VeChain was co-founded in 2015 by Sunny Lu and Jay Zhang. It is a blockchain platform designed to enhance supply chain management and business processes. The developers behind the project aim to streamline these processes and information flow through the use of distributed ledger technology.
The VeChain ecosystem encompasses both enterprise solutions and features for dApps. Businesses use the VeChainThor blockchain to track an enormous amount of data which includes quality, authenticity, storage temperature, and transportation status. VeChain provides all of these features via a trust-free and distributed business ecosystem.
VeChainThor implements a Proof of Authority (PoA) consensus algorithm to create new blocks. VeChain relies on a group of 101 Masternodes to achieve consensus. This strategy improves transaction times and transparency as there are no anonymous nodes within this network. Masternodes must be identified before blocks can be validated on the system. Primarily, the developer’s goal was to integrate the best features from both the DeFi (decentralized finance) and CeFi (centralized finance) sectors. This mechanism creates a balanced platform that provides users with transparent information flow, efficient collaboration, and high-speed value transfers.
VeChain has two kinds of tokens, VeChain (VET) and VeThor (VTHO). The dual-token system contributes significantly to the separation of blockchain usage costs from market speculation. The VET token can transfer value across the blockchain and payment transactions on Dapps that function on the VeChain blockchain while the VeThor token functions as gas to power smart contract transactions. VeThor tokens are used only by developers to cover their contract execution costs.
VeChain has a maximum total supply cap limit of 86.712 billion VET tokens.
Stable transaction costs
VeChain’s unique two-token system allows the costs for using the Blockchain to not be affected by the increase in the price of VET.
Native Fee Delegation
The blockchain supports the implementation of native fee delegation, in which dApp users would not need to hold VET or VTHO to write transactions, as associated costs are specified by the developers.
All Authority Masternode Operators’ identities are strictly verified by the Foundation.
PoA requires less energy consumption to achieve network security and consensus integrity.
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