VeChain Thor (VET) - cryptocurrency for supply chains

Tracking a specific product using an inimitable NFC chip, QR code or radio transmitter, which can be miniature and hidden anywhere in the product or its packaging - such possibilities are offered by the VeChain Thor network based on the VET cryptocurrency. This solution is already used by giants: BMW, Schenker and ... the Chinese government.

We continue the Forex Club portal series, in which we describe the largest, most known, the most interesting and the most controversial cryptocurrency projects on the global market. Today it's time for the VeChain Thor network, which may be a breakthrough in logistics.

Platform blockchain VeChain Thor is designed to support the supply chain. It can be used by producers as well as distributors and sellers, and even target customers (including individual customers). Thanks to personalized technology, they can follow the entire route of the product - from the manufacturer to the final recipient - being sure that it has not lost its features in any of the stages of transport, storage and sale. In other words: we know that we did not buy a sub-label or a product manufactured at a different time and place than the seller declares.

How the VeChain Thor network works

The network is based on its own VET cryptocurrency. It also includes the VeThor Token (VHTO) utility token, which is only to "handle" transaction fees. Through it, you can also create new smart contracts.

Virtually any product can be tracked on the VeChain Thor network. This is possible due to compatibility with various types of markers. They may be commonly known QR codes, but also an NFC chip,  that you can't fake or a miniature RFID radio transmitter. You can also authorize digital assets through the network. Such solutions will soon be based on the whole Internet of Things, whose wide application is to revolutionize the world as we know it.

Ultimately, 86 VET units will be delivered to the market, and as of April 712, 634 there are over 466 billion of them.

VeChain Thor already cooperates with well-known companies

The network based on the VeChain Thor blockchain was established in 2015. Initially on blockchain Ethereumon which VEN tokens were sold as part of the ICO. Three years later, the company of the Chinese developer Sunny Lu has already switched to its own network (although still based on the Ethereum source code), and the VEN tokens were changed to the VET cryptocurrency. At the same time, a VHTO utility token (VeThor Token) was created.

Thanks to this, today it is possible to add decentralized applications in this network, create smart contractsand even issue your own tokens as part of the ICO.

Importantly, VeChain is not just a project or product offer. He can already boast of cooperation with business giants. Its solutions are used by, among others BMW, PwC, Schenker, and even the Chinese government.

How VeChain Thor works

Blockchain networks are based on nodes, so-called Masternodach. They are created by users who have a minimum of 1 million VET units that will be blocked for at least 10 days. There are currently over 100 such nodes that deal with transaction confirmation, for which they receive 30 percent. transaction fee.

Everyone who purchases VET automatically also gets VHTO (VeThor Token) units, i.e. utility tokens, which cover transaction fees. As we have already mentioned, it can also create applications and smart contracts.

VET quotations

Currently, the VET cryptocurrency is listed on 19 cryptocurrency exchanges around the world. As of April 15.04.2020, 0,003, you will pay 55,4 USD for each unit. With just over 202 billion available, this gives capitalization in excess of USD 22.01.2018 million. The highest VET price so far has been reached on January 0,095, XNUMX, when USD XNUMX was paid for it.