A Detailed Review of Blockchain Firm “VeChain” & Its Core Functionalities
As new blockchain-centered projects started entering the market space, the competition between them grew fierce, which in turn paved the way for the flourishing of the best ones. One such potential name ruling the blockchain arena is VeChain.
Founded in 2015, VeChain serves as one of the earliest blockchain-powered technology firms in the world, with offices spreading to all the major countries and continents around the globe, including China, Europe, Singapore, U.S, and Japan. It employs the excellence of blockchain technology in enriching the business enterprises with supply chain mechanics, revolutionary financial services, and smart contracts. VeChain’s Blockchain-as-a-Service platform is known as ToolChain, and it caters to the requirements of all the business enterprises irrespective of shape, size, and nature.
As per Vechain News, The firm has designed its native VET token, which aims to leverage operational capacities for its core services in the crypto community. It also generates VeThor Energy (VTHO) tokens in relation to the amount of VET held by a person. As per its white paper, the team aspires “to build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers” in business operations.
Significant features of VeChain Blockchain
- VeChain strengthens the supply chain systems and enhances the product lifecycle management to give the organizations a 360-degree view of the core zonal sections related to a particular product such as storage, transportation, supply chain, etc. It works as a bridge for disseminating information from data silos.
- It uses smart chips or Radio Frequency Identification tags and sensors, which depict the information on the blockchain, which can then be accessed by the participating nodes.
- The VeChain token (VET) is used to transmit value from smart contracts on to the blockchain while the VTHO token is used to power transactions on VeChain blockchain, and it is equal to the cost of conducting transactions on the network.
- The VeChainThor blockchain puts into use the Proof-of-Authority consensus mechanism. In this, votes are distributed depending upon the VET holdings and disclosure. There are 101 Masternodes responsible for gaining a consensus on transactions in VeChain’s blockchain. It is essential to disclose the identity for becoming an Authority masternode.
- VET holders with KYC along with one million tokens in their account are allotted 30% of all the votes, while the holders without KYC and the same amount are assigned 20% of all the votes.
Achievements of VeChain Foundation
According to the China Blockchain Patent Report, VeChain acquired 26 blockchain patents and was placed at 3rd spot in terms of new patents in 2018. In 2019, the VeChainThor Wallet version 1.4.3 was unveiled by the team. The upgraded version allowed users to give custom URLs in the Discover tab, the transition between mainnet and testnet, and reordering of the asset list based on the preference. Since the launch of the Foundation Grant Program, the team has been keenly working closely with community developers to ponder upon project plans, market strategies, and long-term goals and objectives for the firm. The firm hosted the VeChain ToolChain Day at Shenzen in August as well as at Chengdu in September. The Co-founder and CEO of VeChain, Sunny Lu, graced the Shanghai International Blockchain Week 2019 as a keynote speaker.
Recently, the Shanghai Gas Co. Ltd. announced its collaboration with VeChain to lay the foundation of a VeChainThor blockchain-powered energy project. The collaboration is focused on enhancing business processes, decreasing operation costs, improving the efficiency of the supply chain while building a trust-free “Energy-as-a-Service” ecosystem. Leading cryptocurrency exchange, Upbit added support to VET token on its prestigious platform. The exchange affirmed that the holders of VET on Upbit should be given VTHO tokens as well.
The VeChain team penned an open letter for its global community members describing the impact of COVID-19 on the firm’s operation capacities. It assured the customer base that despite facing the harsh times, the Foundation is adamant about keeping itself in a continuous development stage. Sincere efforts have been made by the firm to enhance the core infrastructure and provide strategic improvements to the business module, including the new version of VeChain ToolChain. VeChain has affirmed that none of its projects have been called off due to the pandemic threat. The authorities have postponed the VeChain Summit 2020 until the global crisis comes in control. The updates about the Summit shall be unveiled in the near future.
VeChain promises to its partner firms and its customers to keep them satiated with the latest developments and technological advancements in its network. The blockchain ecosystem is secured, transparent, and highly efficient, which makes it the first choice for a large number of enterprises belonging to a diverse portfolio of divisions. The firm, along with its expert panel of members, is adamant about encouraging the mass adoption of blockchain across the world. Its native token VET has been designed to streamline payment mechanisms within its partner communities.