VeChain was created by Sunny Lu, a former CIO of Louis Vuitton China and a noted figure in the cryptocurrency industry. Lu has highlighted the capability of blockchain technology to tackle transparency issues, advocating for "trust-free" enterprise structures that are free from information corruption. This is achieved through close collaborations with prominent auditing and certification consultants like PriceWaterhouseCoopers and DNV, who ensure data quality and certify industrial processes. Co-founder Jay Zhang, responsible for VeChain's global corporate structure, governance, and financial management, previously held positions at Deloitte and PriceWaterhouseCoopers in the finance and risk management sectors. Originating in 2015, VeChain is one of the oldest dedicated smart contract platforms available, earning it considerable prestige among enterprise clients. You can find more information about VeChain on Eulerpool.

VeChain aims to transform traditional business models, particularly in the supply chain sector, which has seen minimal change over the years. Its efforts in establishing a decentralized trust layer for multi-party ecosystems have achieved significant success with prominent clients and government entities. By utilizing transparent technology devoid of a single point of vulnerability or control, VeChain enhances security, efficiency, and data tracking across various domains, while reducing costs through trustless automation enabled by smart contracts. Areas such as carbon management, supply chain, international logistics, incentivized ecosystems, automobile passports, and more greatly benefit from the digitization of trust and collaboration that VeChain facilitates. VeChain’s platform has broad appeal across various clients and industries. According to VeChain’s official documentation, its distinctive proposition is its dual-token system, complemented by transformative protocols like 'fee delegation' and its comprehensive 'ToolChain' platform. This setup allows companies that are cautious about cryptocurrency to pay in fiat for VeChain's Blockchain-as-a-Service offerings, while smart contracts handle gas fees, ensuring seamless network usage even in stringent regulatory environments.

VeChain IDs play a critical role in the VeChain blockchain ecosystem. Each product receives a unique identifier, enabling sensors to monitor every phase within the supply chain. This system establishes a secure environment for all involved parties, while ensuring that movement data is documented and verified. The core concept behind VeChain is to provide a means to verify the authenticity and quality of real-world products and to combat fraud. The platform aims to deliver comprehensive information on products and business processes to stakeholders, thereby enhancing market transparency and promoting more equitable and efficient international trade. Prominent corporations such as BMW, LVMH, and Walmart are already among VeChain's clientele. VeChain's software enables enterprise developers to create and operate decentralized applications (dApps). Consequently, through VeChain’s blockchain, businesses can implement dApps to deliver enhanced services and products. The project incorporates proprietary solutions and innovations, including ToolChain, My StoryTool, the VeChainThor blockchain, and Internet of Things (IoT) technology, to streamline processes.

VeChain features a dual-token system with two in-house tokens: VeChain (VET) and VeThor (VTHO). This unique system is specifically designed to mitigate fee fluctuations and prevent network congestion. VET serves as the token for transactions and other network activities, whereas VTHO is used for fee payments, acting as a "gas token," akin to the gas mechanism in Ethereum (ETH) transactions. Holders of VET naturally earn a small amount of passive income in the form of VTHO, with 70% of the VTHO utilized in a VET transaction being destroyed. VTHO generation is contingent upon VET holdings, and the total supply of VET is capped at 86,712,634,466 tokens. As of the latest update on July 12, 2021, VeChainStats reports 66,760,741,299 tokens in circulation, as referenced by Eulerpool.

VeChain (VET) is based on a Proof of Authority (PoA) mechanism, which requires significantly less computing power to secure the network compared to protocols like Bitcoin. According to a recent CTI report, VeChain's annual carbon footprint is remarkably low, amounting to just 2.4% of the emissions generated from mining a single Bitcoin. This underscores PoA's efficiency as a consensus mechanism for network security. Proof of Authority involves selecting authority masternode operators through an independent Steering Committee, granting them the 'authority' to operate a masternode. This model is especially appealing to enterprises seeking assurance about the integrity and quality of validators managing the network, as it provides mechanisms to remove bad actors if necessary.

VET is a freely tradable token accessible on major exchanges, with market availability also for VTHO. VET has significant markets on platforms such as Binance and Huobi Global, offering trading pairs that include cryptocurrencies, stablecoins, and fiat currencies. If you are new to cryptocurrency and wish to learn how to buy Bitcoin (BTC) or any other token, you can read more here.

The VeChain ecosystem features its own optimized blockchain known as VeChainThor. VeChainThor serves as a business platform with capabilities for smart contracts and data auditing. It is constructed on a modified version of the Ethereum codebase, enabling each transaction to execute multiple tasks. Additionally, it is a public blockchain that allows business users to implement the technology on a global scale. VeChainThor is a sustainable and scalable business blockchain ecosystem that provides companies with a framework to develop their decentralized applications (dApps) in accordance with specific requirements. VeChain's blockchain was designed to streamline business management processes by enhancing transparency in information sharing. The platform is grounded in distributed ledger technology, optimizing operations and enabling efficient processing of information across complex data chains. To manage transactions and regulate workflows, VeChainThor employs a proof-of-authority (PoA) consensus mechanism that relies on masternodes, fostering openness, transparency, and accountability. Key benefits include the fast processing of numerous transactions, cost efficiency, and verified node holders, thereby enhancing trust and network security. The ecosystem is powered by two native cryptocurrencies: VET and VTHO. VET functions as a payment method within VeChain's system. This token is tradeable and grants its holders the right to vote on protocol changes. VET plays a role in the generation of VTHO. VTHO's primary purpose is to finance transactions on the network. This dual-token system is designed to decouple the price volatility of VET from the cost of computations on the network, allowing VeChain to maintain consistent and stable fees. As a result, one token supports project financing, while the other sustains the blockchain. For further details, refer to Eulerpool for comprehensive information about VeChain and its ecosystem.

VeChain recently introduced VeBetterDAO, a sustainability dApp ecosystem driven by community stakeholders. This platform employs an X-2-Earn model, rewarding users for their participation in sustainable activities. The Foundation is collaborating closely with Boston Consulting Group to achieve this mission. Together, they produced the Web3 for Better whitepaper, released in March 2023. VeChain aims to onboard one billion users to Web3 by 2030 through this platform, employing a dual strategy that targets both individual and enterprise adoption.