Blockchain traceability: The project, created in 2017, was initially based on the Ethereum blockchain. In 2018, VeChain created its own blockchain: VeChain Thor. VeChain's ambition is based on the traceability of consumer and collectible products (raw materials, production and transport stages, origin, manufacturing conditions, etc.). Their vision is to combat the scourge of counterfeiting. The technology used is a system of chips and QR codes that can be used to read and verify product information. This allows each user to track any product, guaranteeing its traceability and authenticity and enabling better interactions between the real and digital worlds. For example, consumers will be able to verify the origin of meat, as well as the conditions under which it was raised, transported, slaughtered, and packaged. On the business side, it will be possible to get to know the customers who buy their products better and thus categorize them. This entire process is decentralized on the Vechain Thor blockchain. It has its own platform to host decentralized applications (Dapps).
Features:
VeChain has two cryptocurrencies: VET and VTHO. The first serves as the main asset that enables the creation of VTHO (1 VET creates 0.000432 VTHO/day). Fees used on the platform are in the form of VTHO. Users will therefore have the choice of either purchasing VTHO directly to use the platform or storing VET in order to accumulate VTHO on a daily basis.
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