VeChain (VET) is an enterprise-grade L1 smart contract platform known for its versatility and innovative solutions. Originating as a private consortium chain in 2015, VeChain transitioned to a public blockchain in 2017 with the ERC-20 token VEN, eventually launching its own mainnet in 2018 under the ticker VET. The platform utilizes distributed governance and Internet of Things (IoT) technologies to address data challenges in various industries, including medical, energy, food & beverage, sustainability, and SDG goals.
By facilitating trustless data sharing among multiple participants, VeChain aims to serve as the digital backbone for the fourth industrial revolution. It operates using two tokens, VET and VTHO, which manage value creation on the VeChainThor public blockchain. Through enhanced efficiency, traceability, and transparency, VeChain has demonstrated its capability to revolutionize data management and supply chain processes, notably in initiatives targeting UN SDGs such as those in San Marino.
How does Vechain Work?
VeChain operates on the VeChainThor blockchain, employing a Proof of Authority consensus mechanism. It utilizes two tokens, VET and VTHO, with VET serving as the native cryptocurrency and VTHO used for transaction fees.
Integrated with IoT devices, VeChain enables real-world data tracking and tracing, enhancing transparency and authenticity verification in supply chains. Smart contracts automate transactions, while distributed governance involves stakeholders in network decision-making.
This combination facilitates efficient, transparent, and secure data management across industries.
About Vechain Foundation
