CMC#	Market Cap (USD)	Volume (24hr)	Circulating Supply	NVTS	Change (7d)	Change (24h)	Savings Per 1K
29	$696,755,000.00	$104,553,000.00	64,315,600,000 VET	--	-5.1%	-6.73%	$0.55

Background

VeChain is a multi-purpose enterprise blockchain for improving business operations and product tracking. VeChain blockchain development started in 2015 as a modified fork of Ethereum with a design focus on Internet of Things (IoT) and supply chain management. To date, VeChain has expanded their focus to multi-purpose functionality with customizable support for a range of enterprise uses. VeChain core developers optimize for on-chain governance, low transactions fees, interoperability with non-blockchain technology, and regulatory compliance. VeChain aims to provide all necessary information to all authorized stakeholders for every enterprise business process that interfaces with the VeChain Thor blockchain, including storage, transportation, and supply, from manufacture to delivery.

Technology

VeChain’s blockchain is built on a modified version of the Ethereum codebase. VeChain optimizes their blockchain (called Thor) for enterprise use cases. Thor is the core of the VeChain blockchain, which functions as a basic layer for message exchange, key management, and data storage. Business applications can be built on top of Thor for smart contract creation and data auditing. VeChain plans to develop Thor smart contract development with visualization tools and support for multiple languages. VeChain IDs are a key component of the VeChain blockchain. Physical good tracked with VeChain are assigned digital identities created with a SHA256 hash and tracked with NFC, RFID, and QR codes. VeChain uses a Proof of Authority (PoA) consensus mechanism that relies on masternodes to validate transactions. Authoritative masternodes are selected by the VeChain Foundation and the VeChain community after Know Your Customer (KYC) processes. VeChain’s blockchain circulates two tokens. The first, VEN, are the network’s primary medium of exchange for governance and payments. The second, VeThor (VET), is a token for a lower transaction fee model that is credited to VeChain users daily based on the amount of VET they hold. VeThor is used to executing smart contracts and transactions on the VeChain blockchain. When the mainnet launches, VEN will replace VET tokens. VeChain blockchain users are categorized as users and service providers. VeChain users include: manufacturers, retailers, consumers, and other enterprise clients. Service providers build specific applications on the network like smart contracts and other blockchain-based software applications.

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