VeChain (VET) - A Dual-Token Platform for L1 Smart Contracts

Introduction

VeChain (VET) is a dual-token platform that provides L1 smart contracts suitable for enterprise use. The platform was founded in 2015 as a private consortium chain exploring blockchain applications. In 2017, VeChain transitioned to public blockchains with the ERC-20 token VEN before launching its own mainnet under the ticker VET in 2018.

VeChain's Ecosystem and Technology

VeChain aims to create an ecosystem that tackles major data challenges for various industries, including medicine, energy, food & beverage, sustainability, and Sustainable Development Goals. By utilizing trustless data, VeChain is building a digital backbone that supports the fourth industrial revolution, which demands real-time and trustless data sharing.

The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and serves as both a value store and transfer medium. In this manner, GAS costs can be paid with VTHO, removing the need to spend VET when writing data.

VeChain's Founders

VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly the CIO of Louis Vuitton China. Since then, Lu has become a well-known name in the cryptocurrency industry. Previously, Jay Zhang, VeChain's co-founder who leads VeChain's structure, governance, and financial management, worked for Deloitte and PriceWaterhouseCoopers.

VeChain's Unique Proposition

VeChain disrupts traditional business models and is known for its work in the supply chain industry. By providing a decentralized trust layer for multi-party ecosystems, VeChain has already seen major successes with high-profile clientele and government bodies. Its platform has a wide appeal to a range of industries and clients.

According to VeChain's official literature, its unique proposition lies in its dual-token setup, coupled with transformative protocols like 'fee delegation,' as well as its one-stop 'ToolChain' platform that enables crypto-wary companies to pay in fiat for VeChain's Blockchain-as-a-Service, while smart contracts handle gas payments, making the network frictionless, even in strict jurisdictions.

VeChainThor Platform

VeChain has its own blockchain optimized for its ecosystem called Thor. The VeChainThor platform supports smart contracts and data auditing. It is built on an altered version of the Ethereum codebase where each transaction can perform multiple tasks. It is not necessary to use cryptocurrency to complete transactions. Additionally, it's a public blockchain, allowing businesses to take advantage of this technology around the world. VeChainThor is a sustainable and scalable business blockchain ecosystem that provides businesses with solutions such as carbon, supply chain, international logistics, incentive-driven ecosystems, automobile passports, and more.

Conclusion

VeChain (VET) is a platform for L1 smart contracts that can prove the myth wrong that if you buy only 1000 tokens, you can build a great portfolio in the future. VeChain's unique proposition, dual-token setup, and transformative protocols make it an attractive option for various industries and clients. The VeChainThor platform provides a sustainable and scalable business blockchain ecosystem that can solve major data challenges for many industries.