What is Vechain coin? This project has been developed by a group of Chinese information technology experts developed since 2015 in Singapore with the company name also Vechain. Vechain was born with the purpose of providing blockchain-related services for businesses.
1 – What is Vechain coin?
Vechain coin, when it was first developed in 2015, was just a token built on Ethereum’s blockchain technology platform with ERC-20 standard.
On July 30, 2018 Vechain officially launched the mainnet successfully, which means vechain is migrated to their own blockchain platform, called VechainThor.
Since then, Vechain is officially a cryptocurrency, denoted as VET (VET coin/crypto) of the VechainThor blockchain platform, not an ethereum-dependent token anymore.
But after the mainnet was successful, VechainThor blockchain developed one more token named Vethor Token denoted VTHO that exists in parallel with VET.
VTHO is mainly used as a GAS fee in the VechainThor Blockchain network.
Explanation of GAS: In terms of technology, GAS is a unit of measurement for the amount of energy a computer needs to use to perform a transaction in the network.
For example: In terms of real life when you drive a motorbike or a car, you need to fill up with gas to run. Gasoline is the energy for the car to run, you have to use money to buy gasoline, this amount is the GAS fee.
2 – What is VechainThor?
VechainThor is a platform that allows users to scale and manage anti-counterfeiting supply chains, ensuring the authenticity and quality of products purchased by users.
This platform helps retailers and consumers determine the quality of purchased products based on blockchain technology.
3 – Vechain Coin – Development history
6.2015: Vechain project started to be built and developed.
1.2016: Vechain 1 is developed.
6.2016: Smart contract components (smart contract), blockchain API, Android App, 1st generation Smart Vechain Chip on Vechain v0.1 are all launched.
9.2016: launch Vechain 5.
11.2016: more smart contract models, DGIP, DBGP, DBMSP models on Vechain 0 are launched.
5.2017: Vechain 0 cooperates to successfully launch business in the automotive, agriculture, and audit segments.
4 – Founding team
VechainThor’s founding team gathers many experts in different fields such as: blockchain, finance, business.
The core members of the VechainThor project include: Sunny Lu, Richard Fu, Chin Qian, Jay Zhang, Scott Brsbin, Jerome Grilleres.