The blockchain that derives its value from activities that are solving real world economic problems
VeChain was founded in 2015 by the former CIO of Louis Vuitton, Sunny Lu. Due to his knowledge in supply chain management, he created VeChain as a blockchain traceability solution in the luxury and fashion industries. The blockchain, alongside Internet of Things (IoT) technology used by VeChain aims to help companies with providing a tracking system and identifying issues and discrepancies.
The VeChain blockchain, called VeChainThor runs on the combination of Proof-of-Authority (PoA) and Proof-of-Stake (PoS). It also relies on two tokens to function, which are VeChain Token (VET) and VeChainThor Energy (VTHO). The main reason of using two tokens in one blockchain is to separate the cost of using blockchain from market speculation. In contrast, VET deploy applications on the platform while VTHO token is used in performing transactions across the network.