Sunny Lu is a Chinese electrical engineer who is also the former CIO of Louis Vuitton China. He was one of the first people to know about Bitcoin in China and had 20 years of experience in supply chain infrastructure. He founded VeChain, a supply chain solution on a blockchain, in 2015. Supply chain solutions authenticate and track products that travel worldwide and have many different stops in order to reach the customers' hands. A solution like this can be beneficial to companies who wish to track anything they manufacture and sell.
VeChain's ICO (Initial Coin Offering) was back in August 2017, and it raised over $20 million. The VeChain Thor blockchain AKA VeThor went live in June 2018, and its genesis block contained a message which read 'salute and respect Ethereum!'. VeChain is an Ethereum-based blockchain, but it has been optimized for performance like any other enterprise blockchain.
VeChain specializes in supply chain management, which combines blockchain with NFC, RFID, and QR code technologies to track products across the world. Supply chain management requires a lot of capacity, so VeChain uses a Proof-of-Stake consensus algorithm called Proof of Authority. Proof of Authority, in simpler terms, is an algorithm used with blockchains that deliver ultra-fast transactions (up to 10,000 transactions per second) through a consensus mechanism based on identity as a stake.
Proof of Authority nodes on VeChain blockchain has a limit (101 nodes, to e precise), and those are the only nodes on the network that are allowed and can process transactions. All PoA nodes must provide KYC documentation and stake a minimum of 25 million VET. The amount of VET being staked by a PoA node does not influence its likelihood of getting chosen to produce a block, unlike other PoS blockchains.
Instead of giving VET coins for each block, VeChain blocks give VeThor token to all staking participants, including Economic Nodes and X Nodes that do not participate in consensus but have significant voting power via their VET. VeThor tokens are used for paying transaction fees on VeChain blockchain. With VET holders' consenting vote, the VeChain foundation periodically adjusts VeThor tokens to ensure transaction fees remain stable in dollar terms. VeChain is also compatible with Smart Contracts, which means it is possible to create dApps and new tokens on the blockchain. However, VET holders and the VeChain Foundation are in charge of deciding whether these dApps or tokens can get added to the blockchain.
Sync Desktop Wallet is a specialized app for anything VeChain, including the dApps developed on the blockchain. Big corporations like BMW and Walmart also use VeChain to track their products and supplies to ensure there's no leaking and stealing, and the products are successfully delivered to the customers.
You can read more about the mechanics of VeChain here.
VeChain's ROI over the past year was 837%, which is impressive compared to other similar projects in the following categories: Internet of Things (IOT), Artificial Intelligence, and Business Platform. The projects in these categories had an average ROI of 509% in the same period. VET has a liquidity score of 73% and 7$ million market cap with no max supply. It is currently ranked 26th in market cap rankings, but the ranks have been quite unstable recently, ranging from 19 to 29 in the past month.
Popularity is an essential factor in a project's success, and in 5 months, VeChain experienced a boost in popularity with 42% growth in Twitter followers, 32% in subreddit users, and 2% in its Telegram group.
You can see our free charts of VET's current market cap, popularity and other useful information for a successful investment by visiting this webpage.
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