VETUSD
VeChain / United States dollar
crypto Composite

VeChain is a smart contract platform focused on providing supply chain management solutions for enterprises and integrating with Internet of Things (IoT) devices to facilitate the process. Its goal is to leverage distributed ledger technology to streamline these operations and information flow for complicated supply chains. VeChain Token (VET) and VeChainThor Energy (VTHO) are the two tokens on the Vechain network. The former is used to relay value across VeChain's network, while the latter is utilized to power smart contract transactions as energy or "gas." The VeChain platform claims to give authorized stakeholders with a total view of critical information related to a product and its business processes (i.e storage, transit, supply and authenticity) as well as increase market transparency. VeChain's blockchain is built on a modified version of the Ethereum codebase. VeChain optimizes its blockchain (called Thor) for enterprise use cases. Thor is the core of the VeChain blockchain, which functions as a basic layer for message exchange, key management, and data storage. Business applications can be built on top of Thor for smart contract creation and data auditing. VeChain plans to develop Thor smart contract development with visualization tools and support for multiple languages. VeChain IDs are a key component of the VeChain blockchain. Physical good tracked with VeChain are assigned digital identities created with a SHA256 hash and tracked with NFC, RFID, and QR codes. VeChain uses a Proof of Authority (PoA) consensus mechanism that relies on masternodes to validate transactions. Authoritative masternodes are selected by the VeChain Foundation and the VeChain community after Know Your Customer (KYC) processes. VeChain's blockchain circulates two tokens. The first, VET, is the network's primary medium of exchange for governance and payments. The second, VeThor (VTHO), is a token for a lower transaction fee model that is credited to VeChain users daily based on the amount of VET they hold. VeThor is used to executing smart contracts and transactions on the VeChain blockchain. VeChain blockchain users are categorized as users and service providers. VeChain users include manufacturers, retailers, consumers, and other enterprise clients. Service providers build specific applications on the network like smart contracts and other blockchain-based software applications.