Founded in 2015 by Sunny Lu, the former CIO of Louis Vuitton China, VeChain (VET) is an enterprise-grade blockchain platform designed to revolutionize supply chain management and business processes. Operating on the VeChainThor public blockchain, the project integrates IoT (Internet of Things) technologies—such as NFC chips and sensors—to create a digital "trust layer" that tracks physical products through their entire lifecycle, ensuring authenticity for everything from luxury leather goods to wine and perishable foods. The network is secured by a highly efficient Proof of Authority (PoA) consensus mechanism, which relies on 101 known and vetted "Authority Masternodes" (often large corporations) to validate blocks. To solve the problem of volatile transaction costs for businesses, VeChain utilizes a unique dual-token system: VET is used for value transfer and governance, while VTHO (VeThor) is generated automatically by holding VET and is used exclusively to pay for gas fees.
