VeChain is a platform built to provide a holistic solution to businesses looking to improve their efficiency and develop new ways to do business and manage their operations. To help it accomplish this, VeChain has built a wide range of tools and features that make it an attractive option for businesses.
What is the project trying to achieve?
VeChain utilizes a variety of technologies to accomplish its goal to streamline the supply chain sector. For example, VeChain uses various types of Radio Frequency Identification (RFID) tags and sensors to monitor critical data during shipment. This information is broadcast in real-time across the blockchain.
VeChain is a pioneer in the integration of IoT and DLT technologies. Keenly, VeChain was built from the ground up with IoT integration in mind. The Internet-of-things refers to the network of billions of smart devices currently in use globally. All of these devices are smart because they possess some sort of sensor and ability to communicate data online. Today, these devices encompass an unbelievable array of stuff, from TVs to doorbells, to the phone you are holding in your hand right now.
History of VeChain
VeChain went from the drawing board and into reality in 2015 with the goal to disrupt the supply chain industry by making data actionable and transparent. The project’s creator, Sunny Lu, was best known for his executive work with Louis Vuitton China before this venture. You have to imagine that dealing with all of the supply chain issues facing clothing manufacturers face helped inspire him to develop this unique system.
VeChain did borrow one thing from Ethereum, its dual token strategy. In this style of blockchain ecosystem, one token serves as the public investment and/or digital cash and the other is for smart contract execution and programming. Examples of this style of backend token are Ethereum’s ether and NEO’s GAS.
What is unique selling point?
Being a Decentralized Application (DApp), one of the innovations VeChain brings to a table is Proof of Authority (PoA). The PoA algorithm implements in-platform tokens as gas to energize the system, so enterprises can expect more time-sensitive and secured transactions across the blockchain network.
To make Small and Medium Enterprises (SMEs) stay ahead of the market, VeChain put in its hard effort and launched VeChain ToolChain™, an advanced-coded software to assist SMEs and other businesses in quickly incorporating blockchain technology into their business model.
With VeChain ToolChainTM, medium-sized firms can eliminate a time-consuming and expensive operating process while also enhancing their supply-chain management. As a comprehensive corporate solution, the system offers a package of services such as data storage, data validation, product traceability, and many more to assist businesses in achieving competitive advantage.
Proof of Authority (PoA), one of VeChain’s prominent features, is a consensus model that integrates blockchain technology with advanced algorithms to maintain transparent, time-oriented, and reliable users’ experiences. The system of PoA uses ‘Nodes’ to help participating entities validate all transactions in the blockchain network.
To make NFTs more widely adopted in the market, VeChainThor has integrated VIP-180 Standard to allow users to safely transfer tokens to 3rd parties’ chains and integrate legal entities into a decentralized solution.
As a public blockchain, every business can now sustainably boost their business efficiency along with the VeChainThor ecosystem. In particular, PoA 1.0 & 2.0 are also excellent examples of how VeChainThor can significantly transform commercial transactions and make them safer than they’ve ever been.
Overview & History
VeChain is a smart contract platform focused on providing supply chain management solutions for enterprises and integrating with Internet of Things (IoT) devices to facilitate the process. Its goal is to leverage distributed ledger technology to streamline these operations and information flow for complicated supply chains. VeChain Token (VET) and VeChainThor Energy (VTHO) are the two tokens on the Vechain network. The former is used to relay value across VeChain's network, while the latter is utilized to power smart contract transactions as energy or "gas." The VeChain platform claims to give authorized stakeholders with a total view of critical information related to a product and its business processes (i.e storage, transit, supply and authenticity) as well as increase market transparency.
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