The public blockchain that derives its value from activities created by members within the ecosystem solving real world economic problems

VeChain (VET)

Founded in 2015, VeChain’s business offices are located in the

In order to conduct transactions on VeChain’s blockchain, its developers had initially launched an ERC-20 token, called VEN.

***In early 2018, VeChain’s product development and marketing team rebranded the platform to VeChain Thor.

***

**In August 2018, the creators of VeChain revealed that they had developed their own blockchain network.**

After the new platform was launched, a mainnet token swap was conducted to convert the ERC-20 compliant tokens to VeChain’s native cryptocurrency (called VET).

(It happens occasionally, that specific ERC20 token at certain point in time migrates from Ethereum Blockchain, where it exists as an ERC20 token to own blockchain. This happened for example with TRON, BNB, ICON, VECHAIN and EOS in the past.

In such case you have to follow the transition advice of the specific token issuer)

The token swap process involved converting the VEN cryptocurrency to VET tokens at a 1:100 ratio. If a user had 867 million VEN prior to the token swap, then it would now be the equivalent of 86.7 million VET.

In addition to supporting the newer VET tokens, VeChain’s blockchain-enabled platform allows VET investors to earn a passive income that is paid using another token, known as “VeThor” (VTHO).

In order to stake tokens, users must open an account by creating a wallet that supports VET-based transactions. VeChain wallets are available for both iOS and Android users.

After creating a VeChain wallet, users can only store VET tokens and VET native tokens.

*Other VET native tokens that their offical wallet support are:*

**The primary and native token in the VeChain Ecosystem - VET is also used to generate VTHO.**

**The secondary token in the VeChain Ecosystem - VTHO is consumed when making transactions / uploading data to the blockchain.**

**A token used with Safe Haven's digital inheritance solutions. Safe Haven has a number of services including ThorPay, which utilize the SHA token for payments.**

A token used in DecentBet's gaming platform, where users can wager on the outcome of eSports and personal contests.

A token used with the PlayTable, an interactive digital board game device. Tokens are used with NFTs, the marketplace, and within tournaments.

and few more...

In order to posses them you must buy them from various crypto exchanges and then transfer them to their accounts.

As explained, users may earn staking rewards in VTHO tokens by just holding VET tokens in their wallets. VTHO tokens can be used to pay for transactions made to sent funds from wallet to other wallet or exchange, or you can sell VTHO on market or keep HODLing.

**The VTHO generation rate is 0,000432 VTHO per VET per day**

**You can buy VET and most of vet ecosystem native tokens on** Bitrue **<—— Click here to sign up for Bitrue**

**Or use my Invitation code** -—–> VEZHGZ <———-

VeChain uses Proof of Authority Consensus Algorithm Used to Process Transactions

The immutable nature of blockchain helps to ensure the accuracy and integrity of data on VeChain’s platform.

Commonly referred to as a “trustless” system, all data stored on a blockchain *network cannot be changed or removed*.

Data can be recorded on VeChain’s immutable ledger through its blockchain consensus mechanism, known as proof-of-authority (PoA) .

As a **semi-centralized** **consensus protocol**, the managers and developers of **VeChain choose Master Node** operators to help manage the platform’s blockchain.

*Meta-transaction features native to VeChain Thor blockchain’s core protocol, such as multi-party payment, multi-task transaction, controllable transaction lifecycle, transaction dependency, make the development more user-friendly for enterprise adoption.*

-Controllable Transaction Lifecycle

**With block reference and Expiration transaction fields, users can set the time when transaction is processed or expired if not being included in a block.
**

-Fee Delegation

Flexible transaction fee delegation schemes (Multi-party Payment and Designated Gas Payer) enable a freemium model within a decentralized application to onboard users without friction

-Multi-task Transaction (MTT)

**Multi-function atomic transactions allow developers to batch payments, add multiple calls to different contract functions into one transaction and determine their sequence.
**

-Transaction Dependency

Set dependencies to ensure the execution order meets the business need, transactions that specify a dependency will not be executed until the required transaction is processed.

*Proof of Authority*

One of the biggest decisions when designing a public blockchain system is about designing the consensus algorithm.

****The protocol not only dictates how blockchain participants agree on the blockchain grows but embodies the governance model imposed upon the system.
****

Recall that the underlying design philosophy of our governance model is that

**-neither a total centralization nor a total decentralization would be the correct answer, but a compromise from and balance of both would.

