Cryptocurrency

VeChain (VET) is a supply chain platform powered by blockchain. Founded in 2015 and officially launched in June 2016, VeChain is dedicated to using the Internet of Things (IoT) and distributed governance technology to form an ecosystem that offers solutions to some of the most prominent problems supply-chain management faces. VeChain uses two tokens, VTHO and VET, to govern and generate value that focus on its public blockchain. The idea of VeChain is to raise the efficiency, transparency, and traceability of supply chains while lowering costs and putting more control in the hands of individual users.

VeChain (VET) Founders

Sunny Lu and Jay Zhang founded VeChain. Sunny Lu is an IT executive who used to be the CIO of Louis Vuitton China. Co-founder Jay Zhang used to work for Deloitte and PriceWaterhouseCooper in finance and risk management, and currently directs VeChain's global structure, financial management, and governance.

VeChain (VET) Key Points

VeChain was founded to disrupt traditional supply chain models, an industry that hasn't changed much over the decades before blockchain came on the scene. Utilizing transparent technology without a single point of control or weakness means higher security, efficiency, and ease of product tracking in the supply chain while lowering cost through trustless automation. The VeChain model is geared towards businesses looking to reduce supply chain friction and offer clients a more transparent impression. VeChain's unique proposition lies in part with its dual-token setup, and other features. Charges for various services are combined with in-house token fees to create operating income for the company, and token holders can engage in activities like staking, in turn offering liquidity in exchange for rewards.

VeChain (VET) Security

VeChain (VET) works as a proof-of-stake token, and requires relatively small amounts of computing power to achieve network security and maintain user consensus. Another feature called "proof-of-authority" has authority master node operators maintain the protocol according to their own interests while following rules the VeChain Foundation lays down.