In February 2018 a rebranding event held in Singapore marked VeChain’s migration to its own blockchain, and an official change (of its main currency) to VeChain Thor (VET). The idea behind VeChain was born out of Lu's frustration at not being able to trust what he purchased online or through third-party retailers because they could not provide authenticity verification.ĭuring its inception, VeChain (then still abbreviated as VEN) was built on top of the Ethereum blockchain, where it functioned as a placeholder that potential supporters could buy in order to support the project.
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Lu worked with Jay Zhang, Gu Jianliang, Qiu Baoxing, Feng Xiao and Bo Shen on the beginnings of the VeChain project, which started as a subsidiary of BitSE, a Shanghai-based blockchain-focused company. He has a background in IT services management, cybersecurity, cloud computing, and IoT development and integration. VeChain was founded in 2015 by Sunny Lu, who has over 18 years of experience in the IT industry with previous work as CIO for Louis Vuitton China. Need a quick VeChain review? Looking for a pertinent VET price prediction? Wondering where to buy VeChain, or whether there’s a legitimate VET supply in Australia? You’re in the right place. It has been in operation since 2015 with the goal of connecting digital information about items throughout their lifecycle from production through distribution onto the blockchain so that companies can track their products and prevent counterfeiting.
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What is VeChain? VeChain (VET) is a blockchain platform created to optimize supply chain management and various business processes. What is Vechain?įirst off, let’s take care of the most pressing question. First off, let’s take care of the most pressing question.