Home Reviews Vechain What is it? Complete guide

Vechain [VET] What is it? Complete guide

Vechain is a project whose mission is to create a global distributed inventory of goods and supply chains. Initially, the platform was conceived as a way to exchange information between devices that operate within the framework of the concept of “Internet of things”.

Over time, developers abandoned this idea and focused on creating a blockchain to track products worldwide. The system supports smart contracts and provides a throughput of up to 10,000 transactions per second.

Vechain Stages

Created by Sunny Lu, the VeChain project was created in 2015. In its initial stage, the team focused on devices that could exchange information within the framework of the Internet of things concept.

In 2016 the strategy changed, and the project is positioned as a blockchain to store product information.

In 2017, the VEN token was available for the first time to operate in cryptocurrency exchanges.

In February 2018, the project made a change of brand was renamed VeChain Thor.

The developers announced that they were working on the creation of their Mainnet instead of the Ethereum network that was used at the beginning of the project.

The Blockchain of the project was launched on June 30, 2018.

Vechain-vet

Vechain tokens

The platform has two different tokens:

  • VeChain (VET): Main Token of the project
  • Thor Power (THOR): Token to execute smart smart contracts and launch applications in the THOR blockchain. (similar to NEO GAS).

VET owners are rewarded with THOR and can use THOR to execute smart contracts, as well as to run blockchain applications.

Vechain nodes

VeChain blockchain nodes also receive THOR as a reward for helping maintain the network. There are different nodes and each of them has different requirements to be part of.

Economic nodes

There are 3 types of economic nodes, Strength Nodes, Thunder Nodes and Mjolnir Nodes. These nodes do not validate transactions, but offer stability to the network.

Strength Nodes

  • Amount: 1,000,000 VET to participate
  • Expiration period: 10 days

Thunder Nodes

  • Amount: 5,000,000 VET to participate
  • Expiration period: 20 days

Mjolnir Nodes

  • Amount: 15,000,000 VET to participate
  • Expiration period: 30 days

Authority Nodes

There will only be 101 authority nodes and they are responsible for validating network transactions. These nodes are also known as Thrudheim.

  • Amount: 25,000,000 VET to participate
  • You need dedicated hardware
  • Receive the highest production rate and have the right to vote

X nodes

These nodes were launched to offer extra rewards to the most active users.

Mjolnir

  • Amount: 15,600,000 VET to participate
  • Expiration period: 90 days

Thunder

  • Amount: 5,600,000 VET to participate
  • Expiration period: 60 days

Strength

  • Amount: 1,600,000 VET to participate
  • Expiration period: 30 days

Vehor

  • Amount: .600,000 VET to participate
  • No expiration period

Toolchain

“VeChain’s Blockchain-as-a-Service (“BaaS”) platform is called ToolChain. ToolChain is a comprehensive blockchain platform offering diverse services including: product lifecycle management, supply chain process control, data deposit, data certification, and process certification. With ToolChain, any sized business, no matter how large or small, can utilize blockchain technology to further enhance brand perception and value as well as to expand into new business models using immutable data.”, they state on their website.

ToolChain Features

Scalability: ToolChain offers all kinds of tools for developers to easily create blockchain applications.

Implementation: Allows independent implementation and customization to meet the needs of each project.

Functionality: Fully functional platform that combines mobile applications, chips, IoT, VechainThor, among others.

Security: The platform takes the security of its users seriously, providing encryption services for all necessary processes.

Cost: Economic costs, providing the necessary tools and only paying for the use that is given to each one.

Pages of interest

Alfonso Martínez
Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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