VeChain (VET) is a blockchain-powered service which focuses on providing institutions with supply chain organization, financial services and smart contracts. Sometimes referred to as Vechain Thor, the blockchain’s native currency is the VET token which also generates VeThor (VTHO) tokens in accordance with the amount of VET held. VTHO is the in-network currency and is used for transactions and applications.
VeChain was originally launched as an Internet of Things (IoT) product – focusing on supply chain management, before rebranding itself as a service for the financial industry. VeChain first launched in 2015 and went through a series of rebrands before launching its ICO in August 2017. The project is overseen by Shanghai Weilian Information Technology Co. Ltd, who operate out of Shanghai, with offices in Singapore and Paris.
VeChain’s ultimate ambition is to create a digital ecosystem for businesses, with a decentralized, secure flow of information between institutions and companies. VeChain has already paired up with various businesses and institutions, including tobacco firms, agricultural businesses, car firm BMW, as well as Oxford University.