VeChain Arrives: What to Know About the $1.5 Billion Blockchain for Business

As of 0:00 UTC Saturday, the first block on the VeChain blockchain, whose token supply is valued at $1.46 billion at writing, has been mined, marking a milestone for a project that aims to be among the first to convince enterprise businesses to adopt code tied to a crypto asset traded on a public market.

In short, founded by former CIO of Louis Vuitton China, Sunny Lu, VeChain hopes to be the first to put "Real business" applications on a public blockchain.

To solve this, VeChain uses a twin token system in which its VET asset functions as a store of value, and the VeThor token represents the underlying cost of using the blockchain.

Still, another means by which VeChain has sought to differentiate is by emphasizing what Lu calls "Ready to wear" software that reduces development time and costs.

Perhaps what distinguishes VeChain from its competitors is the extent to which enterprises are already said to be involved in that process.

VeChain boasts partnerships with automobile manufacturers BMW and Groupe Renault, and global quality assurance and risk management company DNV GL. Some partners, like DNV GL, have even taken on a more technical role in the project's execution - specifically within its governance system, a key part of VeChain's pitch to businesses.

"Every node will have specifications, not only about hardware, but about the security level and process, how to manage your nodes and your contribution to the VeChain community," Lu told CoinDesk.

All voters use their "Voting authority" to have a voice in decisions about technical modifications to the blockchain and to elect VeChain's "Steering Committee." This is what Lu calls "The centralized part," which is the seven seat governing body of the VeChain foundation and its blockchain.

"VeChain has been conceived as a platform; it combines blockchain technology with IoT and AI thus offering the possibility to develop supply chain solutions both at product/asset and enterprise level."

Before the technology can be truly live, VeChain must migrate its tokens from the ethereum blockchain to its mainnet, a process scheduled for July.