VeChain is a blockchain platform designed to deliver chain control and enterprise processes. It will streamline these processes and data flow for complicated supply chains via distributed ledger technology (DLT).
The VeChain platform includes two tokens: VeChain Token (VET) and VeChainThor energy (VTHO). The former is used to switch fees across VeChain’s network, and the latter is used as energy or “gas” to power smart contract transactions.
VeChain states that its purpose is to construct a trust-free and distributed business ecosystem platform to allow apparent information flow, efficient collaboration, and excessive-speed value transfers.
Supply chain information for business processes is presently compartmentalized in silos between a couple of stakeholders. It Impacts data flow, which is again divided amongst stakeholders.
In line with VeChain’s white paper, blockchain technology can smash “this asymmetric data hassle and permit ownership of information to return to and empower its proprietor.” The VeChain platform offers legal stakeholders a 360-degree view of vital information connected to a product and its business processes—including storage, transportation, and supply—and creates greater market transparency.
The VeChainThor blockchain platform is a public blockchain meant for “mass business adoption VeThor energy.”
The concept is like that of Ethereum’s ether and NEO’s “gas,” Builders need to price range for a specific variety of underlying tokens (which are not uncovered to the public) to behavior transactions for their decentralized programs.
In its contemporary form, Ethereum lacks this kind of model because the value of ether, its native gas token, is unstable. As such, builders must estimate the quantity of ether required for a transaction, and the transaction fails if their estimate turns out to be incorrect. VeChain’s white paper outlines numerous technical improvements that its platform has made to overcome this issue.