An Introduction to VeChain

Have you ever wondered, where does the stuff you use or eat come from?  Was it ethically produced and authentic?  Was it properly transported?  Was it safely stored?  Where did it travel?  And how did it get to you?  What if you could have all that information just by scanning the product with your smartphone?  That is just one of the thousands of real-life applications of VeChain.

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VeChain is the world’s leading blockchain platform for products and information.  VeChain offers Blockchain as a Service by allowing decentralized applications and ICOs  to run on the blockchain along with distributed data storage technology.  VeChain aims to enable transparent information flow, efficient collaboration, and high speed  value transferring.  But how will VeChain achieve this?  VeChain maps real-world information to the blockchain by using various tracking technologies,  such as NFC, RFID and Narrowband IOT.

The applications are endless.  Buying a used car?  You’ll be able to check if the mileage hasn’t been tampered with.  Worried whether the wine or handbag you purchased is authentic?  VeChain will make the term “knockoff” a term of the past.  For companies, supply chain management becomes a breeze by having exact and trustworthy data  about their products that cannot be tampered with.  For goverments, VeChain and the Internet of Things allow the administration and growth  of smart cities, giving them the tools to monitor various urban systems and to better  manage city resources.

VeChain has partnered up and collaborated with global industry leaders such as PriceWaterHouse  Coopers, DNV GL, Renault Group, Kuehne + Nagel, D.I.G., Microsoft, China Unicom, NRCC and  many more.  Furthermore, VeChain has also partnered with the Chinese National Government for the Gui’an  New Area smart city development project.  These partnerships will help VeChain to successfuly accelerate widespread adoption and push the  implementation of blockchain technology.  (growing buildings from ground)  In 2018, VeChain is lauching the VeChain Thor Power, a two-coin system that will better  integrate with business and financial activities by preventing transaction fees from being  directly exposed to the volatility of the VeChain token price.

The system uses VET as the smart payment currency and Thor Power for the cost of using the VeChain  Blockchain.  Holding VET will generate Thor Power at a predetermined rate, and nodes will receive  additional rewards for holding more VET.  Nodes are divided in several tiers, the higher of which will generate additional Thor Power  rewards to fuel their applications.  VeChain Thor will be able to process up to 10,000 transactions per second, allowing ample  room for scalability and instant value transfer.  VeChain’s vision is to build a trust-free and distributed business ecosystem based on  Blockchain technology that is self-circulating and scalable.  You can find out more about VeChain at VeChain.com.

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An Introduction to VeChain