VeChain is a business-focused platform built around the idea of serving as the bridge between the blockchain and the real-world solutions for supply chains, data management and the Internet of Things (IoT). In addition to this, VeChain focuses on the prevention of frauds and counterfeiting in the field of logistics.
The platform hails from Singapore in which it started its existence as the creation overseen by the VeChain Foundation. The organization was initially known as VeChain (VEN) prior to its rebranding to its current name. The platform features two main tokens, VeThor (VTHO) and VeChain (VET). VTHO is generated automatically by holding onto VET tokens and covers the costs of performing operations on the platform. VET is used for transferring value within the VeChain ecosystem.
The VeChain’s focus on rapid transfer of value has already earned the platform several partnerships, including the one in which it serves to counter the proliferation of fake wines, control the circulation of luxury goods, cars etc. It has also received support from Ethereum co-founder Anthony Di Iorio who praised it as offering rich opportunities.