What is VeChain Blockchain?

VeChainThor is a public blockchain designed for mass adoption of blockchain technology by enterprise users of all sizes. It is built on the essential building blocks of Ethereum, such as the account model, the EVM, the modified Patricia tree, and the RLP encoding method. VeChainThor provides innovative technical solutions that are powered by its novel governance and economic models, and is packed with features that are tailored to the needs of enterprises, individuals, and developers. VeChainThor is equipped with features such as meta-transaction features, Proof of Authority (PoA) consensus mechanism, and a unique two-token economic model. Meta-transaction features such as multi-party payment, multi-task transaction, and controllable transaction lifecycle make the development of decentralized applications more user-friendly. The PoA consensus ensures efficient and transparent transitions (upgrades) of the protocol to adapt to new challenges or innovations. The two-token system (VET+VTHO) helps separate the cost of using blockchain from market speculation and stabilizes the cost. VeChainThor is designed to be the foundation for a new era of trust and transparency and is positioned to be one of the most influential public blockchains.

What is VeChain (VET)?

The VeChain Token (VET) is the native cryptocurrency of the VeChainThor blockchain. VET is used as a medium of exchange for activities and transactions on the VeChainThor blockchain and serves as a “fuel” to power the network. VET holders have the right to vote on governance decisions, participate in Proof of Authority (PoA) consensus, and receive rewards in the form of VTHO tokens. VTHO is generated from VET at a predetermined velocity and is used to pay the transaction fee for executing smart contracts and transactions on the blockchain. VET holders will also be able to benefit from other financial services such as staking, lending, and trading on third-party exchanges. With its innovative features, VeChainThor is positioned to be one of the most influential public blockchains, and VET is an integral part of this ecosystem.

Two-token Design

The VeChain Token (VET) and VeThor Token (VTHO) are the two tokens that make up the VeChainThor blockchain's two-token design. VET is used as a medium of exchange for activities and transactions on the VeChainThor blockchain and serves as a “fuel” to power the network. VET holders have the right to vote on governance decisions, participate in Proof of Authority (PoA) consensus, and receive rewards in the form of VTHO tokens. VTHO is generated from VET at a predetermined velocity of 0.00000005 VTHO per VET per block and is used to pay the transaction fee for executing smart contracts and transactions on the blockchain. The two-token system (VET+ VTHO) helps to separate the cost of using blockchain from market speculation and stabilizes the cost. The total supply of VET is (check total supply), and VTHO is generated and consumed according to the amount of VET held and the amount of transactions taking place on the blockchain.

Who created VeChain?

VeChain was created by Sunny Lu, who is the co-founder and CEO of the VeChain Foundation. Sunny previously served as the CIO of Louis Vuitton China. He has over 15 years of experience in the IT industry and has worked in the blockchain space since 2011. The VeChain Foundation, established in Singapore in 2017, is a non-profit organization dedicated to promoting the adoption and development of blockchain technology. The Foundation is responsible for developing and maintaining the VeChainThor blockchain, as well as providing technical guidance, education, and support services to the community.