VeChain, as a blockchain network, as well as its native cryptocurrency token, known as VET, has gathered a lot of population throughout the past few years.
This is due to the fact that the network offers convenience as well as features that aren’t really found in competing blockchain networks, or at least not as easily accessible as they are here.
Let’s go over what the VeChainThor ecosystem consists of and what you need to know about its functionality.
Key Points:
- VeChain is a blockchain platform specifically developed to aid in logistic requirements and supply chain needs.
- VET is the native cryptocurrency token used to power the VeChain blockchain network.
- There is also the VeChainThor, which is the public blockchain behind VeChain, that has another token that powers it known as VeThor (VTHO).
- You can easily connect to a VeChain node through the utilization of the blockchain-as-a-service provider known as NOWNodes and get any blockchain data that you require.
What is VeChain?
VeChain is a blockchain platform that was originally developed to aid logistic needs and supply chain management; however, over time it became much more. Specifically, VeChain became a part of the VeChainThor blockchain network, which added support for smart contracts.
The VeChainThor blockchain network is the public blockchain behind VeChain. On this network, there are two tokens, the VeChain Token (VET) as well as the VeThor Token (VTHO). These are the VeChain ecosystem tokens.
VET is used as a means of transfer of value from one person to another within the network, while VTHO is a token used as energy that powers the smart contract functionality within the network.
How The VeChain ecosystem works
The VeChain blockchain works similarly to any other blockchain platform developed for business use in the sense that it has a fully functional product called the ToolChain, which businesses utilize as a means of building their blockchain-based solutions. This enables them to essentially implement smart contracts.
As such, the VeChain ecosystem features a wide range of uses within different fields, and the blockchain VeChain will enable you to take advantage of all of its various offerings.
Advantages of VeChain ecosystem
There are numerous advantages that VeChain’s ecosystem enables, and these include:
- Meta-Transactions – multi-transactions features native to the VeChainThor blockchain’s core protocol, such as multi-party payment, multi-task transaction, controllable transaction lifecycles, and transaction dependency, make it a more user-friendly blockchain when it comes to enterprise adoption.
- Fee Delegation – there are flexible transaction fee delegation schemes, which are multi-party payments and designated gas payers, which enable a freemium model with a decentralized approach when it comes to onboarding new users without much friction.
- Multi-task Transaction (MTT) – there are also multi-function atomic transactions that enable developers to essentially batch payments and add multiple calls throughout different contract functions within one transaction as a means of determining their sequences.
- Transaction Dependency – any developer is given the opportunity to essentially set dependencies as a means of ensuring that the execution order meets the business requirement in question. These transactions which specify a dependency are not extended until any of the required transactions get processed.
VeChain use cases
VeChain plays a vital role, for example, in blockchain-based solutions that are specifically created to improve the food economy.
This is conducted through the procedure of deploying VeChain-enabled Internet-of-Things (IoT) devices across the food supply chain. After this, the location, as well as the environmental-based data from these devices, get uploaded in a decentralized, tamper-proof way. Alongside this, VeChain is also used across healthcare records and can aid if a hospital, for example, has plenty of resources that they need to keep throughput public healthcare records.
VeChain as a blockchain has also been used through Anti-counterfeiting efforts. It does this by attaching an encrypted chip within these items as a means of tracing them, which guarantees authenticity. Renault uses it to test their luxury car components, and Shanghai District Imported Goods use it to trace their luxury wine.
How to run a VeChain node
If all of the aforementioned advantages, as well as use-cases surrounding VeChain, have piqued your interest, and you are a developer that wants to run a decentralized application (dApp) or any other solution on top of the VeChain blockchain network, you will need to connect to a node in order to get all of the blockchain data that you require.
- Step 1: Navigate to the official NOWNOdes website.
You will initially be required to visit the official NOWNodes website, enter your email address and click on the “GET FREE API KEY” button. You will need this API key as a means of connecting to the node.
- Step 2: Connect to the VeChain Node
Visit the official documentation, where you will be able to find the commands through which you can connect to the node.
For example, if you want to filter the event logs, you can use this command:
- https://vet.nownodes.io/logs/event
Note that filter event logs Event logs are produced by OP_LOG in EVM.
Conclusion
Hopefully, now you have a higher level of understanding when it comes to everything you need to know about the VeChainThor blockchain network and overall ecosystem.
Remember that if you are interested in building on top of VeChain, it is important to connect to a node so you can get a lot of blockchain data that you might require, such as block height, transaction status, wallet balances, and similar types of information.
