VeChain (VET)

VeChain is a blockchain platform designed to improve supply chain management and product traceability.
Founded in 2015, VeChain uses smart contract technology to offer companies a secure and transparent way to track the integrity of products throughout their lifecycle, from production to final consumption.
Thanks to its VET token, VeChain enables data to be immutably recorded and verified, helping to prevent fraud, improve the efficiency of logistics processes, and guarantee product authenticity in a variety of sectors, including food, automotive and fashion.

VeChain was founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China, and Jay Zhang, former executive at PwC.
VeChain’s initial vision was to revolutionize supply chain management by using blockchain technology to improve the traceability, authenticity and efficiency of logistics processes.
VeChain has rapidly evolved into a versatile blockchain platform, capable of integrating into a variety of industry sectors.
The VeChain team includes experts in blockchain, supply chain management, and IT, who have worked to develop a robust infrastructure capable of supporting decentralized applications (dApps) and industry-specific blockchain solutions.
Thanks to strategic partnerships with world-renowned companies such as PwC, DNV GL, and BMW, VeChain has been able to test and deploy its solutions in real-world environments.
VeChain has also pioneered the use of smart contracts to automate and secure transactions within supply chains.
Since its launch, the platform has introduced two tokens, the VET (VeChain course) and the VTHO, to facilitate transactions and operations on the VeChainThor blockchain.
VeChain’s commitment to innovation and collaboration with industry leaders has positioned the platform as a key player in the integration of blockchain into business processes.

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VeChain is a solution based on blockchain technology that enables users to track the journey of any product.
Backed by a smart contracts platform, VeChain crypto enables brands and consumers to verify product traceability, using its own blockchain combined with a system of chips (NFC, RFID) and QR codes.
In this way, VeChain crypto functions as a digital gateway between the various players in the trade. The VET crypto stores information about the product, such as the materials used in its manufacture, the steps taken to produce it, or its characteristics, so that users can easily retrieve this data by scanning the QR code with a smartphone.
The use of blockchain ensures the integrity of the data, which cannot be falsified, thus protecting the products.
To operate, VeChain uses its own cryptocurrency, the VET token. Users purchase tokens from the VET chain to execute smart contracts.
This system is mainly used in the luxury goods sector, which suffers greatly from counterfeiting, by guaranteeing the authenticity of products.
But, in absolute terms, Vechain crypto can be adapted to different types of trade.
In the agri-food sector, for example, use of the VeChain network ensures that the cold chain is respected throughout the transportation of goods.
For over-the-counter transactions, the VET blockchain makes it possible to specify the identities of successive owners, for example if you’re buying a car or a house. Many multinationals are already using VeChain and have signed a partnership with the network, like Walmart.

VET tokens are the native cryptocurrency of the VeChainThor blockchain.
They have several key functions in the VeChain ecosystem:

1. Value Transfer Medium: VET is used to transfer value across the VeChainThor network.
   It acts as the « fuel » of the blockchain, enabling smart transactions and contract execution.
2. VTHO creation: VET holders generate VTHO tokens (VeThor), which are used to pay transaction fees on the VeChainThor blockchain.
   The VTHO is automatically generated according to the quantity of VETs held, which encourages long-term VET ownership.
3. Staking and Rewards: Users can « stake » their VETs to help validate transactions on the network and receive rewards in the form of VTHOs.
4. Governance: VET holders can participate in the network’s governance, voting on proposals that affect the future and development of the VeChain platform.
5. Use in Applications: VET is also used in various decentralized applications (dApps) built on the VeChain blockchain, notably in sectors such as logistics, healthcare, and food to track and authenticate products throughout the supply chain.

Procurement Total

• Total VET quantity: VeChain has a fixed total supply of 86,712,634,466 VETs.
  This supply was predefined during the Initial Coin Offering (ICO) in 2017.

2. Token distribution

• Initial distribution: VETs were distributed among ICO participants, the VeChain Foundation, partner companies and the development team.
• VeChain Foundation: A significant portion of VETs has been earmarked for the VeChain Foundation to finance the development and expansion of the ecosystem.

