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.

BlockDAG's Ideal Entry-Level X10 Miner Triggers Multiple Fold ROI Potential Amid XRP Price Drops and VeChain (VET) News Trend

5 May 2024 2 minute read 0 comments Raghav Sawhney

Interest in the cryptocurrency market is skyrocketing. Amidst this, BlockDAG's X10 miner emerges as a standout for its user-friendly mining technology. With XRP price fluctuating and VeChain making strides in sports technology, investors are keen on...

VeChain Price Prediction 2024: Navigating the Crypto Seas

27 Mar 2024 4 minute read 0 comments Guarda Wallet

This piece of article explores VeChain’s price prediction 2024, considering its past performance and trends. Before diving into its VET price predictions 2024, let’s explore what VeChain is what makes VeChain unique, and how does it function. Whether...

Unveiling VeChain: The Journey of Transparency and Trust

29 Feb 2024 2 minute read 0 comments Thorpes

Unveiling VeChain: The Journey of Transparency and Trust In the realm of blockchain technology, where innovation often intersects with real-world applications, VeChain stands out as a pioneering force in supply chain management and enterprise solutio...

VeChain's Growing Network: Exploring Key Partnerships and Collaborations

28 Feb 2024 1 minute read 0 comments Thorpes

VeChain's Sponsors & Partnerships VeChain, a blockchain platform focused on enhancing supply chain management and business processes, has established partnerships with various companies across different industries. Some notable sponsors and partners...

Unlocking the Potential of VeChain NFTs: Revolutionizing Ownership and Authenticity

27 Feb 2024 5 minute read 0 comments Thorpes

Non-Fungible Tokens (NFTs) have taken the digital world by storm, transforming the concept of ownership and authenticity across various industries. VeChain, a blockchain platform known for its focus on supply chain management and enterprise solutions...

How does the VeChain Blockchain have real world benefits?

27 Feb 2024 1 minute read 0 comments Thorpes

VeChain is a blockchain platform designed to enhance supply chain management and business processes. It aims to improve transparency, traceability, and efficiency throughout supply chains by utilizing distributed ledger technology. Some real-world u...

VET or VTHO? I know which I am HODLing!

24 Feb 2024 1 minute read 0 comments STARDANO

VTHO: The Gas Token of VechainThor, Maybe VET isn't King after all! Just like Ethereum needs ETH for gas, VechainThor requires VTHO to power transactions and smart contract executions. However, unlike other networks where the gas token reigns supreme...

Everything About Account Abstraction: VeChain smart wallets launch, Polygon’s zkEVM prover, Plena’s crypto custody, Ethereum gas fees surge

22 Feb 2024 4 minute read 1 comment Pillar

We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen. Please fasten your belts! VeChain introduces programmable smart contract w...

VeChain (VET) - The Blockchain Enigma Wrapped in a Meme

21 Feb 2024 2 minute read 0 comments PressF

In the kaleidoscopic world of cryptocurrency, where meme coins dash through the market like shooting stars, a new enigma emerges from the depths of blockchain technology - VeChain (VET). But, dear readers of SatiricalSatoshi, fear not! We're here to...

Is Vechain VET the cryptocurrency giant?

19 Feb 2024 1 minute read 0 comments Makingdigital

If we talk about decentralization and anonymity in all its essence, we think of Bitcoin. Now, if we talk about an important company that is behind a cryptocurrency, we have to think about Vechain. Today, it is considered one of the most relevant inte...