Vechain Thor (VET)

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VeChain Thor (VET) is a cryptocurrency made by Sunny Lu in 2014. It is a Blockchain-as-a-Service (BaaS) platform focused on delivering Internet of Things (IoT) solutions, particularly in the supply-chain management sector.

Originally started as VeChain (VEN) on the Ethereum network, the project rebranded to VeChain Thor in June 2018 after successfully migrating to its own blockchain. The project intends to provide retailers and consumers with the ability to determine the quality and authenticity of products along the entire supply-chain. The way it works is through a process of Asset Digitization in which manufacturers can assign products with unique individual identifiers. The identifiers use VeChains Identity (VID) technology to mark and track a product along the supply chain. The VIDs are produced using a SHA256 hash function which is then implemented into NFC, RFID chips and QR Codes through their proprietary Smart Chip. 

This process allows consumers and manufacturers to be able to scan the VID at any step along the supply chain and see the authenticity of the product. As the VIDs are created using blockchain technology, this means that the data is immutable and cannot be tampered with, therefore consumers are 100% sure that the information provided about the product is accurate according to the data inputted along the supply-chain. VeChain Thor also supports authorization-based on digital ownership management in which ownership of a physical good can be represented through the use of smart contracts.

VeChain Thor is not completely decentralized; instead, it uses a Proof-of-Authority (PoA) consensus mechanism in which 101 known validators produce blocks and maintain the blockchain.

In this tag you can discover VeChain Thor (VET) news, price prediction, opinion and analysis created by users.

Our dreams have become a reality: blockchain traceable microchipped cheese

21 Aug 2023 2 minute read 0 comments Kovichni

Yes our day has finally come. This is the moment we all eagerly waited for ever since Satoshi embedded that legendary first message in the genesis block: 'Cheese on brink of counterfeit, edible microchip activated'. Planning on having melted parmesan...

From Chains to Gains: Vechain NFT Payments Spark a NOWPayments Revolution

17 Aug 2023 5 minute read 0 comments NOWPayments

Accept VET payment The digital world has witnessed a groundbreaking shift with the emergence of non-fungible tokens (NFTs), transforming the realms of creativity and investment. NOWPayments, an innovative payment solution provider, has stepped fo...

The Downsides of Proof of Authority (PoA): A VeChain Case Study

21 Jul 2023 4 minute read 0 comments Michael @ CryptoEQ

You are reading an excerpt from our free but shortened abridged report! While still packed with incredible research and data, for just $20/month you can upgrade to our FULL library of 50+ reports (including this one) and complete industry-leading ana...

Accept Vechain Payments with NOWPayments: Exploring the Potential of ReFi

10 Jul 2023 4 minute read 1 comment NOWPayments

Accept VET payments In the rapidly evolving landscape of cryptocurrency, vechain stands out as a blockchain platform that offers solutions beyond traditional payment processing. With its focus on sustainability, supply chain management, and digit...

Navigating the Chinese Crypto Market: Top 5 Projects for 2023

22 Jun 2023 4 minute read 1 comment ChangeNOW

Cryptocurrencies have gained significant traction in recent years, and China, despite its previous strict stance on crypto, has become a prominent player in the market. With the Chinese government gradually embracing blockchain technology and digital...

Accept VeChain Payments: The Future of Web3-as-a-Service and Its Benefits

6 Jun 2023 5 minute read 2 comments NOWPayments

Accept vechain payments Vechain is a leading blockchain platform that focuses on leveraging Distributed Ledger Technology (DLT) to enable global sustainability objectives, enhance supply chain management, and drive digital transformation in the g...

China Narrative Coins 2023. VeChain Price Prediction

15 Apr 2023 1 minute read 0 comments Crypto4light

Welcome to our YouTube video on VeChain coin price analysis! In this video, we'll be diving into the current market trends and potential price movements of VeChain, a blockchain platform that focuses on supply chain management and enterprise solution...

Vechain and pharmaceutical company Bayer are entering into a partnership

10 Apr 2023 1 minute read 0 comments Marcello86

VeChain will develop a platform for Bayer, a pharmaceutical company using Toolchain.ToolChain is a blockchain platform that provides services. Examples are lifecycle management, supply chain process control, data deposit, data and process certificati...

what is vechain

10 Apr 2023 1 minute read 0 comments Marcello86

Vechain is a blockchain solution that supports smart contracts and is one of the first cryptocurrency technology companies in the world. The company was founded by CEO Sunny Lu in the year 2015 and launched its Initial Coin Offering (ICO) in August 2...

Doge price skyrockets with Elon Musk

7 Apr 2023 1 minute read 0 comments MattiG

This week DOGE had a rise of 32% reaching a price of 0.102 usd. Despite this, there were exchanges that were equivalent to more than 182 million dollars and one who did not want to be left out of this party was Elon Musk who changed the logo of the a...