VeChain is designed to enhance supply chain management and business processes using Distributed Ledger Technology (DLT). Its aim is to simplify processes and information flow for complex supply chains through DLT.
The VeChain platform includes two tokens: VeChain Token (VET) for transferring value across VeChain's network, and VeChainThor Energy (VTHO) used as energy or "gas" to power smart contract transactions.
Launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves major supply chain management issues. The project utilizes two in-house tokens, VET and VTHO, based on the VeChainThor public blockchain to generate and manage value. The primary idea is to reduce costs and give more control to individual users while increasing the efficiency, traceability, and transparency of supply chains.

VeChain was created by creator and co-founder Sunny Lu, formerly CIO of Louis Vuitton China and an IT executive. Lu has since become a well-known name in the cryptocurrency industry. He also highlighted blockchain technology's ability to solve transparency in particular, arguing that it could create “trustless” structures that are not subject to corruption as part of the supply chain.
Jay Zhang, one of the founding partners who deals with VeChain's global corporate structure and also controls its management and financial management, previously worked at both Deloitte and PriceWaterhouseCoopers in the field of finance and risk management. Launched in June 2016, VeChain is one of the oldest private blockchain supply chain platforms on the market.

VeChain was announced under the title of 'VeChain Founders' in 2015, when it was founded by Sunny Lu, former Chief Information Officer of Louis Vuitton China. It started as a subsidiary of Bitse, one of China's largest blockchain companies, and is now among the few blockchains with a significant customer base among established companies.
Initially, the VEN token functioned on the Ethereum blockchain. VeChain transitioned to its own blockchain and rebranded itself in 2018. As part of the rebranding, the VEN blockchain has become the VeChainThor (VET) blockchain.
The goals of the VeChain blockchain platform are outlined in its whitepaper. Its initial goal has been to disrupt the supply chain industry by making data actionable and transparent. It also plans to be a leader in dApps (Decentralized Applications) and initial coin offerings (ICOs) using VeChain and become an Internet of Things intermediary.
VeChain has signed strategic partnerships with various companies over a long period of time to help achieve this goal. These include an agreement with PricewaterhouseCoopers (PwC) to use VeChain's blockchain-enabled solutions across the accounting firm's client base to improve product verification and traceability.
VeChain has also partnered with Renault, Microsoft and Viseo to create a digital vehicle maintenance book that will not be tampered with and is the government technology partner for Gui'an, an economic development zone for the Central Chinese Government.

VeChain states that its goal is to “create a trust-based and decentralized business ecosystem platform to enable transparent information flow, efficient collaboration and high-speed value transfers.” Supply chain data for business processes is currently segmented in silos across multiple stakeholders. This situation also affects the flow of information, which is also divided among shareholders.
According to VeChain's white paper, blockchain technology has been described as "could solve the problem of asymmetric information and allow ownership of data to revert back to and incentivize the owner." The VeChain platform claims to provide authorized stakeholders with a 360-degree view of the necessary information associated with a product and business processes such as storage, transportation and supply, creating greater market transparency.

As an example, the VeChain system can be used to track the quality, authenticity, storage temperature, shipping environment, and last-mile delivery of any drug package or alcohol bottle from the production facility to the final delivery to the end customer. To achieve this goal, VeChain uses smart chips or Radio Frequency Identification (RFID) tags and sensors that publish significant information to a blockchain network accessible in real-time by authorized stakeholders.
The implementation of sensors means that all parameters related to the product can be continuously monitored, and if there are any issues, they can be communicated to the relevant stakeholders. Manufacturers and customers are informed if a drug package is stored outside the prescribed temperature range, which allows for service improvements and better quality control.
In another example, the VeChain platform enables car owners to own their data and use it to negotiate better terms and policies with insurance companies.

The VeChainThor blockchain platform is a public blockchain designed for "mass business adoption." It contains two tokens: VET and VTHO, known respectively. VET is known as the VeChain token used to carry value or "smart money" in smart contracts. In other words, transactions in VeChain's blockchain decentralized applications will use VET. It can also generally be used for investment by the public.
The VTHO token stands for VeChainThor Energy, also known as VeThor Energy. It is used to power transactions on VeChain and equals the cost of conducting a transaction on the blockchain. The project is similar to Ethereum's ether and NEO's "gas," requiring developers to allocate a budget for a certain number of base tokens (not publicly available) to transact for decentralized applications. According to VeChain's technical review, the dual-token system is designed for effective management and a predictable economic model for decentralized application developers. Ethereum lacks such a model because the price of its natural gas token, ether, is variable. Therefore, developers need to estimate the amount of ether required for a transaction. If estimates are incorrect, transactions fail. VeChain's technical review outlines several technical improvements made by its platform to overcome this problem. For example, the VET blockchain allows for Proof-of-Work (PoW) execution for each transaction. This means that if initial estimates are wrong, more VTHO mining can be done.

The VeChainThor blockchain uses Proof of Authority as a consensus protocol. Under this protocol, votes are distributed based on Vocational Education and Training assets and disclosures. VET holders without Know Your Customer (KYC) credentials and with 1 million tokens in their accounts are assigned 20% of all votes, while those with KYC and the same amount in their accounts are responsible for 30%.
There are 101 main nodes responsible for reaching consensus on transactions in VeChain's blockchain. This system is different from Bitcoin, which requires all nodes to vote on a transaction before consensus. Anonymous nodes are not allowed, and disclosure of identity is a significant prerequisite for being an authoritative main node. According to VeChain's technical review, this system uses less power and requires a minimum number of validators to reach consensus.
Another type of main node in VeChain is the economic main node. These do not produce block or ledger records and are used as power control. This is done by allocating a certain number of votes to each economic main node based on their VET assets. Each 10,000 VET held by an economic main node receives one vote.
The main nodes system centralizes voting rights in a decentralized system. However, VeChain's founders state that the purpose of designing this protocol was to balance between centralization and decentralization.

VeChain (VET) is a Proof of Stake (PoS) token, and VeChain itself explains that relatively low computing power is required to maintain network security and user consensus. A separate feature, Proof of Authority, involves authoritative main node operators who run the protocol according to rules set by the main organization, the VeChain Foundation.

VeChain has two in-house tokens. These are known as VeChain (VET) and VeThor (VTHO). As a unique offering for such a platform, the dual-token system is designed to prevent fee fluctuations and network congestion. VET is used for transactions and other activities, while VTHO facilitates fee payments. Thus, it functions similarly to a "gas token" for Ethereum (ETH) transactions.
VET holders automatically generate a small amount of passive income in VTHO, while 70% of the VTHO used in a VET payment is destroyed. VTHO is produced based on VET assets, while VET itself has a maximum fixed supply of 86,712,634,466 tokens.

For those interested in cryptocurrency investment, how to buy and sell VeChain (VET) is frequently asked. It can be done through mining or using a specially created cryptocurrency exchange.
In Turkey, buying VeChain (VET) with Turkish Lira is surprisingly easy and quick. VeChain (VET) can be purchased without any technical knowledge or official documents.