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Vechain - basic information
Vechain is a platform that uses Blockchain technology, whose primary purpose is to track the supply chain. It allows you to check the authenticity and quality of the product from the perspective of each link in the production and logistics chain. This means that accurate information about the product is available to both the manufacturer and distributor, seller and even the customer. Because the platform works in Blockchain technology, all data is available, transparent and readable without trusting a third party. The tracking process itself is carried out using the VeChain Identity (VID) system, which uses NFC, a QR code or an RFID transmitter to observe the chain. Currently, Vechain has its own network of blocks and the VET cryptocurrency based on it. In addition, the platform also has a VeThor Token (VHTO) utility token, which is used for smart contracts and transaction fees. It is worth noting that both VET and Vechain's own Blockchain have been operating since 2018. Previously, instead of VET tokens, VEN tokens based on the Ethereum blockchain, i.e. using the ERC20 algorithm, were used.
The history of the creation of VeChain
The origins of VeChain date back to 2015, when the platform was founded by the Chinese developer Sunny Lu. The first tests took place in 2016, then still on the Ethereum network. Funding was necessary for the further development of the network. VeChain has chosen one of the most popular collection models at the time, namely the ICO. The public sale of tokens took place exactly between 18 and 31 August 2017. The subject of the collection was the VEN cryptocurrency, which at the time of switching to its own Blockchain, on June 31, 2018, was replaced by the currently functioning VET. Additionally, when switching to your own network, a second VHTO utility token was created. Own Blockchain also allows you to build decentralized dApps applications, create smart contracts, and even run your own ICO within the VeChain blockchain. Thanks to this, as well as the hard and consistent work of the team, which currently consists of over twenty people, VeChain can boast of cooperation with companies such as BMW, PwC, DB Schenker, and even with the Chinese government in the Guian autonomous area project.
Principle of operation
Vechain operates on the Proof of Authority (PoA) algorithm. It is a modification of the increasingly popular Proof of Stake (PoS) algorithm, which differs in partial network centralization. In practice, this means that the entire Thor network is based on 101 supervisory nodes, the so-called Authority Masternodes. Each of these nodes has been operating since December 2017 and has a minimum of 25 million VET units. You can start up your node, but it requires at least 1 million VETs, which should be blocked for at least 10 days. VET holders receive VHTO utility tokens in the ratio of 1: 000432 every day. Additionally, supervisory nodes receive 30% of all network transaction fees.
Wallet for VeChain
The VeChain platform provides users with its official VeChain Thor Wallet mobile wallet. It is available for both android and IOS devices. VET cryptocurrency is also supported by other mobile multiwallets, including Trust Wallet and Atomic Wallet. In addition to mobile wallets, VeChain is also supported by the Ledger Nano S hardware wallet. However, this requires the VeForge Vault application.
The VET cryptocurrency is in the 29th place in terms of capitalization. The historical peak of quotation (ATH) took place on January 22, 2018 and amounted to exactly 0.095517 USD. It is worth adding that this is the current value, because on August 6, 2018, the value of VET tokens was divided in the ratio 1: 100. This means the previous ATH value was $ 9.55. VeChain is currently listed on 20 cryptocurrency exchanges. Its daily turnover is around USD 108 million, of which over 50% is on the OceanEx exchange and less than 20% on Binance. In addition, VET is listed on several of the most popular exchanges, including Huobi, Bittrex, Bitfinex, Kucoin.
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