VeChain Thor is a cryptocurrency from Singapore. The project is focused on tracing supply chains with the help of their blockchain.
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What Is VeChain Thor?
VeChain Thor (VET) is a cryptocurrency that comes straight out of Singapore form a very talented team. The project is focused on tracing supply chains with the help of their blockchain. With the introduction of their mainnet, the VEN token got accompanied by the VET token, thus VeChain Thor was born. The VeChain project connects technologies like the Internet of Things (IoT), RFID, NFC, and QR codes to create fully transparent supply chains. It allows consumers to track their purchases to their origins and will enable merchants to prevent counterfeiting. One of the most prominent collaborations is an application for Price Waterhouse Coopers and China’s most significant wine importer to avoid the counterfeit of wine.
Besides their strong partnership with PWC, they are also working with the Chinese government as one of the few Blockchain companies in the country. There are hundreds of companies and corporations all over the world linked to the VeChain project. These connections range from BMW to DHL and Oxford University. Note that all of these are not active partners, but these are the companies that directly or indirectly use the VeChain Thor blockchain.
Pros and Cons of VeChain Thor
Let’s have a look at some advantages and disadvantages of VeChain Thor.
Advantages of VeChain Thor
- Hundreds of partnerships with established brands and corporations
- Solid position in terms of market capitalization
- More than 100,000 daily transactions
- Experienced team and respected advisors
- Code commits added regularly
Disadvantages of VeChain Thor
- Shows signs of centralizations, claims otherwise
- Lots of competition by other promising projects
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