VeChain Thor (VET)

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VeChain Foundation
Vechain-logo.jpg
Founded 2017
Headquarters Singapore
Key People Sunny Lu, CEO
Employees Approx. 50
Products Vet and VeChainThor
Twitter @vechainofficial
LinkedIn Profile
Facebook VechainThor
Website VeChain.org
Releases Company News
Blog VeChain Official Blog

The VeChain Foundation, a Singapore non-profit organization, maintains the VeChain Thor blockchain. Governance of VeChain Thor shares characteristics with decentralized autonomous organizations in that holders of its VEN coin enjoy voting rights on technical changes and on the make-up of the foundation's technical steering committee. In addition, however, the foundation also works closely with partners, including Microsoft, PriceWaterhouseCooper, and Renaul, among others.[1]

VeChain Thor is a startup project for the eponymous blockchain-based decentralized application platform designed to improve shipping and manufacturing practices. It utilizes various IoT devices and networks, connecting them to a single distributed ledger so that existing businesses can integrate their payment and data management systems with the VeChain protocol.[2]

According to the foundation, VEN is the Ethereum based token that was sold during an ICO. VET is the native coin of the VeChainThor blockchain. One VEN was exchangeable for one hundred VET tokens during the token swap the foundation organized.[3]

Background

VeChain's initial design was conceptualized in 2015, then launched in June 2016. An iOS version of the VeChain application was released along with the VeChain Dashboard the following September.

In its first incarnation, VeChain ran its software on the Ethereum network and its ERC-20-based token was called VEN.

VeChain released VeChain Thor on June 30, 2018, when it mined its first block on its own mainnet (independent network).[4] With the roll-out of its mainnet, the Ethereum-based VEN were swapped out for a new token, called VET, at a one VEN for 100 Vet rate. A new mobile VeChain Thor wallet was introduced during July 2018.[5]

Overview

VeChain is a blockchain-powered decentralized application project. Using its native coin, VET, VeChain combines computer chips and blockchain technology. Using various devices, VeChain allows manufacturers to record every step of a product's production, shipping, and distribution using the transparency and immutability of a blockchain. The company developing VeChain has announced partnerships with BMW, Michigan State University, Oxford Universtiy Math, PwC Asia, and the Chinese consulting firm NRCC.[6]

VeChain's stated goal is to apply blockchain and IoT technology in order to improve supply-chain management for multiple industries.[7]

VeChain's VEN was also one of the only cryptocurrencies to grow in value between January and June 2018 when the market capitalization of bitcoin and Ethereum fell by 44% and 40% respectively. VEN's market cap increased 28% during that time.[8]

VET nodes are run by organizations that operate on the blockchain. It cannot be mined publicly.

According to CoinMarketCap, an industry data reporting service, VET was the 51st most actively traded cryptocurrency from December 9, 2018 to January 8, 2019, and had a market capitalization of $245 million.[9] As of the start of 2021, VET had a market capitalization of almost $1.5 billion and was the 23rd most actively traded cryptocurrency on what CryptoCompare, an online data reporting service, calls top tier exchanges.[10]

VeChain Thor also has another cryptocurrency, called VeThor (VTHO), which is used to pay for for tokenized transactions, similar to the use of gas in Ethereum applications.[11]

References