VeChain Thor is initially developed to serve enterprise users. It was built on an Ethereum smart contract. VeChain Thor is a Baas platform and is a dual token. Last year in June it came up with its Mainnet. It is a supply chain-oriented token which provided Internet of Things (IoT) solutions to the users. Vechain Thor has its currency which is called a VET. Being a Baas platform it provides blockchain as a service and VTHO is recommended to pay for tokenized transactions.
In order to provide IoT services to the enterprises, the platform uses a proprietary smart chip to which can be inserted in NFC chips, QR codes, and RFID trackers, so that the enterprise Internet of Thing can be integrated on the blockchain.
The core team of the VeChain Thor includes many experienced professionals like Sunny Lu, and Jianliang Gu along with others. They started the venture back in 2015 with a strong lineage in the past where they served companies like LV China, Deloitte, and TCL Communications along with PwC. The company has a strong team which knows enterprise software solutions in and out; especially those which are implemented in China, Shanghai, and Southeast Asia.
A Singapore based non-profit organization named VeChain Foundation manages the VeChain Thor blockchain since the organization’s foundation in 2017. The list of VeChain Thor partners includes big names like PwC, an automobile giant Renault, and Microsoft.
An interesting enterprise like VeChain (VET) when records standard progress in the crypto space, then it does not become special news. Partnering with market giants from multiple sectors has become a milestone in its journey. However, its crypto coins are struggling to lead specific industries and countries.
For VeChain Thor’s VET, it has a firm grip on the areas such as Cyprus and Italy, and it is very much evident on where to put the blockchain technology to exploit as much of the market as possible. However, the focus is on the region which would get the most of the coin’s attraction.
Last year’s October was an excellent month for VET. That month, it joined hands with Mr. Sabotage who is the creator of designs for great brands like Nike, Asics, and Puma. This partnership took VET ahead of its competitors. Plus, it will allow us to track the supply chain of shoes by using implanted chips.
VeChain signed an MoU with the national investment partner of the Republic of Cyprus. The organization is additionally a delegate of the CREAM, a US-based DLT startup. The joint effort enables the two sides to deploy the viability of the VeChain (VET) blockchain innovation in Cyprus.
The coin additionally expanded the hand of cooperation and friendship to Italy. It started with the Decentralized Application (DApp) named ‘My Story.’ The association was in connection to a worldwide certification and affirmation provider named DNV-GL.
At present, three winemakers have accepted the DApp. There are QR codes printed on the bottles that help users know the origin of the wine. This data is assembled by using DApp which will be then put on the VeChain (VET) blockchain for easier and faster access. VeChain (VET) is earning a profit in the crypto-circle, and there is no doubt that it will have significant effects in Italy and Cyprus.
Though the number of the partner of the company in Cyprus is not as much as that of Italy, Cyprus appears to have more strength due to the collaboration of Cyprus Securities and Exchange Commission (CYSEC).