Introduction to VeChain

A first introduction to VeChain and the VeChainThor blockchain.

What is VeChain?

VeChain, headquartered in San Marino, Europe, is a blockchain ecosystem and the curator of VeChainThor, a world leading smart contract platform spearheading the real world adoption of blockchain technology. Since its inception in 2015 by founder Sunny Lu, vechain has always strived to deliver a transparent, efficient, scalable and adaptable blockchain platform.

This endeavour wasn't in vein, as VeChain has cemented its position among the world's leading blockchain ecosystems and has partnered with many prestigious organizations and agencies, such as Walmart China, BMW, DNV, and the government of San Marino but to name a few. VeChain now turns it's attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.

Why VeChain?

The VeChainThor blockchain is built for mass adoption:

  • Built for scale: The VeChainThor blockchain transaction model is built to scale with asynchronous transactions, scaling through clauses and transaction life cycle dependencies.

  • Predictable transaction fees: Through it's unique dual token model VeChain ensures that transaction fees remain stable during periods of high demand.

  • A sustainable consensus mechanism: VeChain has created and continues to improve it's proof of authority (PoA) consensus mechanism which offers settlement assurances, security and scalability while having a low carbon footprint, especially when compared to other blockchains.

  • Fee delegation: Allows for the abstraction of transaction fees from the user to a sponsor account. This feature can be used to eliminate the requirement of a user having to hold any cryptocurrency asset yet still be able to interact on the blockchain.

  • Secure: There has been zero reported hacks of the PoA consensus mechanism.

  • Robust: Since mining it's genesis block in 2018 the VeChainThor blockchain has had zero downtime.

  • Compatible: The VeChainThor blockchain is compatible with other leading blockchains.

Who controls VeChain?

Like any truly decentralised network, VeChain is not controlled by any one person or collection of individuals. Rather, it is an open, public network which encourages community members to support and promote in any way they can. Like any ship however, it does need to be steered in a direction which benefits the ecosystem and thats where the steering committee and VeChain Foundation support.

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