VeChain is a public blockchain using the proof of authority consensus mechanism and supporting smart contract functionality. It offers a robust and highly accessible decentralized platform for developing dApps across multiple areas, including enterprise applications.
VET is one of two native digital assets of the VeChainThor public blockchain and is used to generate or mint VTHO, the second token. VeThor Token (VTHO) can be used as a store of value and for paying transaction fees.
VeChain’s creator and co-founder, Sunny Lu, was the former CIO of Louis Vuitton China. The other co-founder of the project, Jay Zhang, formerly worked with Deloitte and PwC before joining hands with Sunny Lu to develop the VeChain network.
VeChain aims to drive mass adoption of blockchain technology and smart contracts, making it cheaper, more efficient, and more accessible for mainstream use. Having launched in 2015, it is one of the oldest and most established blockchain networks that supports smart contracts.
VeChain offers an innovative way to use blockchain technology to improve global supply chain management through the use of RFID tags and sensors. The technology can transform supply chains to make them completely transparent and increase accountability among all stakeholders.