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.