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The centralized blockchain that Chinese enterprises love: VeChain (VET) in 5 🖐

The centralized blockchain that Chinese enterprises love: VeChain (VET) in 5 🖐
By Fernando Gutierrez • Issue #72 • View online

What is VeChain (VET)? 🏭
VeChainThor is the smart contract capable blockchain optimized for enterprises of the VeChain ecosystem.
VeChain started solving supply chain management problems. Then grew to other business processes that also benefit from a more efficient flow of information.
VeChain is used by companies such as McDonald’s, PwC, BMW, Renault, LVMH, or Walmart, usually in their Chinese operations since VeChain has deep ties with the Chinese industry and government.
Example uses cases: food safety, anti-counterfeiting, health records, or carbon emission tracking.
VeChain threw decentralization out of the window to respond to some enterprise needs.
No enterprise gives a fuck about it anyway.
The Foundation plays a central role. VeChain governance limits the influence of any holder who is not KYC'ed by them.
The consensus protocol is Proof of Authority (PoA), which relies on 101 KYC'ed and collateralized masternodes to confirm transactions.
Since the foundation KYCs the masternodes, it has ultimate control over what gets confirmed.
VeChain two separate tokens:
  • VET carries the value in the transaction.
  • VTHO is the cost of the transaction. It’s similar to Ethereum’s gas, but with a predictable price because it’s separated from speculation, and the supply can be messed with.
A few links
Last few words
Of course, this is not financial advice yada yada yada.
When you’re investing, everyone is out there to get you. So take responsibility and own the process. Do your own research!
I’m catching up with crypto concepts and projects daily for 50 days straight. Please reply to this email if there is something that you would like me to cover.
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Fernando Gutierrez

I'm catching up with crypto projects and concepts in a few paragraphs for at least 50 days straight.

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