12
The company provides blockchain x IoT solutions that enable tracking and management of products.
By combining VeChain's blockchain technology with IC chips, it is possible to track and manage data from manufacturing to transportation, quality control, and sales management.
VeChain itself is an Ethereum-based blockchain and an ERC20 token.
Maximum number of tokens issued: 873,378,637 VET
Vechain's technology can be used to track the entire process from manufacturing to the arrival of the product in the store, thus ensuring that the product is authentic and helping to prevent counterfeiting.
The VeChain system has actually been introduced in supermarkets in China, and when products lined up in supermarkets are put through a special device, it is possible to know on the spot when, where, and by whom the products were made.
The system is used in China's special economic zone (Gui'an New Area) under an official partnership with the Chinese government. It has partnerships with major companies such as BMW, Louis Vuitton, PwC, Oxford University, and Microsoft.
The company's consensus algorithm is based on PoA, which is a consensus algorithm that gives all mining rights to a representative called the "master node. Master nodes are selected by the VeChain Foundation based on strict criteria.
It issues two tokens, VeChain (VET) and Thor Power (THOR). VET is a token used as a currency for companies to make payments using the VeChain blockchain. THOR is given to VET holders. THOR is the GAS (fee) for executing smart contracts, and 0.00043 THOR is distributed per VET per day.
It can be purchased on Binance, etc.
Official website : https://www.vechain.com
Twitter : https://twitter.com/vechainofficial
Github : https://github.com/vechain/thor
