VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology (DLT). It has a Proof of Authority agreement mechanism wherever Authority Master nodes, tied to legitimate identities, validate and build blocks. The block confirmation process happens in an exceedingly three-phase process, where a simple fraction of nodes must agree to ensure a new block.
VeChain has two tokens: VeChain Token (VET) and VeThor Token (VTHO). VTHO is distributed in block rewards, has an infinite supply, and is used to pay transaction fees. VET, however, has a mounting supply of $86 billion. Users hold the token to transfer value on the blockchain after interacting with smart contracts and dApps.
VeChain was founded in 2015 by Sunny Lu, the previous chief information officer (CIO) of Louis Vuitton China. It started as a subsidiary of Bitse, one of China’s largest blockchain companies, and is among the few blockchains that have already got a substantial customer base among established companies.
One of the most necessary facts to notice about the development of Vechain is that its roots could be traced to the discussion between Sunny and Vitalik Buterin, the founder of Ethereum, via the founding father of Fenbushi Capital in 2015. This discussion is what birthed and opened Sunny’s imagination to smart contract innovation. At the very beginning of VeChain’s development, its permission blockchain was engineered to mimic Ethereum. Soon, Vechain got its initial client from Sunny’s former place of work, which informed VeChain's price and the start of Vechain proper.
VeChain plans to achieve this secure supply chain management scheme via the strategy of asset digitization. This will permit manufacturers, supply chain partners, and even consumers, to track the movement of products through their supply chain.VeChain makes use of its VeChain Identity (VID) technology, to mark and track a product.
VeChain is lowering the barrier and enabling established businesses with blockchain technology to make worth and solve real-world economic issues has been clear from the very beginning.
VeChain Thor is a public blockchain that's designed for the mass adoption of blockchain technology by businesses of all sizes. It is intended to serve as the foundation for a sustainable and scalable business blockchain system.
These technologies include the Proof-of-Authority (“PoA”) consensus rule, meta transaction features, protocols of dealing fee delegation, on-chain governance mechanism, inbuilt smart contracts as well as tools for developers.
PoA 1.0
The Proof-of-Authority consensus is an accord algorithm that demands nodes to be authorized in order to participate within the blockchain consensus.
PoA uses the heaviest chain rule to see the canonical chain, or in different words, the “trunk”. When forming a new block, the round leader will add the number of active consensus nodes, observed domestically, to the total score of the latest block on the trunk and store the result in the new block. Other nodes have to agree on the value to simply accept the block.
PoA 2.0
VET have been working on the next-generation PoA that will address some issues and provide the needed security and stability to support the ever-growing on-chain business activities on the VeChain Thor blockchain. As the outcome work, the new PoA will deliver:
1. Absolute finality (or safety guarantee) on blocks and transactions.
2. Significant reduction of the platform's risk of being temporarily disrupted, which will result in better stability of blockchain service.
3. Faster-converging probabilistic finality, which will result in faster transaction confirmation for applications.
The ecosystem is shaped by applications and new connections like dots and links. The mission of VeChain Thor Blockchain is to make and facilitate a lot and more applications with business values together with business owners. The VeChain Thor platform is going to be the carrier for this, with robust core blockchain infrastructure, matching public services and tools, and devotion from everyone in the community including the VeChain Foundation, enterprises, and people.
A unique blockchain audit service, running and expanding with a world-famous accounting firm provides blockchain audit services such as overall health situations, smart contract status, project, and business application status. The fundamental spirit of the VeChain Thor platform is open and sharing.
VeChain operates on a two-token economy. The first token is the VeChain token (VET). Each VET generates a fixed amount of VeChain Thor (VTHO) tokens over time, which can then be used for paying transaction costs. Each VET generates a total of 0.000432 VTHO per day. This means you would need around 2,300 VET to earn 1 VTHO per day.
| DATE | NEWS AND EVENTS | IMPACT |
| 07/05/2022 | TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath | -40% Decrease |
| 08-11-2021 | USA custom sneakers' marketplace adopts VeChain’s Blockchain | 21% Increase |
| 19-05-2021 | VeChain strategic partners alliance with China Unicom | 62% Increase |
VeChain has accomplished various goals since its advent in 2016, net the launch of its main internet, the introduction of VET tokens, the VeVote platform, and the launch of solutions for industries like food & safety, supply chain, automobile, retail, NFTs, and agriculture, as the next major upgrades, the platform has implemented the second iteration of PoA (proof of Authority) agreement and the preparation of the decentralized voting platform, VeVote. The network includes a well-defined technical roadmap to follow for future development and advancement of the VeChain Thor Blockchain ecosystem.
VeChain