What is vechain

Modified on Thu, 13 Apr 2023 at 07:57 PM

Vechain, founded in 2015 is the creator of VechainThor, a world-leading blockchain platform spearheading the real-world adoption of blockchain technology. 

Vechain is headquartered in San Marino, and has offices and teams in Asia, Europe and the USA. 

The platform uses distributed ledger technology to create a tamper-proof and transparent way to store data. Combining this technology with smart contracts that can interact with the data without the need for a third party, and IoT technology that can be used to collect and display data, vechain has enabled solutions across a wide array of fields.

The VechainThor blockchain

The VechainThor Blockchain is the backbone of the vechain ecosystem. It is a public blockchain that is secured by a consensus mechanism known as Proof of Authority (PoA). This allows for a high level of scalability and transaction throughput, while also ensuring that the network remains secure and decentralized. Compared to traditional blockchains like Bitcoin that use Proof of Work, Proof of Authority has very low energy consumption.


VET serves as the primary currency of the vechain ecosystem and is used to pay for goods and services. VTHO is a secondary token that is used to pay for the gas needed to perform transactions on the blockchain. Users who hold VET in their wallets receive VTHO as a reward. 

Adoption of vechain technology

Vechain's technology has been adopted by a number of companies, including Walmart China, BMW, and LVMH, and has partnerships with major players in the supply chain and auditing industry, such as DNV, BCG and PwC. 

Vechain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.

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