
Biggest Claim to Fame
VeChain has been able to create a trust-free enterprise structure. Everything can be traced and tracked hence there is no need to have trust in information or communication by various people. By working with auditing consultants such as DNV and PriceWaterhousecoopers, information is free from corruption and miscommunication.
VeChain has managed to partner with some big and very prestigious companies due to its business model and brand. One of the biggest clients VeChain has been able to secure is Walmart China. They announced their collaboration in 2019 to streamline Walmarts product management between the suppliers, stores, and their customers using VeChain’s blockchain network. Other clients include BMW where VeChain is used to prevent fraud in car sales and LVMH where VeChain is used to track leather goods.
The VET platform provides space for NFT ecosystems to flourish. Anyone can build or migrate a project to VTHO. The VeChain platform is a pioneer in connecting NFTs to the real world. It combines decentralized finance and centralized finance to create a balanced platform and value transfers at high speeds.
Biggest Criticism of VeChain
The initial cost of installing the information system and the software required as well as joining the Vechain blockchain is high. The blockchain is used for luxury goods for the most part because of the cost of this.
VeChain gets its value from increased demand for VTHO which leads to increased demand for VET coins. Holders of the VET token can vote on changes to VeChain which include increasing or decreasing the supply of VTHO.
VeChain Team
Sunny Liu is the creator and founder of VeChain. He is an IT executive who was the Chief Information Officer at Louis Vuitton China before he started working on the creation of VeChain.
Jay Zhang is the co-founder of VeChain. He directs the global corporate structure of VeChain, both the governance and financial management aspects of it. He had worked in risk management and financial management in both PriceWaterhouseCoopers and Deloitte before co-founding VeChain
In Conclusion
VeChain has a tangible plan that will sustain the blockchain for the long term. It has business partners who benefit a lot from the technology the platform offers. VeChain has progressed from something that was niche technology to a platform that is very common but has maintained a high enough quality and standard to remain the chosen platform for many large and prominent companies.
This is the official HackerNoon wiki for VeChain. As part of our coin price pages, this living wiki displays on VeChain crypto price page. If you’d like to suggest edits to our official VeChain wiki, please submit them in comment field below, a real human editor will read and review your suggestions for accuracy and publication.