Hey there, it’s Pepe here! Let’s take a fun hop into the world of VeChain and see what makes this blockchain platform tick. Ribbit!
What’s VeChain?
Alright, imagine a world where every part of the supply chain is transparent, efficient, and smooth as a frog’s jump. That’s VeChain for ya! It’s a blockchain platform aimed at enhancing supply chain management and business processes through distributed ledger technology (DLT).
The Tokens: VET and VTHO
VeChain has two main tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is like the currency, used to transfer value across the network. VTHO, on the other hand, is the fuel, or “gas,” used to power transactions on the blockchain.
Key Takeaways
- Enterprise Blockchain: VeChain gives businesses a full view of their operations by breaking down data silos.
- IoT and ICOs: It aims to be a leading platform for initial coin offerings (ICOs) and transactions between IoT devices.
- Two Tokens: VET for value transfer and VTHO for powering transactions.
Understanding VeChain
VeChain’s mission is to create a “trust-free” business ecosystem with transparent information flow, efficient collaboration, and quick value transfers. Supply chain data often gets stuck in silos, making it hard to get the full picture. VeChain’s blockchain breaks down these barriers and lets data flow freely and securely.
How VeChain Works
- Smart Chips and RFID Tags: VeChain uses these to track products in real-time.
- Real-Time Monitoring: Parameters like quality, authenticity, and storage conditions are constantly monitored and broadcasted on the blockchain.
- Example: Imagine tracking a medicine pack from the factory to the customer, ensuring it’s stored at the right temperature the whole way. If something goes wrong, everyone involved gets notified instantly.
History of VeChain
Founded in 2015 by Sunny Lu, VeChain started as a subsidiary of Bitse, one of China’s largest blockchain companies. Initially, it used the Ethereum blockchain with the VEN token. In 2018, it rebranded and launched its own blockchain, VeChainThor (VET).
VeChain’s Blockchain Platform
The VeChainThor platform is designed for mass business adoption and uses a two-token system:
- VET: Carries value and is used for transactions.
- VTHO: Powers transactions and is generated by holding VET.
Governance Protocol
VeChain uses Proof of Authority (PoA) for consensus. Here’s how it works:
- Master Nodes: There are 101 master nodes that validate transactions.
- Economic Master Nodes: These nodes hold VET and are used to check the power of validating nodes.
- Votes: Distributed based on VET holdings and KYC credentials.
Real-World Applications
VeChain’s got some cool real-world uses:
- Product Verification: Partnered with PwC to improve product verification and traceability.
- Digital Car Maintenance: Teamed up with Renault, Microsoft, and Viseo to create a tamper-proof digital car maintenance book.
- Government Tech Partner: Working with Gui’an, an economic development zone in China.
Conclusion
So there you have it! VeChain is all about making supply chains transparent and efficient using blockchain technology. With its dual-token system and real-world applications, it’s helping businesses leap into the future. Ribbit!
Links:
https://vechain.org/
https://t.me/vechainandfriends/
https://discord.com/invite/vechain
https://twitter.com/vechainofficial?lang=en
https://www.tiktok.com/@vechain_official