VeChainThor is the world ’ s leading enterprise-grade populace blockchain platform. Launched by the VeChain Foundation in 2015, VeChain presently has operations in Europe, Asia and America .
VeChain’s mission is to lower the barrier of using blockchain technology and allow projects and enterprises to leverage blockchain technology to create value and solve real world problems.
Since its launch, VeChain has managed to work together with an impressive list of enterprises that are now building on the VeChainThor blockchain, suchs as Walmart, BMW, LVMH, DNV, PwC and Deloitte.
The VeChainThor blockchain has some unique features solving many of the issues other blockchains are presently facing :
- Two-token model: VET is the native coin of the VeChainThor blockchain used as a smart-payment currency. Every VET generates VTHO every block. VTHO is used to pay for blockchain transactions. This allows for blockchain transactions to remain low and predictable, even when the price of VET and VTHO increase.
- Proof-Of-Authority (POA) consensus mechanism: 101 Nodes secure the blockchain, they all have their identity as well as at least 25 million VET at stake. POA allows for high throughput, while keeping energy consumption to a minimum, making VeChainThor one of the most environmentally friendly blockchains currently available.
- EVM compatible: At its core, the VeChainThor blockchain uses the Ethereum Virtual Machine to process transactions.
- Unique features: Multi-clause transactions allow one transaction to perform multiple blockchain operations in one go. Designated Gas Payer allows other parties to pay for blockchain transactions, resulting in dApps where the end-user does not need any crypto at all.
VeChain ’ s achiever of onboarding enterprises has not gone unnoticed and more and more projects are now looking to build their dApps on the VeChainThor blockchain.
This hackathon is focused on supporting those projects, by developing robust tooling and additional functionality for the VeChainThor blockchain and it’s developer communities, helping deliver foundational resources to create the optimal building environment.
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