VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China.
VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management.
Fellow co-founder Jay Zhang, who directs VeChain's global corporate structure, governance, and financial management, previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.
Having launched in June 2016, VeChain is one of the oldest dedicated blockchain supply chain platforms on the market.
VeChain’s model thus appeals to businesses looking to reduce supply chain friction and give a more transparent impression to clients.
VeChain’s official literature notes that its unique proposition lies in its dual-token setup, among other features. In-house token fees combine with charges for various services to generate operating income for the company, while token holders can engage in activities such as staking, thus providing liquidity in return for rewards.
VeChain (VET) is a proof-of-stake token, and VeChain itself explains that relatively low computing power is required to achieve network security and maintain user consensus.
A separate feature, proof-of-authority, involves authority masternode operators maintaining the protocol in their own interest according to rules laid down by parent organization, the VeChain Foundation