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Project Update: VeChain (VET) the trust-free and distributed business ecosystem
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Basics
Vechain is a trust-free, complete and distributed business ecosystem based on the blockchain technology.
It focuses on variety of different solutions for different markets including liquor, luxury goods, retail, agriculture and logistics. Scope wise the project is huge with plenty of different solutions incorporated.
Usage wise Vechain combines blockchain, IoT (Internet of Things) devices, unique IDs and NFCs (near field communication) for comprehensive blockchain based ecosystem.
Tokens and usage
Vechain uses two token system VET and THOR POWER. The closest comparison would be NEO/GAS.
The function of the VET is to serve as the smart payment currency, to enable rapid value circulation within the ecosystem based on the VeChain Blockchain
On the other hand, the THOR Power represents the underlying cost of using the VeChain Blockchain and will be consumed (proportionally burnt) after certain blockchain operations are performed, such as transferring VET and executing smart contracts.
Recent News
Vechain is constantly providing news. The recent updates are:
L28 is a branded premium meat supplier in Western Australia and it has joined hands with VeChain to develop a meat traceability solution. This comes after earlier news of partnership with Walmart China where 23 product lines have been tested and launched on the Vechain Platform making blockchain usage in supermarkets a reality.
VeChain Foundation has recently announced a VET buyback plan worth up to $25M performed in 12months an open market starting this month for $5 - according to the published address they are using Binance and OceanX and already bought around 0.5M worth.
AMA
The team recently has performed an AMA:
team is trying to expand to the US market, apparently DNV-GL has been working with US healthcare provi..
