VeChain (VET) project was founded in June 2015 by CEO Sunny Lu (former CIO of Louis Vuitton China), focused on building a distributed and trusted business ecosystem, allowing the flow of transparent information, effective cooperation and high-speed value transfer. Specializing in blockchain technology and IoT, VeChain has become one of the few blockchain platforms with real-world business applications adopted by many reputable enterprises in many fields worldwide. By providing a robust and secure blockchain infrastructure, enterprise solutions, turnkey packages, and both software and hardware development tools, the platform aims to enable Business partners and developers adopt blockchain solutions for enterprises, creating a strong and sustainable ecosystem.
The company is designed for use in a number of industries such as automotive, pharmaceutical or agricultural. VeChain’s goal is to make the supply chain more efficient, transparent and cost-effective by using blockchain technologies. With VeChain, different companies in the supply chain can track items through every stage, in real time, and verify information. This happens through VeChain Identity Technology (VID), which provides a physical way to track products.
VeChain is currently operating in 7 offices located in Shanghai, Singapore, Paris, Luxembourg, Palo Alto, Tokyo and Hong Kong. The company actively works with leading universities in the world on blockchain R&D capabilities, such as Tsinghua University, Stanford University, MIT, Oxford Mathematical Institute, Dartmouth College, City University of Hong Kong and South China University. In addition, VeChain is one of the leading companies globally in many blockchain related patents.
It has announced multiple partnerships with companies such as PwC, Renault and Microsoft. As of early 2018, the VET token is among the 30 cryptocurrencies with the highest market capitalization.
Differences between VeChain and Bitcoin
|Coin limit||86,712,634,466||21,000,000 won|
|The highest level in the last 24 hours||$0.019379||$11335.84|
|Lowest level in the last 24 hours||$0.017244||$11094.15|
|The highest level in the past 7 days||$0.019379||$12034.14|
|Lowest level in the past 7 days||$0.015379||$10895.46|
|Rank in terms of capitalization||20||first|
|Creators||Sunny Lu and Jay Zhang||Satoshi Nakamoto|
|Highest level ever recorded||$0.021758 USD
(July 8, 2020)
|$20089.00 USD (December 17, 2017)|
|Lowest level ever recorded||$0.001678 USD
(March 13, 2020)
|$65.53 USD (July 5, 2013)|
- Public Blockchain: anyone can read, write and deploy decentralized applications and smart contracts onto the VeChainThor blockchain.
- Internal IoT and supply chain management technology: proven blockchain implementation experience in industries such as luxury goods, alcohol, and agriculture.
- Original cost authorization: Blockchain supports native fee authorization implementation, which means that dApp users do not need to hold VET or VTHO to write transactions if the associated gas costs are specified by sponsored developers.
At the heart of Vechain are 101 authority nodes that process transactions and regulate the network through a voting mechanism. Authority nodes are owned by large enterprises and trusted individuals to ensure decentralized trust.
The Vechain network uses the Vechain Thor (VET) two-token system as the main token system and the VeThor (VTHO) token to improve the network economy.
- VechainThor (VET) serves as a reserve for economic staking and transfer of value on the platform. VET can be “stake” to various economic nodes and generate VTHO, which powers transactions on the network.
- VeThor Token (VTHO) is the type of “gas” required to execute transactions and interact with smart contracts. Every time a transaction is made, VTHO is consumed and destroyed.
Sunny Lu (Co-founder and CEO) graduated from Shanghai Jiao Tong University with a major in Electronics and Communication Engineering. He has more than 15 years of experience as an IT director in Fortune 500 companies and is a former CIO of Louis Vuitton Greater China. In addition to a strong technical background in computer science and network communications, Sunny has extensive experience in IT strategy and management, enterprise digital transformation and innovation. Sunny co-founded the VeChain project in 2015.
Jay Zhang (Co-founder and CFO) worked for PwC China and Deloitte UK as a senior manager of risk management and finance for 15 years before co-founding VeChain in 2015. Jay is in charge VeChain’s governance structure, global governance and financial management.
Kevin Feng (Partners COO) has 13 years of experience in consulting, assurance on cybersecurity, privacy and emerging technologies at PwC China and the US. Kevin is in charge of general operations, information security and privacy protection in VeChain.
Jianliang Gu (Partner CTO) has more than 16 years of experience in hardware and software embedded system development and IT management. Jianliang is in charge of technology development, focusing on developing enterprise blockchain solutions with a combination of blockchain technology and IoT.
Dr. Peter Zhou (Chief Scientist Partner) has 10 years of experience in computer science research and development, having published research results in many leading international academic journals and conferences.
VeChain is one of the most reputable blockchain companies in the industry. Not only do they have a customer using a functional product, they also have a team with extensive experience in the industry they are targeting.
With partnerships with giants like PwC and the Chinese Government, they should have no problem growing their customer base. If VeChain continues at its current rate of growth, it wouldn’t be surprising to see VET as one of the top performers within the next five to ten years.
You can see VET prices here.
According to AZCoin News
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