What is VeChain
What is VeChain.
VeChain is a smart contract blockchain that provides commercial software solutions. One of the company’s most well-known products is a supply chain tracking system for businesses. These real-world applications for VeChain include the food and beverage, fashion, and automotive industries, to name just a few. Many significant corporations have already formed alliances with the company.
When was VeChain Founded.
VeChain was launched in 2015 by Sunny Lu, a former CIO of Louis Vuitton China. The Vechain Foundation was founded in 2017 and Sunny Lu serves as its CEO. In the beginning, VeChain was an Ethereum-based crypto coin. In 2017, VeChain held an ICO to collect funding. The next year, VeChain was renamed VeChainThor and use their own blockchain.
Tracking Goods.
Tracking goods is accomplished via the use of the blockchain and smart tags using the VeChain ToolChain product. During the whole lifetime of a product, it may be able to utilize the sensors to send data to a blockchain network using a decentralized ledger. Since this information is saved on the blockchain, it cannot be changed or deleted in any way.
VeChain Cryptos.
Both of the cryptocurrencies that are associated with VeChain play an important role in the operation of the system. VET is a medium of value transfer and may also be seen of as smart money; this enables it to promote the speedy exchange of value within the ecosystem. VTHO, however, is the cryptocurrency that stands in for the underlying cost of the VeChainThor blockchain (Virtual Token Of Honor).
VeChain Validation.
To validate transactions, VeChain employs a consensus process that is distinct from those used by the vast majority of other cryptocurrencies. Proof-of-work and proof-of-stake are the well-known mechanisms for reaching consensus. In order to show its validity, VeChain makes use of a certain form of evidence of authority. The validation of transactions is the responsibility of a certain number of well-established validators known as authority masternodes. A “know your customer” procedure and disclosing one’s identity are two of the requirements that must be satisfied for an authority masternode to be considered compliant with the minimum criteria established by the VeChain Foundation.
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