VeChain (VET) is an enterprise-grade L1 smart contract platform that seeks to leverage distributed governance and Internet of Things (IoT) technologies to create an ecosystem that addresses major data challenges for various global industries. The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and acts as the store of value and value transfer medium, while VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This dual-token system is designed to avoid fee fluctuations and network congestion. VeChain was founded by Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China, and Jay Zhang, who previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.

VeChain operates using an identifier system known as VeChain IDs, which are assigned to products and tracked at each step of a supply chain, creating an environment for all parties involved. The platform seeks to provide stakeholders with detailed information about products and business processes, thereby increasing market transparency and making international trade more efficient. VeChain software allows enterprise developers to create and run decentralized applications (dApps), offering a higher level of services and goods. The project also uses proprietary solutions and developments, including ToolChain, My StoryTool, the VeChainThor blockchain, and Internet of Things (IoT) technology to facilitate processes.

VeChain aims to improve upon traditional business models, particularly in the supply chain industry. By using transparent technology with no single point of control, VeChain seeks to provide greater security, efficiency, and ease of tracking for all kinds of data, while reducing costs through trustless automation via smart contracts. The platform has wide appeal to many different clients and industries, with potential use cases in carbon, supply chain, international logistics, incentivized ecosystems, automobile passports, and more. VeChain's blockchain was designed to simplify supply chain management processes by making inventory tracking more transparent. The platform itself is based on distributed ledger technology to streamline operations and process a flow of information for complex supply chains.

VeChain began in 2015 as a private consortium chain, working with a host of enterprises to explore applications of blockchain. The transition to a public blockchain began in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET. VeChain aims to enhance efficiency, traceability, and transparency across data trails, supply chains, and within various kinds of ecosystems. VeChain is an established smart contract platform with a history of serving enterprise clients. The VeChain network uses a Proof of Authority (PoA) consensus mechanism, which requires relatively low computing power to achieve network security.

VeChain aims to offer improvements within supply chain management and business processes. It utilizes a unique dual-token system and a proof of authority consensus model to address common issues of transaction speed and scalability. VeChain integrates Internet of Things (IoT) with blockchain technology, fostering innovative solutions for the logistics sector. It allows devices like RFIDs to communicate via traditional pathways, but now feed their gathered data to the VeChain blockchain. This data is then secured and validated through nodes, intending to provide a level of protection. VeChain also strikes a balance between centralization and decentralization, empowering practical applications of blockchain technology across various industries like logistics, supply chain, and Software as a Service (SaaS). It provides a transparent and open information exchange that uncovers true value, potentially reducing trust-related costs. This results in enhanced efficiency and more economical business operations. VeChain seeks to influence the landscape of blockchain application in businesses, potentially making it a useful tool for supply chain management and traceability.

VeChain operates on a unique dual-token system that includes VeChain Token (VET) and VeThor Token (VTHO). VET is the primary token of the VeChain network, facilitating interactions within the ecosystem. It serves as a medium for conducting operations, encouraging participation, and enabling interactions. VET is also utilized in VeChain's governance model, allowing token holders to participate in decision-making processes regarding network upgrades, protocol improvements, and community initiatives. On the other hand, VTHO is the utility token of VeChain, fueling the execution of smart contracts on the platform. It ensures the accuracy and integrity of the operations recorded on the blockchain. VTHO is also used in processing operations on the VeChain network, with a certain amount required for operation execution. This dual-token system strives to provide a stable environment where fluctuations in the value of digital assets won't dramatically affect the usage of the network.

VeChain aims to enhance transparency, traceability, and security across various industries. It uses decentralized applications (dApps) to address diverse industrial applications, from healthcare to supply chain management, energy, and sustainability. In supply chain management, VeChain dApps aim to improve transparency and traceability by implementing unique tracking systems that allow consumers and stakeholders to verify product authenticity at every stage of the supply chain. In the energy and sustainability sector, VeChain's dApps aim to trace the origin and production of renewable energy, streamline carbon credit issuance, and support efforts to reduce emissions. In healthcare, VeChain's dApps aim to safeguard medical records and uphold data authenticity, while also aiming to contribute to drug verification and countering counterfeiting. VeChain's dApps provide tools for bolstering product verification and thwarting counterfeiting endeavors in various sectors.

