What is VeChain and VET

What is Vechain and VET

SUMMARY KEYWORDS

blockchain, crypto, thor, chain, china, wallet, traceability, token, episode, called, blockchain technology, supply chain management, walmart, supply chain, platform, designed, podcast, process, singapore, ve t

00:00

Welcome to the New To Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host crypto travels, Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Training Center and the lifestyle design studio. Here’s your host Crypto Travels Michael.

00:52

Vechain is a blockchain based platform that records the truth of what happens at every stage of the supply chain. So it combines physical tracking, with blockchain Records, which tracks real world products from production to delivery. It helps prevent fraud and increases transparency. Vechain is a blockchain built to help make Supply Chain Management simpler. Vechain offers blockchain as a service. It’s called a tool chain. tool chain is a blockchain platform that offers services like product lifecycle management, supply chain process control, data deposit, data certification, and process certification. any size business large or small can utilize blockchain technology. 

01:50

Some benefits of Vechain’s blockchain as a service or b a s include that it’s off the shelf, it’s designed to plug in right away. It’s also highly scalable. It’s also cost effective, it’s secure and reliable. So there are many benefits to what vechain is doing. So who invented vechain? v chain was founded in 2015 by Sonny Lou, the former CIO of Louis Vuitton in China. And he combined his expertise in luxury goods with blockchain technology to create an Internet of Things application for supply chain management. He remains the CEO of Vechain through a nonprofit called the Vechain foundation. 

02:40

So what companies implement and use v chain technology in real world situations, well, BMW group for one LVMH group, the luxury brands group that has brands under its umbrella such as Don Perry on Louie Vuitton, Fendi, Christian Dior, and Tiffany also Walmart China is using v chain for the food industry, as well as another brand Sam’s Club in China. Walmart China is taking on food safety by using v chain Thor blockchain technology. They’ve created something called the Walmart China blockchain traceability platform, which is built on the Vechain Thor blockchain vechain’s blockchain technology has been enabling Walmart’s China’s traceability strategy for products as well as pioneering the large scale applications of the blockchain traceability system. 

03:43

Also using vechain’s technology is Sam’s Club in China, which deployed Sam’s Club blockchain traceability platform and all stakeholders in the supply chain process are able to upload key logistics and manufacturing data onto the V chain Thor public blockchain. So the Vechain Thor blockchain uses POA, a consensus or proof of authority consensus, which delegates power to certain nodes in the Vechain Thor blockchain for confirming transactions. This means that it only passes transactional blocks through authority master notes. So I know that was a mouthful. And I’m trying to simplify the process and make it as easy to understand as possible. 

04:36

Vechain has to have its own tokens. The two tokens are called VET, or VET and VTHO, or and it’s spelled VTHO. So the VET, or VET token is used for financial transactions on Vechain Thor blockchain, also by crypto investors and traders to buy and sell this token. 

05:00

The other token is used for gas on the network VTHO or V t h o. And this is used basically as a gas token used to conduct transactions on Vechain Thor. So Vechain the company is headquartered in Singapore, while it has an office in Shanghai, and I believe the CEO Sonny Lou is from China. So, V chain has a strong presence in Singapore and in China. This organization has many business partners with solutions that already exist in the real world on the V chain Thor blockchain. Some of the other partners include Price Waterhouse, Coopers Renault, I mentioned Walmart China earlier. So as you can tell, they’re doing a lot of exciting things and they have big plans for this project. So let me ask you, how can you store v chain and visa? 

05:57

Well, you can store these cryptocurrency assets in the V chain Thor official light wallet, which is on iOS and Android. The official desktop wallet is called v chain sync. And it can also be used with the ledger for cold wallet storage. There’s also third party wallets that can store ve T and Vito like trust wallet, atomic wallet, my safe wallet, and Exodus to name a few. I hope that this has been useful for you. And this concludes today’s episode. And if you liked the content I share, be sure to subscribe and leave a written review on app. That would be fantastic. Until next time. Bye for now.

06:41

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