About VeChain.

 What Is VeChain and How Does It Work?

VeChain is a distributed ledger technology platform that aims to improve supply chain management and business processes. Its aim is to use distributed ledger technology to streamline these processes and information flow for complex supply chains (DLT).

VeChain Token (VET) and VeChainThor Energy (VET) are two different tokens on the Vechain network (VTHO). The former is used to transmit value through VeChain's network, while the latter is used to power smart contract transactions as energy or "gas."

Understanding VeChain -

VeChain's mission is to "create a trust-free and distributed business ecosystem platform to facilitate transparent information flow, efficient collaboration, and high-speed value transfers," according to the company's website.Multiple stakeholders are currently compartmentalising supply chain data for business processes in silos. This has an impact on the flow of information, which is again divided among stakeholders.

The platform can, for example, be used to monitor the consistency, validity, storage temperature, transportation medium, and last-mile delivery of a drug pack or an alcohol bottle from the manufacturing facility to the end user. VeChain achieves this aim by employing smart chips, RFID tags, and sensors that broadcast key information onto the blockchain network, which can be accessed in real-time by approved stakeholders.

Sensors enable all product parameters to be continuously monitored and any issues to be communicated to the appropriate stakeholders.

VeChain's Origins -

Sunny Lu, the former chief information officer (CIO) of Louis Vuitton China, created VeChain in 2015. It began as a subsidiary of Bitse, one of China's largest blockchain firms, and is one of the few blockchains with a large number of existing companies as customers.

The VEN token ran on the Ethereum blockchain at first. In 2018, VeChain rebranded itself and moved to its own blockchain. The VEN blockchain was renamed the VeChainThor (VET) blockchain as part of the rebranding.

VeChain has also collaborated with Renault, developing a digital car maintenance book that cannot be tampered with in collaboration with Microsoft and Viseo, and is the government technology partner for Gui'an, the Central Chinese Government's economic development zone.

The Blockchain Platform of VeChain -

The VeChainThor blockchain platform is a decentralised blockchain designed for "mass adoption by businesses." VET and VTHO are the two tokens available. The VeChain token, or VET, is used to store value or "smart money" created by smart contracts. In other words, VET can be used in decentralised application transactions that take place on VeChain's blockchain. It is open to the general public to invest in.

Protocol for Governance -

Proof of Authority is used as a consensus protocol on the VeChainThor blockchain. Votes are distributed according to this protocol based on VET holdings and disclosure. VET holders with 1 million tokens in their account and no know-your-customer (KYC) credentials are responsible for 20% of all votes, while VET holders with KYC and the same number in their accounts are responsible for 30%.

In VeChain's blockchain, there are 101 master nodes responsible for achieving consensus on transactions. Unlike Bitcoin, which requires all nodes to vote on a transaction before reaching consensus, this method does not require all nodes to vote on a transaction before reaching consensus.