Vechain
Name
Vechain
Summary
VeChain (VET) is a scalable L1 smart contract platform for businesses.
-It was founded by Sunny Lu and Jay Zhang in 2015
-VeChain (VET) is a Proof of Authority (PoA) token
Rating
Symbol
VET
Overview
VeChain began as a private consortium chain in 2015 collaborating with several businesses to investigate blockchain possibilities. VeChain started its public blockchain journey in 2017 as an ERC-20 token. Vechain released its own mainnet in 2018 with the ticker VET.
VeChain intends to develop an ecosystem that uses distributed governance and Internet of Things (IoT) technology to tackle significant data challenges for various global businesses, including medical, energy, food & beverage, sustainability, and SDG goals. VeChain is creating the digital backbone that will underlie the fourth industrial revolution, which requires real-time and trustless data sharing among numerous parties by exploiting the potential of trustless data.
Historical Price Movement (in INR)
Technology
In comparison to a system like Bitcoin, VeChain (VET) is a Proof of Authority (PoA) token that requires comparatively little computational power to achieve network security.
PoA is a HotStuff-based Byzantine Fault Tolerant Probabilistic Consensus Mechanism that relies on Authority Masternodes (AM) with verified identities.
Controllable Transaction Lifecycle, Multi-Party Payment (MPP), Multi-Task Transaction (MTT), and Transaction Dependency are all characteristics of the Vechain blockchain's primary protocol.
Solidity is a programming language used to create smart contracts on the VeChain Thor blockchain.
Use of Native tokens in the ecosystem:
The platform manages and creates value using two tokens, VET and VTHO, based on the VeChainThor public blockchain. VET generates VTHO and serves as a value store and transfer medium. VTHO is utilized to cover GAS charges, removing the requirement for VET while writing data. It has the benefit of assuring that network costs may be kept steady by adjusting variables like the amount of VTHO required to service a transaction or increasing the VTHO generation rate.
ERC 20 VET Public sale
41%
Private Investors
9%
Enterprise Investors
23%
Co-Founders and Development team
5%
Continuous operation and technological development
12%
Business Case development
10%
Volume (As of 3rd April, 2022)
$439,306,943
Total Supply
86712634466
Circulating supply
64.32B VET
Crowd Sales
-
Funding
5/05/2018: Corporate Round- NA,
14/04/2018:Venture Round -NA
14/04/2018: Seed Round - NA
Country
Singapore
Name of Organization
Vechain Foundation
Year Incorporated
2015
Registered Address
61 ROBINSON ROAD, #19-02, ROBINSON CENTRE, SINGAPORE ( 068893 )
Dispute Resolution and Governing Law
Singapore
Country Risk Assessment
A1
Founding Team
| Name | Designation | Education | Experience |
| Sunny Lu | Co-Founder and CEO | Shanghai Jiao Tong University: bachelor, Electronics and Communication Engineering | 19 yrs |
| Jie Zhang | Co-Founder | Shanghai Jiaotong University: Bachelor's degree, Electrical and Electronics Engineering | 19 yrs |
Whitepaper 