VeChainThor blockchain is designed with scalability in mind. It uses a unique feature called "Clauses" which allows a single transaction to carry out multiple tasks. This feature is intended to support scalability and facilitate complex transactions, providing a more in-depth view of the tasks processed by the VeChainThor blockchain, beyond the transaction volume. VeChainThor employs a Proof of Authority consensus mechanism, which aims to provide high scalability and throughput. The platform's governance model, which is continuously fine-tuned, also contributes to its scalability. The VeChainThor blockchain is designed for rapid innovation, featuring an on-chain governance model where node holders can vote on VeChain improvement proposals through a structured process, reducing contentious hard-forks and streamlining network upgrades. This combination of features is intended to support VeChainThor in processing a large number of transactions.

Yes, developers have the ability to build decentralized applications (DApps) on the VeChainThor blockchain. VeChain provides a toolkit, known as the VeChain dApp Kit, which is designed to aid in the development process of DApps on the VeChainThor blockchain. This toolkit offers a range of features to assist in the development process, including simplified wallet management, UI components, and integration with various languages and frameworks such as TypeScript, Vanilla JS, React, Vue, Angular, Svelte, and Next.js. VeChain also provides Connex, a standard interface that connects DApps and users with the VeChainThor blockchain. This interface enables online blockchain interaction, allowing developers to create, sign, and broadcast transactions to the VeChainThor blockchain network.

VeChain employs a multi-layered approach with the intention of ensuring the security and integrity of data recorded on its blockchain. It uses a proof-of-authority (PoA) consensus mechanism, which has evolved from PoA 1.0 to PoA 2.0, with the intention of addressing scalability, security, and data finality. The PoA consensus relies on Authority Masternodes for block validation, with the intention of addressing efficiency and energy consumption. VeChain also uses meta-transaction features that aim to make the development user-friendly, including multi-party payment, controllable transaction lifecycle, multi-task transaction, and transaction dependency. These features aim to manage the gas fees necessary to use the network and ensure that the execution order satisfies the business need. VeChain's model incorporates community engagement through tokenholder voting, with the aim of enabling wider participation in key governance decisions. The VeChain ecosystem comprises two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is the primary token for carrying value within the ecosystem, enabling transactional activities and stakeholder voting, while VTHO is used as the energy or "gas" to power transactions and smart contracts on the VeChainThor blockchain. This dual token system is designed with the intention of decoupling the cost of using the blockchain from the market price of VET, with the aim of stabilizing transaction costs and facilitating resource allocation within the ecosystem.

VeChain has been adopted by various industries for its unique features and real-world applications. One of its use cases is in supply chain management. VeChain's blockchain technology aims to allow businesses to track and verify products throughout the supply chain, striving to ensure transparency and authenticity. This is particularly applicable in industries such as food safety, pharmaceuticals, and luxury goods where product quality and safety are paramount. Another use case is in the luxury goods industry to combat counterfeiting. Luxury brands can aim to use VeChain's blockchain to verify their products' authenticity, intending to protect their reputation and ensure customers are purchasing genuine products. VeChain has been integrated into various digital asset platforms, allowing users to engage with VeChain-based projects. VeChain's blockchain technology is used to trace products in various industries. Its VeThor Token (VET) is part of its ecosystem, which is used within its platform.

Yes, both individuals and businesses can participate in staking on the VeChainThor blockchain. Staking involves holding or locking up a certain amount of VeChain Token (VET) to support the network's operations and in return, participants receive VeThor Token (VTHO) as a non-monetary incentive. The unique aspect of VeChain's staking process is that there's no need to lock up your tokens or hold a minimum amount to start receiving VTHO. By simply holding VET in a supported wallet, you automatically facilitate the receipt of VTHO. The amount of VTHO you receive depends on the number of VET tokens you hold. The process of staking VeChain involves acquiring VET tokens, transferring them to a supported wallet, and then simply holding them in your wallet. The VET tokens in your wallet are intended to facilitate the receipt of VTHO at a specific rate.

VeChain's governance system aims to foster transparency, trust, and operational efficiency. The VeChain Foundation, composed of various constituents, is tasked with facilitating the operation of VeChain's governance system. The Foundation's Steering Committee Board, elected by stakeholders with voting authority, serves as the primary governing body. It is responsible for examining, approving, and monitoring the Foundation's key technical, financial, strategic, and business-related activities. Stakeholders with voting authority, including Authority Masternodes, Economic X Nodes, and Economic Nodes, participate in the governance process by voting on critical issues surrounding the development of the VeChainThor blockchain and the VeChain ecosystem. VeChain Improvement Proposals (VIPs) are used by the VeChain development team, the VeChain Foundation, and global community members to propose upgrades for different aspects of the VeChainThor Blockchain and VeChain ecosystem. This democratic and balanced structure is designed with the intention of valuing autonomy and pursuing self-governance.