So, VeChain, what is it? Glad you asked, VeChain is a platform that utilizes the blockchain Actually let’s start from the beginning, what is blockchain? Let’s talk about that Currently, were on what you would call a centralized system. As Sunny, Vechains CEO says, being on a centralized system is like saying I love you With no one else around. But the blockchain?
Well, I love you Uh did I say that? VeChains vision is to build a trust-free and distributed business ecosystem based on the immutable and decentralised nature of blockchain technology By combining this with smart chips and hardware such as NFC chips, RFID tags and QR codes they can track products throughout their lifecycle This allows VeChain to realise the merits of blockchain technology in real-world applications, promoting confidence in the system and transparency This way, the value goes back to the owner Applying this technology to real businesses reduces trust issues between parties making cooperation simpler and more cost-effective by automatically ensuring the integrity of information and reducing administrative and technological burden This allows businesses to focus on things that really matter, like building better products and providing more value to end-users.
After all, why should we be putting up with inefficiencies of legacy systems in the 21st century when they can be resolved by Vechains technology, For example, let’s use my current favourite use case – VeChain is providing a supply chain management system and traceability solution in collaboration with DIG to keep track of important participants in the supply life cycle of wines.
This means consumers are able to access product history and information on the blockchain such as the origins of the wine, year of production, and its ingredients.
This includes its condition and movement through the supply chain from suppliers, manufacturers, distributors regulators, and retailers Cheer To fulfil their vision, VeChain is rebranding towards a two token system called VeChain Thor or VET for short becoming more than just a traceability and supply chain management solution The VeChain Foundation aims to be the backbone of the ecosystem being responsible for the construction of the blockchain network, as well as providing other basic technical services. In order to do this VeChain will be migrating from the Ethereum network to become its own standalone platform.
This will allow VeChain to separate itself from the volatility of the cryptocurrency market as it will have its own enterprise network With the collaboration of world-class partners such as PWC, one of the world’s most established professional services companies and DNV GL, the worlds largest international accredited registrar and classification societies, VeChain has the resources, connections, and credibility to offer blockchain as a service to Fortune 500 companies and integrate their supply chains to create a robust ecosystem of businesses With this, VeChain combines blockchain with the real world, fostering a truly efficient and integrated environment for businesses to thrive without bearing the large burden associated with developing and adapting to new technologies.
VeChain Thor will be the start of a 2 coin economy, with VET being the primary token and THOR, being the currency used for all transactions. So, how do you get Thor? Just hold VET Just hodl VET! With THOR, 70% of them are burnt with every transaction, with the remaining 30% being returned to authority holders for maintaining and verifying blockchain integrity.
As a VET investor, the more VET you hold, the more THOR you get. Holding certain tiers gives you bonuses starting from 10,000, you get a 38% bonus, and from there, the Moon’s the limit! VeChain is building the ecosystem of the world that will thrive on harmonious existence and collaboration. The question is… Are you in?