Launched in 2015, VeChain is a blockchain solution designed to bring accountability, efficiency and transparency to operations. Originally a fork of the Ethereum code, VeChain is focused on business use cases with an emphasis on the 'Internet of Things' and supply chains for accurate, secure product management. In my opinion VeChain will be a huge addition to a currently overcomplicated and bottlenecked medical supply chain, among other things.
Integral parts of the VeChain protocol include Thor, the core blockchain used for transactions, account management and smart contract development; VeChain IDs, digital identities assigned to goods in the corporate supply chain that allow physical tracking via NFC and RFID chips as well as QR codes; proof-of-authority consensus through Know Your Customer-verified nodes chosen by the VeChain Foundation; and its two network tokens — VET, the main currency used for payments and voting, and VeThor (VTHO), a token issued daily to VET holders used to run smart contracts on the Thor blockchain. VeChain has been aggresively pursuing strategic partnerships with business clients, including one with a China-based subsidiary of Walmart for its blockchain-based food tracking efforts.
VeChain is a supply chain tracking system that launched in 2015 and combines physical tracking with blockchain record keeping. Proof-of-authority/identity and proof-of-stake (PoS) differ from proof-of-work in that they do not require mining to reach network consensus. PoA achieves consensus by verifying users’ identities, while PoS does this by staking coins in the network. The VeChain network runs with only 101 nodes. Fewer nodes reduce decentralization but increase the speed and reliability of the network. This is usually favored for commercial / industrial applications. Bitcoin and Ethereum have far more nodes, by comparison, with Bitcoin having well over 10,000.
On January 4th, 2022, VeChain.org announced that following several months of development, the contract for VeUSD, VeChain’s first native stablecoin, will soon go live on mainnet, ushering in a new era for VeChainThor. The launch of this stable token at the dawn of 2022 aligns with their projected ‘Growth phase’, a period where the technical maturity of products and services they have developed over the last 5 years begins to translate into increasing real world adoption.
VeChain has a huge future ahead of it in my opinion. Anytime when a blockchain can provide real world tangible results in a use case that is valid TODAY right now, I'm on board. Take a good look at VeChain / ThorChain and see if it's a good fit for your portfolio!
As always, stay safe, be patient, and don't just HODL, stake it too!
