What is VeChain? - VET Beginners Guide
Founded in 2015 and launched in 2016 Vechain is the brainchild of Sunny Lu, the former CIO of Louis Vuitton. By combining his knowledge of blockchain technology with his experience in supply chain management, he introduced VeChain as a blockchain traceability solution in the luxury and fashion industries. The Vechain blockchain, called VeChainThor, relies on two tokens to operate: the VeChain Token and the VeChainThor Energy, or VeThor. VeThor is used to pay for transactions, and is generated by users who hold Vechain Token. A user wanting to transact on the VeThor blockchain has the option of purchasing VeThor tokens on the market to use, or purchasing VeChain Tokens which in turn can be used to generate VeThor. The two-token system is designed to keep transactions cost low.
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