VeChain - the blockchain solution for business
VeChain is a blockchain development project offering a proof of authority (PoA) blockchain for various businesses to use. This Shanghai-born company has proven to be usable in various sectors as it's being adapted by a number of companies and projects worldwide. In this article, you'll read about the strengths and trivia of this crypto.
The compact history of VeChain
VeChain is a blockchain project established in 2015. The goal of VeChain is to offer a blockchain solution for a wide array of businesses; from anti-counterfeiting to supply chain management. The blockchain developed by VeChain is known under the name “VeChainThor” blockchain.
VeChain was initially introduced as a part of a Shanghai-based BaaS company (Blockchain-as-a-Service) BitSE. To this day, the Vechain Foundation operates from Singapore overseeing the development and governance of the VeChain ecosystem. VeChain is also forming strong competition in the challenging Chinese market despite its Singapore-based origins.
VeChain is not known for only big plans but also for practicing what the project preaches. What comes to actual real-world business applications, there is plenty of them. According to VeChain’s Whitepaper 2.0, the solutions this blockchain offer are not only theoretical but also tested with over 700 enterprises as well as implemented by many big companies. VeChain has also shone in terms of certificates, as the VeChain parent body has received 5 star rating for it’s blockchain service from TÜV Saarland, a European certification body.
VeChain software trivia
The VeChainThor blockchain is a smart contract supporting a business-use blockchain platform. VeChain’s blockchain has a Blockchain-as-a-Service (BaaS) product known as “ToolChain” that enables the blockchain-based solutions to function in conjunction with each business’ needs. A single transaction on VeChain’s blockchain can execute multiple tasks. Hence, applicability and scalability are advantages of VeChain, as they’re crucial in various business implementations.
Interestingly, VeChain’s app enables users to perform transactions without holding any crypto. This is a big pro for average users improving the user experience. However, having crypto is necessary for the blockchain’s Authority Masternodes that play a crucial part in transaction confirmation. This is due to VeChainThor’s Proof of Authority (PoA) consensus where instead of staking coins, block validators stake their reputation.
VET and VTHO, the VeChain tokens
VeChain actually has two tokens known as VET and VTHO. These tokens have been created for their own separate functions; VET (standing for VeChain Token) works as a financial transaction token to be used on the network, whereas VTHO (abbreviation of VeThor Token) is used to pay for transactions (comparable to gas on the Ethereum network). VET ownership enables the owner to generate VTHO.
The future of VeChain
Besides VeChain having exciting prospects as the go-to blockchain solution for a wide array of businesses, there is more. The blockchain is already in relatively widespread use, making the software an interesting alternative in the future. What is more, VeChain is known for its deep ties to China, which is a pretty big deal knowing the general crypto climate in the country and especially the struggle non-Chinese blockchain development projects often face. So this potential market is an advantage for VeChain.
There are also pretty big plans for possible applications of VeChain. VeChain offers, for instance, interesting prospects in the field of supply chain management. One intriguing use case in this field is food safety, as VeChain could genuinely enhance transparency in the global food economy. VeChain would rely on the Internet of Things (IoT) to keep track of the product journey. Other important use cases include reliable and safe storage of health records, anti-counterfeiting in luxury goods, and tracking carbon emissions by raising awareness of individual carbon emissions by tracking carbon-emitting activities.