Coin columns · Mainnet Province
VeChain: An Enterprise Blockchain Born in Supply-Chain Tracking
VeChainThor runs on two tokens: VET and the fee token VTHO
VeChain is a blockchain that began with supply-chain management, recording where products come from and whether they are genuine; its mainnet is called VeChainThor. VET is its own coin, while fees are paid in a separate token, VTHO.
1. Who built it
VeChain was started in 2015 by Sunny Lu, a former chief information officer of Louis Vuitton China. It began as a token on Ethereum (VEN), then opened its own VeChainThor mainnet in June 2018 and swapped VEN for VET at 1:100. The Singapore-based VeChain Foundation oversees development and the ecosystem.
Holding VET automatically generates VTHO over time. VET serves as the store of value and stake while VTHO is the fuel, a split meant to shield business fees from swings in VET’s price. On the Crypto Nation map, VET stands in the Mainnet Province as the city-hall tower of its own VeChain neighbourhood.
2. Two tokens and proof of authority
Fees are paid in VTHO: 70% is burned and 30% goes to the node that made the block. A fee-delegation feature lets businesses pay users’ fees, so people can use blockchain-based apps without holding any coins, which makes consumer services easier to build.
For years consensus relied on proof of authority, with 101 foundation-vetted “Authority Masternodes” taking turns to make blocks; operators had to pass identity checks, hold a set amount of VET, and earned VTHO. From 2025, under its “Renaissance” roadmap, VeChain pursued the Hayabusa upgrade to move validation toward proof of stake and give stakers a more direct role.
3. Uses and milestones
Working with the certification body DNV, VeChain has built traceability cases for food, luxury goods and car parts. Well-known examples include Walmart China’s food-tracking platform and BMW’s VerifyCar mileage app, both from 2019. Products get NFC chips or QR codes, and their journey from production to sale is logged on chain.
More recently VeBetterDAO, launched in 2024, groups apps that reward sustainable habits such as recycling and public transport. In July 2025 VeChain opened StarGate, a staking platform where anyone can stake VET for rewards, turning its old node programme into NFT-based passes.
4. Things to know
Because the foundation chose who made blocks, VeChain has long been seen as more centralised than Bitcoin or Ethereum. How much the shift toward proof of stake really changes this, and the foundation’s influence, is worth watching. VTHO keeps being generated, so its supply depends on the balance between new VTHO and fees burned.
In December 2019 a foundation wallet used for buybacks was hacked and about 1.1 billion VET was taken. Many corporate partnerships have stayed at the pilot stage, so announced deals should be told apart from real usage.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.