Vechain is a blockchain that targets enterprises, especially those within the supply chain sector. While most competing blockchains are private, Vechain decided to instead make its blockchain public. This could probably be because Vechain realized the restrictions that private blockchains would have while offering enterprise solutions.
If anything, Vechain’s coin, the VET, is one of the leading cryptocurrencies at the moment. Their partnership with several business giants like Haier, PwC, Renault, DNV GL, China Unicorn, Microsoft, Hyperledger, and many others makes it one of the most successful crypto projects at the moment. However, some crypto enthusiasts don’t know much about it. This article will look into everything Vechain.
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What is VeChain Thor?
Vechain Thor is a blockchain specifically designed to help increase the efficiency of supply chain management processes. VeChain, with the help of a blockchain, allows both retailers and consumers to track the journey of their products. The blockchain makes use of two tokens, VET and VTHO
History of Vechain Thor
VeChain Thor, known initially as just VeChain started as a project back in 2007. However, the VEN (before it was changed to VET) cryptocurrency was launched in 2015. In 2017, the VEN started trading on most crypto exchanges changing to VeChain Thor last year.
VeChain Thor makes use of a Proof of Authority (PoA) protocol to ensure the maintenance of consensus between all the nodes on the blockchain. It also comes with comprehensive built-in tools of governance. The PoA provides room for the blockchain to be highly scalable. Thus, VeChain has the potential to peak 0,000 transactions per second.
How to Sell VET Coin
As a leading cryptocurrency, the VET coin is available on virtually all cryptocurrency exchanges. As such, you can sell the cryptocurrency against a basket of others such as BTC, ETH, USDT, and others.
VeChain Thor is a unique blockchain with features such as:
- Makes use of two cryptocurrencies, VET and VTHO
- Utilizes the PoA consensus mechanism
- It has 101 nodes that are controlled by a white-list
- It has built-in tools of governance
- The blockchain is highly scalable
What Problems It Solves
V- Thor primarily solves the transparency issue present within the supply chain ecosystem. Because of Vechain, retailers, manufacturers, and consumers can track the movement of a product across the supply chain and immediately point out where something went wrong. Thus, the transparency ensures that manufacturer and distributors maintain product quality at all times.
The whitelist are a group of nodes on the Vechain network that controls activities. Usually, Vechain accommodates only 101 authority nodes on the platform, and their duty is to validate all transactions on the blockchain.
VeChain has been exceptional over the years. It is one of the cryptocurrency projects that continue to see widespread adoption due to its use in the supply chain industry.
The objective of the platform is to be the primary supply chain management platform in the world. Towards their goal, they have a partnership with PwC, Renault, DNV GL, China Unicorn, Microsoft, Hyperledger, and many more.
V-Thor has the potential to become one of the most important blockchain projects. Unlike a lot of crypto projects out there, Vechain has a solid plan with a working product, targeting an essential sector of the global economy. In addition to that, the partnerships secured so far would help boost its prospects of success.
Although VET coin has suffered like the other cryptocurrencies due to the bear market, there is confidence that its price would make significant positive movements this year. While it is far off from its $0.19 all-time-high price, VET is up by roughly 100 percent since the start of the year and could continue on this trail till the end of the year.