VeChain Thor

Ethereum for business

• VeChain Thor entered 2015 with the mission to provide THE solution for supply chain and logistics. Until now, it has been very cumbersome for businesses to track products along the supply chain. VeChain, as a BaaS provider, provides corporate customers with a blockchain that stores all important product data and information immutably. This enables companies to guarantee the authenticity of their products and strengthen trust in their brands. It makes it more difficult for pirates to trade.
• In addition to important product properties the VeChain can also store manufacturing and delivery conditions as well as other copyright-relevant data in a decentralized manner.
• In order to be able to track products in the Internet of Things with the help of a digital twin, the initiative relies on sensors based on NFC and RFID technology. QR codes complement this selection. The goal? The idea is not just to create a twin. Rather, it's to ensure proper handling and avoid tampering. For example, medicine packages report that they have been opened, or food that it is no longer fresh.
• The VeChain Foundation is to drive forward the technical development and support the companies in implementing it. It raised the funds for this through a token sale in the form of Ethereum. 
• Two tokens are used in the VeChain system, which is managed by a foundation. VET is the currency. VTHO, similar to gas from NEO, is issued on transactions. As part of the launch, the foundation issued an ERC-20 token called VEN, which was exchanged for 100 VET at the mainnet launch in June 2018.
• Within a short period of time, VeChain Thor has managed to bring on board well-known partners such as PwC and Hyperledger. In addition, the Chinese government involved the project in regional initiatives. Especially in 2020, a large number of new partners came on board, certainly due to the price increase.
• During the Corona Pandemic in 2020 VeChain expanded its portfolio of offerings with practical solutions such as a packaged solution for grocery chains.

Alleinstellungsmerkmale von VeChain

• Comprehensive management solution, for instance through co-determination via voting rights
• Private individuals cannot set up nodes
• Proof of authority: authority masternodes append blocks to the blockchain
• Authority masternodes require KYC verification and can decide whether they are publicly known
• Tracking of digital assets on the blockchain
• Smart contracts or dApps record transfer of ownership from company to company
• Centralized further development of the blockchain by the VeChain Foundation.
• VeChain Improvement Proposals (VIP) collects suggestions for improvements from the community

VeChain: Technische Besonderheiten

• VeChain Identity (VID) for each object via NFC, RFID and QR codes to track supply chain and current status.
• Identities are created by "mining" an SHA256 function
• VID summarized in tags activated by software and stored on the blockchain
• Nodes are set up and maintained exclusively by the participating companies
• 4 different types of nodes
• Nodes receive rewards in the form of VTHO, authority masternodes even 30% of all VTHO consumed in transactions