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project icon for vechain

VeChain Thor

VET
$0.009897
-3.41%
Negative delta icon

VeChain is an enterprise-focused smart contract platform designed for IoT integration.

Overview

Project Stage

Live status icon

Amount Raised

$60,300,000.00

Market Cap

$642MM

Sector

Smart Contract Platform

Blockchain

Native token icon

VeChain

Funding Source

Token Sale

Project Profile

VeChain uses a Proof of Authority (PoA) consensus mechanism, in which a set of 101 Authority Masternodes validate transactions. These masternodes are selected by the VeChain Foundation’s technical and governance councils, and are subject to verified hardware requirements, a KYC verification process, and a collateral minimum of 25 million VET. The VeChain Foundation will select masterndoes associated with five primary categories: enterprise, blockchain developers, business development, community contributors, and academic research. Enterprise users and dApp developers will reduce their application’s transaction costs by running their own masternode.

Asset Details

VeChain uses a two-token ecosystem; the primary VET token is used for network payments and governance rights, and the VeThor token functions as smart contract gas. Holders of VET accrue VeThor according to a daily issuance schedule, in a model similar to NEO and its Gas token. Token holders elect the VeChain Foundation’s Steering Committee, which has input in masternode selection and technical decision making. VeChain dApps can fund transaction fees directly through a smart contract wallet, instead of requiring users to fund these fees themselves; this feature aims to streamline the user onboarding process and experience. Approximately 30% of VeChain transaction fees accrue to the masternodes, while the remaining 70% is burned.

The initial VEN token was released as an ERC-20 token on Ethereum, with the mainnet launching in July 2018. The total supply of VEN is 1 billion, with 64% total allocated to a public sale, private sale, and enterprise investors. All VEN token holders at the time of mainnet launch receive VET at a 25:1 ratio. The protocol specifications are based loosely on the Ethereum codebase, with modifications to emphasize enterprise-grade security. Development of VeChain is centered in China, with major investors including Fenbushi Capital and Draper Fisher Jurvetson.

project icon for vechain

VeChain

VET
$0.009897
-3.41%
Negative delta icon
VeChain is an enterprise-focused smart contract platform designed for IoT integration.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$642MM
Native token icon

VeChain

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Token Sale

$60MM

Smart Contract Platform

Project Profile

VeChain uses a Proof of Authority (PoA) consensus mechanism, in which a set of 101 Authority Masternodes validate transactions. These masternodes are selected by the VeChain Foundation’s technical and governance councils, and are subject to verified hardware requirements, a KYC verification process, and a collateral minimum of 25 million VET. The VeChain Foundation will select masterndoes associated with five primary categories: enterprise, blockchain developers, business development, community contributors, and academic research. Enterprise users and dApp developers will reduce their application’s transaction costs by running their own masternode.

Asset Details

VeChain uses a two-token ecosystem; the primary VET token is used for network payments and governance rights, and the VeThor token functions as smart contract gas. Holders of VET accrue VeThor according to a daily issuance schedule, in a model similar to NEO and its Gas token. Token holders elect the VeChain Foundation’s Steering Committee, which has input in masternode selection and technical decision making. VeChain dApps can fund transaction fees directly through a smart contract wallet, instead of requiring users to fund these fees themselves; this feature aims to streamline the user onboarding process and experience. Approximately 30% of VeChain transaction fees accrue to the masternodes, while the remaining 70% is burned.

The initial VEN token was released as an ERC-20 token on Ethereum, with the mainnet launching in July 2018. The total supply of VEN is 1 billion, with 64% total allocated to a public sale, private sale, and enterprise investors. All VEN token holders at the time of mainnet launch receive VET at a 25:1 ratio. The protocol specifications are based loosely on the Ethereum codebase, with modifications to emphasize enterprise-grade security. Development of VeChain is centered in China, with major investors including Fenbushi Capital and Draper Fisher Jurvetson.

Recent News

Walmart China partners with VeChain to build a food tracking project to address safety concerns

June 25, 2019

Sources:

CoinDesk

Bayer China announces its upcoming use of VeChain for tracking pharmaceutical drugs.

Bayer China, part of Bayer Global, the international pharmaceutical and life sciences company, announced on Thursday that it has chosen VeChain as a provider for its new blockchain service. The company hopes that the service, ‘CSecure’ will allow it to track pharmaceutical items as they travel through the supply chain. Specifically, the new system will use ToolChain, a VeChain service that allows the blockchain provider to build enterprise-tailored systems.

May 29, 2020

Sources:

CoinDesk
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project icon for vechain

VeChain

VET
$0.009897
-3.41%
Negative delta icon
VeChain is an enterprise-focused smart contract platform designed for IoT integration.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$642MM
Native token icon

VeChain

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Token Sale

$60MM

Smart Contract Platform

Project Profile

VeChain uses a Proof of Authority (PoA) consensus mechanism, in which a set of 101 Authority Masternodes validate transactions. These masternodes are selected by the VeChain Foundation’s technical and governance councils, and are subject to verified hardware requirements, a KYC verification process, and a collateral minimum of 25 million VET. The VeChain Foundation will select masterndoes associated with five primary categories: enterprise, blockchain developers, business development, community contributors, and academic research. Enterprise users and dApp developers will reduce their application’s transaction costs by running their own masternode.

Asset Details

VeChain uses a two-token ecosystem; the primary VET token is used for network payments and governance rights, and the VeThor token functions as smart contract gas. Holders of VET accrue VeThor according to a daily issuance schedule, in a model similar to NEO and its Gas token. Token holders elect the VeChain Foundation’s Steering Committee, which has input in masternode selection and technical decision making. VeChain dApps can fund transaction fees directly through a smart contract wallet, instead of requiring users to fund these fees themselves; this feature aims to streamline the user onboarding process and experience. Approximately 30% of VeChain transaction fees accrue to the masternodes, while the remaining 70% is burned.

The initial VEN token was released as an ERC-20 token on Ethereum, with the mainnet launching in July 2018. The total supply of VEN is 1 billion, with 64% total allocated to a public sale, private sale, and enterprise investors. All VEN token holders at the time of mainnet launch receive VET at a 25:1 ratio. The protocol specifications are based loosely on the Ethereum codebase, with modifications to emphasize enterprise-grade security. Development of VeChain is centered in China, with major investors including Fenbushi Capital and Draper Fisher Jurvetson.

Recent News

Walmart China partners with VeChain to build a food tracking project to address safety concerns

June 25, 2019

Sources:

CoinDesk

Bayer China announces its upcoming use of VeChain for tracking pharmaceutical drugs.

Bayer China, part of Bayer Global, the international pharmaceutical and life sciences company, announced on Thursday that it has chosen VeChain as a provider for its new blockchain service. The company hopes that the service, ‘CSecure’ will allow it to track pharmaceutical items as they travel through the supply chain. Specifically, the new system will use ToolChain, a VeChain service that allows the blockchain provider to build enterprise-tailored systems.

May 29, 2020

Sources:

CoinDesk