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*General last updated 09/22/19 2:10:33 AM
Vechain started developing their technology back in 2015. During development, the Vechain team was working rigorously on achieving new partnerships. Vechain is a blockchain platform designed for products and information, meaning Vechain helps monitor and track a variety of products like luxury goods, liquor, vehicles, and other things. Vechain’s ICO started on August 18, 2017, and ended on August 31, 2017, at a price of approximately $0.24USD. Investors purchasing VEN during the ICO stage were only able to do so using Bitcoin. That is currently the only way to store VEN in a wallet with ERC20 support.
Sunny Lu, Co-Founder, and CEO of Vechain leads a team of about 150 employees. Sunny Lu has extensive experienced in IT and Information Security. The team’s vision is to create trust-free and distributed business ecosystem and transfer products, participants, and business activities from the real world to the world of Vechain.
Vechain began with a primary focus on being a supply chain company but now plans have shifted into evolving into a DaPP (developer application) platform. Vechain uses in-house build smart chip along with blockchain technology to track items throughout their lifecycle. The chip can be implemented in different IoT items such as QR codes, RFID trackers, and NFC chips, giving consumers the ability to access a product’s origin, logistics, and manufacturing.