About VeChain Thor (VET)weiss-badge
 

Overview

VeChain Thor (VET) is a blockchain based peer-to-peer cryptocurrency, striving to improve upon inventory tracking and logistics for businesses. Users can track goods through the supply chain, ensure authenticity, and maintain quality control. VeChain has established partnerships with existing companies like Price Waterhouse Coopers, DNV GL, and D.I.G. VeChain has focused on providing Blockchain-as-a-service (Baas) to businesses to increase system transparency, manage high volumes at speed and foster trust between organizations. The VeChain foundation is a not for profit entity operating out of Singapore.

Technology

VeChain has an in-house "smart chip" which is used to track items and is created using a SHA256 hash function to generate a random hash value which corresponds to VeChain Identity (VID). The VID is then integrated with the different Internet of Things (IoT) items, for example, NFC chips, QR codes, and RFID trackers. The base layer of their blockchain structure includes protocols which save storage space, make the network more efficient, provide data security, classify data, and sync data with different blockchain categories. The upper level of the blockchain level is for building smart contracts.

Future Focus

VeChain has recently launched their mainnet and rebranded to VechainThor (VET). The new platform will have two tokens: VeChain Tokens (VET) and Thor Power (THOR). VET will be used as the native currency to run activities on the blockchain. THOR will be used for smart contracts and to run dApps. The team is also developing a wallet, gas exchange and auditing service.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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