VeChain – What is it?

Cryptocurrency News and Public Mining Pools

VeChain – What is it?

I was reading this article on: I extracted below some info that I found interesting. Enjoy!

"VeChain is a specific blockchain platform originally designed to enhance supply chain management and business processes. The goal of VeChain was to streamline the processes and information flow for complex supply chains through the usage of distributed ledger technology or DLT. The Vechain platform contains two tokens, and these are VET or VeChain Token and VTHO or VeChainThor.

VET is used to transfer value across the network, while VTHO is used as the gas that powers the smart contract transaction. It essentially differs from other projects because the developers behind it do not intend to create a fully decentralized platform. Instead, they aim to create the best features from both DeFi or decentralized finance and CeFi or centralized finance sectors.

VeChain essentially uses smart chips for Radio Frequency Identification or RFID tags and sensors that can broadcast key information onto the blockchain network that can be accessed in real-time by authorized stakeholders. This application of sensors means that all of the parameters that are related to the product can be monitored constantly. If any problems occur, they can be communicated back to the stakeholders.

The manufacturers and the customers are informed if a drug packet(medicine) is stored outside of the prescribed temperature range, which allows for service improvements and a higher level of quality as a result.

However, when it comes to the VEChainThor blockchain platform, it is a blockchain that was originally intended for the corporate world, or in other words, for mass business adoption. As previously mentioned, it does this through a dual-token setup known as VET and VTHO.

VET is the token that carries value from smart contracts, and the transactions on decentralized applications occurring in VeChain’s blockchain use VET. VTHO provides the power these transactions need to occur, and it is equal to the cost of conducting transactions on the blockchain.

The best part about VeChain is that, compared to many other projects in the market for a longer period of time, they have managed to convince companies to start using the VeChain blockchain. VeChain has a real application purpose, real partnerships and can solve existing business challenges. These partners include Price Waterhouse Cooper, Walmart (NYSE:WMT) China, NTT Docomo (OTC:DCMYY), LVMH Group, Penfold, and many more."

And as always: may the green days shine upon everyone! Cheers!

submitted by /u/mecooh92
[link] [comments]