Overview
VeChain is a smart contract platform focused on providing supply chain management solutions for enterprises and integrating with Internet of Things (IoT) devices to facilitate the process. Its goal is to leverage distributed ledger technology to streamline these operations and information flow for complicated supply chains. VeChain Token (VET) and VeChainThor Energy (VTHO) are the two tokens on the Vechain network. They are used to relay value across VeChain's network, as well as utilized to power smart contract transactions as energy or "gas."
History
VeChain is a multi-purpose enterprise blockchain for improving business operations and product tracking. VeChain blockchain development started in 2015 as a modified fork of Ethereum with a design focus on Internet of Things (IoT) and supply chain management. To date, VeChain has expanded their focus to multi-purpose functionality with customizable support for a range of enterprise uses. On-chain governance, cheap transaction fees, interoperability with non-blockchain technologies, and regulatory compliance are all priorities for VeChain core developers. VeChain wants to make all required information from manufacture to delivery (storage, transportation, and supply) available to all authorized parties for any enterprise business process that interacts with the VeChain Thor blockchain.
