Vechain THOR enables companies to incorporate the blockchain into business. Vechain THOR provides solution for supply chain of high-quality article and car, bicycle and food stuff, wine.
Vechian THOR provides dApps with RFID tag and sensor.So, it is easy for dApps developers to develop the solution of supply chian.
consensus algorithm is Proof of Authority (PoA)
ICO 2017/08/18 - 2017/08/31
Existing problems
Business to Business takes many costs because of requiring the integrity of information.
Fake designer merchandise appears on the market.
Non visualization of the product like wine which is unstable by external environment.
Blockchain solution of existing problems
solution : Blockchain provide integrity of information with company at the time of Business to business. So, It cut cost for requiring integrity of information.
solution: Data in blockchain is not changed. So, people can check true or fake.
solution: Data from Iot sensor and tracking devices is automatically recorded into blockchain. Data from Iot sensor is important for visualization.
System of Vechain THOR project
dApps for supply chain can work by smart contract in Vechain platform.
Vechain include stake holder as supplier like wine manufacturer, dApps developer, company providing smart contract, VechainTHOR foundation, enduser.
Vechain provides NFC, QR code and RFID with dApps in platform.
By API gateway, user can access to various business app.
Vechain has Hashed Storage Service. Hashed Storage Service provide decentralized storage and strengthen security of storage.
Use case of token
Vechain has two token, VET and THOR.
VET
means of payment for end user
rewards for enterprise like dApps provider, smart contract provider
THOR
GAS as smart contract works and dApps start.
Vechain provides node with 75% of GAS. 25% of GAS is used for maintenance and improvement of platform.
When user has VET a period of time, THOR are automatically generated.
ex-token VEN
VEN are exchange for VET one-to-one.
Proof-of-authority
Transaction and block are verified by validator who is approved account.
Vechain foundation appoints validator.
Validator can receive rewards as 30% of transaction fees.
Validator need to ensure having 250,000VET, checking identity, updating software which Vechain specifies. And it requires high-quality node environment(CPU is 4core, RAM is 8GB, Disk is 500GB SSD, Bandwidth is 20Mbps, using Hashed Storage Service)
Concern
API gateway is not decentralized.So, Vechain has Single point of failure.
Vechain adopts Proof-of-Authority.So, Vechain is not decentralized project.
There is a possibility that development is behind in blockchain project like Ambrosus, Modum etc... Because Vechain THOR tries to make platform for supply chain.But Ambrosus and Modum specialize in supply chain solution.So, the development of Vechain is more difficult than Ambrosus and Modum etc..