**

VeChainThor implements the Proof of Authority (PoA) consensus algorithm which suits our governance model which states that there would not be anonymous block producers, **but a fixed number of known validators (Authority Masternodes) authorized by the steering committee of the VeChain Foundation.**

Authority Masternode Operators, with the aligned interest in the development of VeChain ecosystem, maintain the VeChainThor protocol according to the Foundation's governance policy. PoA addresses enterprise' common concerns of inefficient upgrade and waste of energy.

Governance of Blockchain

-VeChain governance model with transparency and operational efficiency enables continual and rapid innovation, while resulting in consensus and decisions that balance the views of all stakeholders in the ecosystem. Community-elected Steering Committee facilitates decision making and execution supported by the on-chain governance mechanism.

ECONOMIC MODEL

-VeChain`s Economic model is unique two-token system (VET+VTHO) significantly helps separate the cost of using blockchain from market speculation.

Due to the correlation with the blockchain resource utilization, the cost is more predictable with the monitoring of the VTHO supply and demand. In addition, Foundation's governance mechanism further stabilizes the cost.

-VTHO generation from any address holding VET at the predetermined velocity of 5x10-8 per VET per block (10s)

****-70% of VTHO paid in each transaction is destroyed and the rest is awarded to the Authority Masternode Operator
****

**-Adjustment to variables (e.g. gas price, velocity) can be made to maintain the equilibrium of VTHO demand and supply
**

As a ***tamper-proof***, ***distributed ledger technology (DLT)-enabled platform***, VeChain has supported “digital business transformation” use cases for the **food industry, fashion, medicine, wine industry , automobile industry and many more..**

*****The VeChain team has also looked into in-house temperature-controlled tracking systems that can track products in transit. The system can determine whether a product’s current temperature is above or below a certain level.
*****

This feature may be used to check whether the temperature of various food items is within a safe or normal range. Smart contracts may be created to check and automatically record the temperature of certain food items, in order to ensure food safety.

According to its official website, VeChain’s technology has been used to help ensure food safety and in processes related to carbon emission reduction.

VeChain’s global, enterprise-level public blockchain network aims to develop solutions for product traceability and address problems related to counterfeiting.

**Additionally, VeChain’s supply chain management system may be used to enhance logistics and inventory management procedures**.

Number of VeChain Partnerships

You can check it ——>HERE

Just to name a few . . .

-DNV GL

DNV GL is a globally operating company that provides audit and certification services confirming that an organization meets certain requirements

-PriceWaterhouseCoopers (PwC)

IBM, Ford, Dell, Cisco and 3M **are some of its largest clients, with** PwC **providing its auditing services to 400+ out of the Fortune 500 companies.** PwC will offer VeChain's blockchain powered solutions to its big client base, providing its clients with improved product verification and traceability.

-National Research Consulting Center (NRCC)

NRCC is a top tier management, standard and IT consulting company based in China.NRCC serves more than 1000 long-term enterprises clients, many of which are part of the Fortune Global 1000.

Together with NRCC, VeChain has developed and implemented anti-counterfeiting technology for the China National Tobacco Corporation.

-Yida China Holdings Limited

Yida is one of China’s biggest real estate developers, focussed on developing industrial parks and smart cities, next to residential districts and shopping outlets.

-China Unicom

China Unicom (Chinese: 中国联通) is a Chinese state-owned telecommunications operator. China Unicom is the world’s fourth-largest mobile service provider by subscriber base.

-BMW Group

BMW is a German multinational car and motorcycle manufacturer.

-LVMH

LVMH Moët Hennessy Louis Vuitton, also known as LVMH, is a French multinational luxury goods conglomerate. LVMH has around 60 daughter companies under its wings, that each manages a small number of prestigious brands. Some of the famous brands are Dom Pérignon, Dior, Givenchy, Louis Vuitton, Marc Jacobs and TAG Heuer.

and many more you can check them ——> HERE

All VeChain Stats that you need you can find at vechainstats.com

Current State of VeChain

Server time: 14.10., 06:46 (UTC+2)

-Accounts
: 350.845

-Max supply: 85.985.052.277

-VET circulation: 64.850.448.123 (64,85bln)

-VET market cap:

633.459.177€ (633,46mln EUR)

744.029.191$ (744,03mln USD)

-Price

0,00976€

0,01147$

VeChain Rich List you can Check Here

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