What is VEChain? Vechain is a Singapore based blockchain platform and a cryptocurrency that focuses on the internet of things or rather IoT. It is primarily designed to enhance the supply chain management system. One unique feature that Vechain is known for is an integration of an RFID function. Manufacturers are able to assign RFID identifiers that record the supply chain and are likewise notated on the blockchain. Consumers no longer must question or place blind trust in the ability to determine the quality and authenticity of products that are purchased.
What is VEChain and What Makes it so Special?
Vechain enables authorization based on digital ownership management. Digital assets can be linked to an account with both a public key and private key through the use of smart contract technology. The public key can be accessed by other users and the private key gives a user authorization and access to its the digital asset.
The company’s key development target is making the supply chain more efficient, transparent, and cost-effective. They maintain security on the platform by using network nodes which can be controlled by organizations and businesses that are a part of the ecosystem.
Of note, the company decided to advance from being a supply chain management project and expand to being a full-fledged enterprise dApp solution. The network will use two distinct coins known as the Vechain token (VET), and Thor Power (THOR), for its internal operations.
About The VEChain Team
Sunny graduated from Shanghai Jiao Tong University, majoring in Electronics and Communication Engineering. He has served as IT Executive in Fortune 500 companies over 13 years, including the former CIO of LOUIS VUITTON China. He started the project back in 2015.
About the VEChain Token
$VET is the token of VEChain. $VET currently has a circulating supply of nearly 55.5 billion, with a total supply of 86,712,634,466. Nearly 9% of Blox users hold $VET, with 13% of global exchanges supporting the token. Around 31% of VET in Blox is held in wallets, with nearly 69% synced via exchanges at this time.
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