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VeChain, with its cryptocurrency VET, is a blockchain 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 to partner with the Chinese government.
As a project, VeChain began in 2007. 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, DNV GL, BMW, Michigan State University, and Oxford University Math. PricewaterhouseCoopers helped it create the first accredited cryptocurrency disaster recovery plan.
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 was the only top 20 cryptocurrency that did not show negative returns in the first three months of 2018, instead gaining 28 percent. In April 2018, it was the 17th largest cryptocurrency.
Currently VeChain developed their own blockchain. It used to be an ERC20 token running on the Ethereum blockchain. The VeChain mainnet started at the end of Q2. At that point all (business) activity was transferred to their own chain. From this point onwards the VeChain Thor blockchain will be a twin token system consisting of the VeChainToken (VET) and VeThor token (VTHO). VeThor is generated by holding VET, similar to the way GAS is distributed among NEO holders.
VeThor is used to pay for the use of applications, as well as transactions on the blockchain. Parties using VeChain receive VeThor for free, and will only pay to use VeChain applications. VET will be used for the issuance of new applications, the usage of platform-wide services and for other platform-wide transactions.
VET employs a combination of blockchain technology and smart chip technology. They make it possible for companies such as Renault to track items through their supply chain, ensure the authenticity and quality of goods, and control the quality of food products. The smart chip can be implemented within the Internet of things. It has already been deployed in near-field communication chips, radio-frequency identification trackers, or QR codes.