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VeChain (VET)

VeChain stands out as a blockchain platform designed to enhance the widespread adoption of blockchain technology. Within supply chain industries, a lack of transparency poses a significant challenge, which blockchain aims to overcome by enabling direct transactions between businesses without intermediary involvement. It facilitates data sharing among stakeholders and fosters the integration of financial and logistical services.

What Defines VeChain (VET)?

VeChainThor, a public blockchain, serves as a foundational element for a robust and scalable enterprise blockchain ecosystem, aiming to facilitate the extensive use of blockchain technology by companies of varying sizes.

According to VeChain, Ethereum's inadequacy in running large-scale commercial decentralized applications (DApps) is evident despite being a notable technological achievement. This inadequacy stems from Ethereum's lack of a sturdy governance framework, hindering quick and transparent protocol adjustments to address emerging issues or advancements.

Moreover, the Ethereum blockchain lacks an appropriate economic model, limiting businesses from managing their DApps at foreseeable and manageable costs. Additionally, due to Ether's price volatility, companies struggle to forecast future ETH prices or the expenses associated with maintaining an Ethereum-based decentralized application for a specific period. So, what sets VeChain apart?

VeChainThor aims to tackle these challenges through meta-transaction features, a proof-of-authority (PoA) consensus mechanism, an on-chain governance system, and an innovative two-token model.

Founders of VeChain

Sunny Lu, the former chief information officer of Louis Vuitton China, co-founded VeChain in 2015 alongside Changpeng Zhao, the Chinese-Canadian founder of Binance. Initially established as a subsidiary of Bitse, an organization specializing in blockchain-powered solutions, VeChain operated the VEN token on Ethereum. However, in 2018, the company transitioned to its proprietary blockchain and rebranded itself as the VeChainThor (VET) blockchain.

VeChain aims to revolutionize the supply chain industry by promoting data transparency. Collaborating with prominent entities such as Microsoft, PWC, BMW, Renault, and Volkswagen, the company leverages the distinctive features of the VeChainThor blockchain to optimize its business processes and operations.

How Does VeChain (VET) Operate?

The platform employs a PoA consensus algorithm to secure transactions on its blockchain network, leveraging a network of 101 Authority Masternode operators responsible for executing smart contract operations while adhering to VeChainThor's governance rules.

Under the guidance of a steering committee, users must undergo stringent Know Your Customer (KYC) verification and contribute to the network's growth, whether as a business entity, developer, or other stakeholders. Additionally, the unique two-token system, as previously discussed, shields firms from market speculation and excessive volatility, providing greater confidence in managing operational costs.

VeChain ToolChain represents the flagship product of the VeChainThor blockchain platform, enabling businesses of all sizes to collaboratively develop new services and products. It offers Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and Blockchain-as-a-Service (BaaS), fostering innovative strategies to create value for stakeholders, enhance transparency, and gain insights into product life cycles.

For instance, VeChain's low-code deployment PaaS empowers customers to design process templates and utilize built-in tools, negating the need to create their own blockchain applications from scratch. Furthermore, its Food Safety Track & Trace SaaS caters to the food and beverage industry, providing easily deployable traceability features such as quality certificates to enhance communication and build brand credibility.

Through BaaS, VeChain offers a standardized smart contract service through a restful API, facilitating secure information exchange between two computer systems over the internet.

Additionally, in line with VeChain's tokenomics, 70% of all transaction fees are burned, reducing the circulating supply, while the remaining 30% is allocated to master node operators. VeChainThor offers a sustainable reward structure for node owners.

Use Cases of VeChain (VET)

VeChain (VET) has various promising use cases across industries due to its focus on supply chain management, transparency, and traceability. Here are five notable applications:

▪️ Supply Chain Management and Traceability: VeChain's primary use case revolves around improving supply chain management by enhancing transparency and traceability. It allows companies to track products throughout the entire supply chain, enabling consumers to verify the authenticity and origin of goods. This is particularly valuable in industries such as food and beverage, luxury goods, pharmaceuticals, and logistics.

▪️ Product Authentication and Anti-Counterfeiting: VeChain's technology helps in verifying the authenticity of products. By utilizing unique identifiers stored on the blockchain, consumers can verify whether a product is genuine or counterfeit. This is crucial in industries like luxury goods, where counterfeiting is a significant issue, as well as in pharmaceuticals and high-value goods.

▪️ Automobile and Transportation Industry: VeChain's blockchain technology can be applied to the automotive sector for tracking vehicle maintenance records, history, and components. This ensures transparency in vehicle history, helping potential buyers verify the authenticity of the vehicle's information and parts.

▪️ Healthcare and Pharmaceutical Safety: VeChain's immutable ledger can be used to track pharmaceuticals and medical supplies from manufacturing facilities to end-users. This helps in ensuring the integrity of drugs, preventing counterfeit medicines from entering the market, and maintaining proper storage conditions for sensitive medical supplies.

▪️ Carbon Credits and Environmental Management: VeChain's technology has the potential to manage carbon credits and ensure the authenticity of eco-friendly products. Utilizing blockchain for tracking and validating environmental efforts, can incentivize and verify sustainable practices within industries.

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