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What is Vechain?
The VeChain is a global ledger-type information interaction cloud platform based on blockchain technology. It allows you to connect digital blockchain technology with real data and digitize real people, objects and even events through APIs. Through the smart contracts based on practical applications in the industry, collaboration and value transfer in different scenarios are realized, thus mapping the real world of the business to the blockchain. Through cross-platform, cross-enterprise, cross-industry, and cross-border interconnection and cooperation, a brand-new business model is created to provide “trust services” for the participating parties.
The source code base of the chain originated from Ethereum. In order to facilitate commercial applications, a lot of improvements have been made in dynamic protocols, smart contracts, etc., and the application of blockchain technology has been devoted to the construction of a self-circulating and outward-extending technology with reliable distributed business ecosystem, which features as: information is transparent and symmetric; the trust risk between different participants is supressed; different participants show their advantaes to contribute their value to the commercial ecological environment, and receive fair rewards; and it realizes high circulation of value and continues to expand the closed-chain of business.
The function of VEN
The main token of VeChain is VEN, to circulate as much as possible and to let each participant use it for various products and services.
1) This loop begins with the end-user and enterprises as investors to use ETH to obtain VeChain Token(VEN) in the beginning. VeChain uses ETH to perform technical development, commercial application cooperation promotion, and Blockchain services support.
2) VeChain Foundation receives VeChain Token(VEN) from each smart contract development and service provider to pay for the GAS needed to run the smart contract and maintain the operation of each business smart contract. The 75% to 99% of the VeChain Token(VEN) income will be awarded as a node reward to the node provider, while the remaining 25% will be used for the daily operation, business promotion and technical development of the VeChain Foundation.
3) Smart contract service providers use VeChain Token(VEN) to pay for GAS and provide smart contract service of BaaS (Blockchain as a service). According to different business rules and contributions, each participant receives VeChain Token(VEN) from its client - Application Development provider provides smart contract services through collecting VeChain Token(VEN).
4) Application provider develops and processes based on end-user’s needs with the foundation of smart contract service, as well as providing products for the application of the traditional enterprise customers or end-users and receive VeChain Token(VEN) as corporate income.
5) End-users can pay VeChain Token(VEN) to obtain enterprise products and services.
Smart contract: 0xd850942ef8811f2a866692a623011bde52a462c1
Official website: https://www.vechain.com/