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- As a project, VeChain began in 2007. It started as a subsidiary of BitSe, a Chinese blockchain company.
- Went live in 6-2018
- Based in:
- Platform that focuses on financial services, supply chain management, and smart contracts. VET was the first cryptocurrency to create a disaster recovery plan and the first one to partner with the Chinese government.
- The blockchain began trading as VEN at the end of August 2017. It became the 16th most valuable cryptocurrency in January 2018. It rebranded from VeChain (VEN) into VeChain Thor (VET/THOR). At the same time, it established itself as a platform and shifted its focus from the Internet of things and supply chain management towards financial services, with Jim Breyer in an advisory role.
- VeChain Foundation got hacked (13-12-2019) for $6.5M in VET token theft. "The hacked funds represent a little over 1 percent of outstanding VET, which has a fixed supply of 86.7 billion tokens, according to data provider Messari."
How it works
- Works by PoA (permissioned chain) as of 12-2021:
"Authority Masternode Operators, with the aligned interest in the development of VeChain ecosystem, maintain the VeChainThor protocol according to the Foundation's governance policy. PoA addresses enterprise' common concerns of inefficient upgrade and waste of energy."
Their Other Projects
- Can be found [Insert link here].
Projects that use or built on it
Pros and Cons
Team, Funding, Partnerships, etc.
- Full team can be found [here].
- Anthony Di Iorio: investor
- The VeChain coin launched in 2015. VeChain first tried to apply an open blockchain network to the internet of things in late 2016. It partnered with companies doing business in luxury goods, agriculture, logistics, and food/drugs, as well as state administration. VeChain established offices in Shanghai, Singapore, Paris, and Tokyo.
- VET was the first cryptocurrency to make a deal with the Chinese government, as it became the blockchain technology partner of the regional government of Guiyang. It also started developing technology solutions for China’s tobacco monopoly through partnership with China's National Research Consulting Center (NRCC). It also partnered with PricewaterhouseCoopers and DNV GL. The former helped it create the first accredited cryptocurrency disaster recoveryplan.
- In a blog post published earlier this month, VeChain announced that it had been "tasked to achieve" a blockchain-based solution for recording data related to vaccine production in China. The blog post noted that VeChain will use "highly sensitive IoT devices" to record data during the vaccine production process and then store that data on VeChainThor, VeChain's enterprise blockchain. The solution ensures "the reliability of the data source" while also eliminating "the potential risks in the whole process and ensures that vaccine records are immutable and permanent," per the company. There's no sign that the Chinese government has officially endorsed VeChain's blockchain platform for helping to prevent future vaccine safety issues, or that any government agencies are collaborating with VeChain in developing the platform. The information available from VeChain instead suggests that the company is developing the solution independently from Chinese agencies, with the help of DNV GL.
- VeChain is developing the solution in partnership with DNV GL, a Norwegian company that provides certification and business assurance services. DNV GL is also an equity investor in VeChain.
- Member of Mobility Open Blockchain Initiative (MOBI)
- From CoinDesk (18-9-2020):
"The VeChain Foundation has become the first blockchain-based entity to join the China Animal Health and Food Safety Alliance (CAFA). According to a Thursday Medium blog post, VeChain joins the 130-strong member group as its only public blockchain technology provider, and will further provide technical and infrastructural support for member firms. CAFA is a government-backed organization that falls within the purview of the Ministry of Agriculture of the People’s Republic of China and includes of some of the world's most recognizable brands such as MacDonald's and IBM. VeChain has previously been working with Walmart China and PwC on a similar food tracking initiative, as well as with pharmaceutical giant Bayer China on a new blockchain-based traceability platform to track clinical drugs."