What is VeChain?
VeChain is a global information transformation platform based on blockchain technology. It digitalizes real people, products or events, by linking API with the system's application layer connecting blockchain with real-world information. We make use of Smart Contracts focused on real industrial operations. VeChain achieves collaboration and value transferring between different use cases. Hence, it maps the real-world activities to blockchain. VeChain is creating a brand new business model, which provides 'trust service' to all collaboration parties across all platforms, entities, industries, and consumers.
The source code of VeChain is based on the Ethereum. In order to facilitate the commercial application, VeChain has made a lot of improvements on dynamic protocols and smart contracts. VeChain are committed to building a trust free and distributed business ecosystem based on the Blockchain technology self-circulated and expanding : the information is relatively transparent and symmetrical; each business party can reduce the potential trust issue between different parties; each person and each enterprise can find their own place, based on their contribution and value, they can obtain relatively fair reward; the value is in a closed loop that keeps expanding accompanied by the development of commercial activities with high-speed transmission.
The token used in the VeChain is called VEN. VEN is the ecological blood of the VeChain platform what participants can obtain the corresponding product and service by paying it.
This loop begins with the end-user and enterprises as investors to use ETH to obtain VeChain Token ( VEN ) in the beginning. VeChain uses ETH to perform technical development, commercial application cooperation promotion, and Blockchain services support.
VeChain Foundation receives VEN from each smart contract development and service provider to pay for the GAS needed to run the smart contract and maintain the operation of each business smart contract. The 75% to 99% of VEN income will be awarded as a node reward to the node provider, while the remaining 25% will be used for the daily operation, business promotion and technical development of the VeChain Foundation.
Smart contract service providers use VEN to pay for GAS and provide smart contract service of BaaS ( Blockchain as a service ). According to different business rules and contributions, each participant receives VEN from its client - Application Development provider provides smart contract services through collecting VEN.
Application provider develops and processes based on end-user's needs with the foundation of smart contract service, as well as providing products for the application of the traditional enterprise customers or end-users and receive VEN as corporate income.
End-users can pay VEN to obtain enterprise products and services.
The ICO of VEN begins at 20:00 on August 18, 2017 and ends on August 31, 2017, it is expected to sell 410 million VeChain Token ( VEN ) publicly. People can use ETH to participate the ICO with a minimum transaction volume of 0.01 ETH, and it will be issued as VEN at a ratio of 1: 1 on 20 September 2017. Participate in ICO before 20:00 on August 21, 2017 will receive an additional 15% VEN bonus, that is 1 ETH = 4025 VEN; participate in ICO after the above time until the end of ICO, just with a conversion ratio of 1 ETH = 3500 VEN.
The specific allocation of VEN tokens can refer to the following picture:
—— 9% Private investors: Private investors are very influential in the community, and they will help a lot in technology and business development.
—— 41% Crowdsale: The income of VeChain Token ( VEN ) crowdsale will be used to VeChain foundation operation, including development, marketing, finance and legal advisory.
—— 23% Enterprise investors: These enterprise investors will use the future VeChain Token ( VEN ) as a key development target in their business activities.
—— 12% Continuous operation and technological development: To be reserved for various operating costs and development of VeChain.
—— 5% Co-founders and development team: To be distributed to the founders and development team of the VeChain Token ( VEN ) as their rewards.
—— 10% Business implementations: To choose the suitable industry, using VeChain technology to the strategic development of the industry, project support, and tokens replacement.