What Is VeChain?
Do you prefer to purchase Gucci or Fucci? Louis Vuitton or Brouis Futon? What’s happening in the
world today is that there is a bifurcation between legitimate and fraudulent. Counterfeit goods run
rampant due to places like China and other countries seeing profitability in selling their counterfeit
goods. Counterfeit goods is not exclusive to one industry, it doesn’t only take place in luxury goods,
it takes place in medicine, and various other products as well. Hence, it can be a significant problem
for the economy and for the health of individuals as well.
VeChain is stepping into the space to tackle this problem.
VeChain is an interesting project because it is seeking to tackle problems that are being faced in the
real world today.
The complexity of differentiating between what is real or what is genuine and what is not the
fundamental problems that VeChain seeks to solve.
How does VeChain work?
An example would be, think that you are a producer of almond milk in Wisconsin, you want to sell
your almond milk internationally and decide to be a part of the VeChain program. You would then
place a microchip in the label of your product. The product gets scanned across the board, after its
made, after its shipped after it has landed in the international country and when it finally reached the
place where it will be sold. Potential customers can pick up your carton of Almond Milk
and then scan the label and see the necessary facts. What facts? The facts can vary depending on
product, but the facts will always essentially prove the authenticity of the product.
The facts may include relevant details such as:
- Where it came from
- When it was shipped
- When it arrived
- Other key proof oriented elements.
The project is supported by the VeChain Foundation, an organization that was founded in the
middle of 2017 in the country of Singapore. The foundation will continue to support, develop and
further the growth of VeChain activities. They will also be instrumental in the governance of the
project as well.
The Ven Token
The ecosystem uses the VEN token to conduct transactions. User will use VEN within the system
for the purchase of service and products or when they act as suppliers. About forty percent of all
VEN tokens were provided to purchasers during their token generation event.
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