WHO İS THİS VECHAİN ?

WHO İS THİS VECHAİN ? VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management.

The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain.

The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

Who Are the Founders of VeChain (VET)? VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China.

Lu has since become a well-known name within the cryptocurrency industry. He has drawn attention to the ability of blockchain technology to solve transparency in particular, arguing that it can create “trust-free” structures which do not suffer from corruption as part of the supply chain.

Fellow co-founder Jay Zhang, who directs VeChain's global corporate structure, governance, and financial management, previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.

Having launched in June 2016, VeChain is one of the oldest dedicated blockchain supply chain platforms on the market.

What Makes VeChain (VET) Unique? VeChain exists to disrupt traditional supply chain models, an industry which before blockchain had remained little changed over the decades.

Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking products in a given supply chain, while reducing cost through trustless automation.

VeChain’s model thus appeals to businesses looking to reduce supply chain friction and give a more transparent impression to clients.

VeChain’s official literature notes that its unique proposition lies in its dual-token setup, among other features. In-house token fees combine with charges for various services to generate operating income for the company, while token holders can engage in activities such as staking, thus providing liquidity in return for rewards.