3. VTHO generation

• Dual Token Model: VeChain uses a dual token model with VET and VTHO (VeThor).
  VET holders automatically generate VTHO, which are used to pay transaction fees on the VeChainThor blockchain.
  This separates the volatility of VET prices from operational costs on the network.
• Generation rate: For each VET held, a certain quantity of VTHO is generated each day.
  The rate is currently set at 0.000432 VTHO per VET per day.

4. Reward and Staking Mechanisms

• VTHO rewards: VET holders are rewarded in VTHO, which encourages the long-term holding of VET tokens.
• Staking: Users can participate in staking by holding VETs, which contributes to network security and enables them to receive additional rewards.

5. Use and adoption

• Use in the ecosystem: VET is used as a means of transferring value, for paying fees, and in decentralized applications (dApps) on VeChainThor.
• Corporate partnerships: VeChain has forged partnerships with companies in a variety of sectors, boosting demand for and use of VET tokens.

6. Incitement to Detention

• Incentive Pool: A portion of the tokens is used to incentivize partners and businesses to use the VeChain blockchain, promoting long-term adoption.

• Expanding the VeCarbon platform:
  • Objective: VeChain continues to develop VeCarbon, its carbon management platform, to help companies measure, reduce and offset their carbon emissions.
  • Concrete example: Working with global companies to integrate VeCarbon into their operations, with a focus on the fashion and food industries.
• Launch of VeWorld:
  • Objective: To develop VeWorld, a blockchain-based collaborative work environment designed for businesses.
  • Case in point: Integration of VeWorld with ERP tools to optimize supply chain management.
• Deployment of VeChainThor 2.0:
  • Objective: Improve the scalability, security and performance of the VeChainThor blockchain.
  • Concrete element: Introduction of new functionalities such as multi-chain smart contracts and Proof-of-Authority (PoA) 3.0 consensus.
• Strategic partnerships in logistics:
  • Objective: Use VeChain to improve traceability and transparency in supply chains.
  • Case in point: Collaboration with logistics companies in Asia to deploy real-time tracking solutions.
• Initiatives in the healthcare industry:
  • Goal: Use blockchain to secure healthcare data and improve clinical trial management.
  • Concrete example: Partnership with hospitals and pharmaceutical companies for the development of vaccine and drug tracking solutions.
• VeChain Ecosystem Accelerator Program:
  • Objective: Support startups and innovative projects using VeChainThor.
  • Case in point: Investment in sustainable blockchain and circular economy projects, with initial funding of several million dollars.
• Adoption of ToolChain:
  • Objective: to encourage companies to adopt ToolChain, VeChain’s blockchain platform for data management.
  • Concrete example: Used by food companies to ensure traceability and transparency of products from farm to table.
• International expansion:
  • Objective: Increase VeChain’s presence on global markets.
  • Concrete element: Opening of new offices in North America and Europe to strengthen local partnerships and develop adoption of VeChain blockchain.

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• Trade your USDT or USDC cryptocurrencies against VeChain (VET crypto).

The VeChain network offers many advantages that argue in favor of investing in this multifaceted cryptocurrency.
Here are some of the main advantages:

• Thanks to the way it works (digital identification and product traceability, among other things), the VeChain network is establishing itself as an unrivalled innovation in the cryptocurrency world.
  As proof of its appeal, its market capitalization has reached $1.9 billion (as at August 22, 2024).
• The VeChain platform has its own blockchain, and a large number of decentralized applications (dApps) are supported.
• VeChain offers a range of innovative blockchain solutions to meet the security needs of businesses.
• Hundreds of international companies are already VeChain partners, which has a positive impact on investor confidence.
• VeChainThor uses a consensus mechanism based on Proof of Authority, which enhances the transparency of the governance framework.
• The price variation has been stable for years (around €0.02 in August 2024), making it an ideal currency for cautious investors.

Note also that crypto VET has a promising future, with a new project destined to see the light of day: VeCarbon, a solution that aims to help governments and private organizations achieve carbon neutrality.
As for drawbacks, we can highlight two:

• The VET offer is limited to 86 billion.
• The VeChain network has both a centralized and a decentralized component.

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