VeChain Thor (VET) is a platform designed to track supply chains and manage processes related to the production and logistics of goodsGet Wallet
What is Vechain?
VeChain Thor (VET) is a platform designed to track supply chains and manage processes related to the production and logistics of goods. It is a public blockchain that has created a unique ecosystem solving real-world economic problems. The main goal of VeChain is to provide companies and consumers the opportunity to obtain authentic data about a product, from the time of its manufacture to the receipt of the consumer. VeChain Thor is a combination of two innovative technologies: the Internet of Things (IoT) and blockchain technology.
You can buy VeChain coin (VET) on an exchange of your choice and manage it in Guarda Wallet.
The platform is aimed at interacting with market sectors such as B2B (business-to-business), and B2C (business-to-consumer): Manufacturing companies are able to track sales channels in real-time, assigning each product with a unique digital identifier. Consumers have the opportunity to verify the quality and authenticity of the product and obtain all the data about it by scanning the digital identifier using mobile apps.
Initially, the VeChain cryptocurrency was limited in its functionality until the summer of 2018 when, after switching to its own blockchain, new opportunities opened up. VeChain has its own specific features that significantly distinguish it from other blockchains. For example, a consumer wants to buy a Rolex watch but isn’t sure if the seller is offering them a genuine product. If the Rolex company uses the VeChain Thor platform to label its products, every end consumer can easily scan the product ID using a smartphone, receiving all its detailed information: the date of manufacture, material, country of origin, etc. The VeChain project also offers a huge set of tools for the "digitization" of various physical products.
VeChain's Blockchain-as-a-Service ("BaaS") platform is called ToolChain. ToolChain is a set blockchain platform that offers different services, including product lifecycle management, supply chain process control, data deposit, data certification, and process certification. Businesses of any size can utilize this blockchain technology to further enhance their brand perception and value as well as expand into new business models.
ToolChain Standard Version is designed to provide a low-code/no-code blockchain solution for the most demanding enterprise requirements.
ToolChain Developer Version provides independent developers with additional tools such as APIs, an SDK toolkit, detailed documentation, etc. Anyone can easily develop a variety of apps without previous blockchain development experience
ToolChain Partner Version is a solution designed specifically for VeChain partners, available for independent deployment, and can be fully customized to meet business demands. ToolChain is a complex functional blockchain solution combining software and hardware. It consists of a software application platform, mobile apps, IoT chips and sensors, the VeChainThor blockchain service, etc. It has been adopted by enterprises in various industries and has high-level network security protection, great operation, maintenance capacities, and provides encryption services for data storage.
VeChain Identification (V-ID)
VeChain Identification is a technology allowing users to scan, record, and track unique digital identifiers on the VeChain Thor blockchain. When a registered network user (product producer) labels their product, it is assigned a unique VID (Vechain ID), which records into the system as a SHA256 hash. This hash is fixed on a specific product in the form of RFID code, NFC code, or QR code, which can be scanned using an application on a smartphone to obtain all information about the product. The VeChain Thor blockchain is not fully decentralized, with some centralization features. However, the creators explain this by the specification of the product and the needs to ensure network security.
vechain is based on strict adherence to international standards and laws. The company operates in all countries where digital (virtual) currencies are regulated. Сustomers checking documents, maintaining and following all legislative procedures helps to ensure the comfort of partners. vechain Ltd systematically carries out professional audits, providing additional user security.
vechain (vet) is easy to use. All operations are carried out in a cryptographically secure environment, accessible by both individuals and legal entities. vechain (vet) integrates seamlessly with wallets and other companies, such as Bitcoin, providing decentralized sharing, high-level security, and transparency.
VeChain was the first cryptocurrency to offer an elimination mechanism to the consequences of unexpected issues. Called the Cryptocurrency Disaster Recovery Plan (CDRP), this allows for an increase of network security and provides a high level of reliability.
There are three levels of threats in CDRP that differ in the degree of risk:
- Adverse Event - Low-level risk
- Password loss; Malicious software on the network; Security Incident - Medium-level risk
- Unauthorized use of the network or access to confidential data; damage to the hardware or USB drive that stores private keys; risk of losing a private key (Private Key Compromise) - High-level risk
The VeChain Thor network has two coins that coexist in the environment simultaneously: VET and VTHO.
VET is used to complete transactions and to participate in the verification of transactions as a validator.
VTHO is a second-tier coin that is used to pay commission on launching smart contracts or dApps on the VeChain Thor network (similar to GAS in Ethereum). Once VeChain (VET) cryptocurrency is traded on crypto-exchanges, then VTHO can be "earned" in several ways:
- When storing VET, even without being a validator
- When confirming transactions (acting as a validator)
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