VeChain (VET) wallet

What is Vechain (VET)?

Introduction to VeChain

VeChain is a blockchain platform designed to enhance supply chain management and business processes. It serves as the foundation for the VeChain ecosystem, which is tailored for Web3 applications. VeChain aims to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology (DLT).

VeChain's platform contains two distinct tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is used to transfer value across the network, while VTHO is used to power transactions and smart contracts. This two-token model helps to separate the protocol's store of value from its gas fee payment mechanisms, ensuring low and stable costs.

VeChain's Unique Features

VeChain offers several unique features that make it an ideal choice for Web3 applications and real-world asset management:

• VeChainThor Blockchain: The VeChainThor blockchain is EVM compatible, meaning it can run Ethereum-based smart contracts. It supports fee delegation, allowing users to pay transaction fees on behalf of others, and offers fast transaction lifecycle management with clauses.
• Real-World Assets: VeChain focuses on the real-world adoption of blockchain technology. For example, VeTonsberg is a real-world asset on the VeChain platform, showcasing its practical applications.
• Low Cost: The platform ensures low transaction costs, making it accessible for various business applications.
• Fee Delegation: This feature allows users to delegate transaction fees to a third party, making it easier for businesses to manage costs.
• Fast Transaction Lifecycle Management: VeChain's blockchain supports fast and efficient transaction processing, which is crucial for supply chain management.

VeChain's unique features and its focus on real-world applications make it a powerful tool for businesses looking to leverage blockchain technology for supply chain management and beyond.

VeChain Ecosystem

VeChainThor Blockchain

VeChainThor blockchain is a versatile enterprise-grade L1 smart contract platform that began in 2015. It focuses on real-world enterprise applications powered by Internet of Things (IoT) technologies, NFC chips, and blockchain to address data-related challenges in various industries. The VeChainThor blockchain is EVM compatible, low cost, supports fee delegation, and offers fast transaction lifecycle management with clauses.

The platform operates with two tokens: VET and VTHO. VET is used to carry value or “smart money” from smart contracts, while VTHO is used to pay for transactions on VeChainThor. This two-token model ensures efficient and cost-effective transactions within the ecosystem.

Real-World Assets on VeChain

VeChain has a strong focus on the real-world adoption of blockchain technology, showcasing its capabilities through various real-world assets on its platform, such as VeTonsberg. The platform can be used to track quality, authenticity, storage temperature, transportation medium, and last-mile delivery of products like medicine packs or alcohol bottles.

VeChain utilizes smart chips, Radio Frequency Identification (RFID) tags, and sensors to broadcast key information onto the blockchain network. This technology ensures that critical data about the products is securely and transparently recorded, providing valuable insights and enhancing trust in the supply chain.

VeChain's innovative approach to integrating blockchain with IoT technologies demonstrates its commitment to solving real-world problems and enhancing the efficiency and transparency of various industries.

VeChain in Practice

VeChain Whitepaper Insights

The VeChain whitepaper, co-authored with Boston Consulting Group, provides a comprehensive vision for the future of blockchain technology. It emphasizes the creation of a sustainable, circular economy powered by Web3. The whitepaper outlines VeChain's goal to build cross-industry blockchain business ecosystems that have a real-world impact. This vision includes leveraging blockchain to enhance transparency, traceability, and efficiency across various industries.

Key insights from the VeChain whitepaper include:

• Sustainability: Focus on reducing carbon footprints and promoting eco-friendly practices.
• Interoperability: Building systems that can work seamlessly across different industries.
• Scalability: Ensuring the blockchain can handle large-scale enterprise operations.
• Security: Implementing robust security measures to protect data integrity.

Enterprise Partnerships

VeChain has established strategic partnerships with several high-profile companies, showcasing its commitment to real-world adoption of blockchain technology. These partnerships span various industries, demonstrating the versatility and applicability of VeChain's solutions.

These partnerships highlight VeChain's ability to provide innovative solutions that address specific industry needs. For example, the collaboration with Renault focuses on using blockchain to track and manage the lifecycle of vehicles, ensuring transparency and authenticity. Similarly, the partnership with PwC aims to enhance audit and assurance services by leveraging blockchain's immutable ledger.

VeChain's role as the government technology partner for Gui'an, an economic development zone for the Central Chinese Government, further underscores its credibility and potential for large-scale implementation. This partnership involves using blockchain to streamline administrative processes and improve data management within the development zone.

By forging these strategic alliances, VeChain continues to demonstrate its commitment to driving blockchain adoption and creating tangible value for businesses and consumers alike.

VeChain Tokens and Technology

VeChain is a blockchain ecosystem designed to enhance supply chain management and business processes, serving as a platform for Web3 development. The platform contains two distinct tokens: VeChain Token (VET) and VeChainThor Energy (VTHO).

VET and VTHO Tokens

VeChainThor blockchain platform operates with two tokens: VET and VTHO. Each token serves a unique purpose within the ecosystem.

• VET (VeChain Token): VET is used to carry value or "smart money" from smart contracts. It is the primary token for transactions and is also used to generate VTHO.
• VTHO (VeChainThor Energy): VTHO is used to pay for transactions on the VeChainThor blockchain. It functions as a "gas token," ensuring that transaction fees are covered.

VeChain's Two-Token Model

VeChain employs an intelligent two-token model to separate the protocol's store of value and gas fee payment mechanisms. This model ensures low and stable costs for users.

• Separation of Functions: VET is used for transactions and value transfer, while VTHO is used to pay for transaction fees. This separation helps maintain stability in transaction costs.
• Fee Delegation: Smart contracts can pay gas fees on behalf of business users, making the platform more user-friendly and cost-effective.
• Advanced Transaction Model: VeChain's transaction model ensures efficient data packaging and finality of data, enhancing the overall performance of the blockchain.

VET holders generate passive income in VTHO, as VTHO is produced from holding VET. Additionally, 70% of VTHO used in a VET payment is destroyed, contributing to the deflationary aspect of the token.

VeChain's dual-token system, with VET and VTHO, provides a robust and efficient framework for managing transactions and fees within the blockchain ecosystem. This model supports the platform's goal of enhancing supply chain management and business processes through innovative blockchain technology.

Setting up Atomic Wallet

Download and install

In order to enjoy the functionality of the Atomic Wallet, one first needs to go through a simple process of creating a wallet.

1. Download the installation file for your operating system from the official website and install the app. If you’re setting up a mobile wallet, the process is even simpler, since you’ll be installing via a marketplace automatically. If you need more specific instructions regarding a certain platform, check out our installation guide!
2. After that’s done, run Atomic wallet, click ’Create Wallet,’ set up a strong password, and click Set Password. Make sure it is a unique and secure password that you don’t use for anything else.
3. You will now see a 12-word seed phrase that can be used to restore access to the wallet. Be sure to keep it in a safe and secret place! Then click ’Open Wallet.’
4. That’s pretty much it! You can now use the Atomic wallet. Find your wallet address and you can deposit the funds right away.

You can find a step-by-step guide on creating a wallet in Atomic and if you encounter any difficulties with any of the steps, feel free to contact our customer support by filling out this form.