VeChain is a public blockchain platform that envisions using distributed ledger technology (DLT) to streamline complex supply chain management systems. Its founder is Sunny Lu, former CIO of Louis Vuitton China.
Starting in 2015 as a Bitse subsidiary, VeChain had its initial token VEN functioning on the Ethereum blockchain. Since 2018, it has rebranded itself with two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). While VET focuses on transferring value across the network, VTHO has exclusive use as the token for energy or gas to power transactions.
The VeChain blockchain platform design aims for mass business adoption by providing a 360-degree view of an organization. And it plans to achieve this through the disintermediation of data silos. Moreover, it considers its two-token system ideal for effective governance with an advantage over Ethereum and the volatility issues of Ether. VeChain thus promises a predictable economic model for decentralized applications (DApps) developers.
Proof of Authority is the chosen protocol for the VeChainThor blockchain governance. It does not allow anonymous nodes, only authority masternodes which have complied with the essential pre-requisite of disclosure of identity. Its masternode system essentially centralizes voting rights in a decentralized system. However, this is in line with the platform’s vision of trying to achieve a balance between centralization and decentralization.
You must check out this section to learn more about VeChain’s protocol development and updates along with news of its strategic partnerships with leading companies worldwide.