At exactly 8:00:09 am UTC on June 30, 2018, the first block on the VeChainThor blockchain was mined. This signifies the successful launch of the VeChain mainnet. This development follows the timeline of the revamped development plan released in May 2018.
Now VeChain is looking forward to a smooth transition of VEN tokens from the ERC-20 standard to the VET token, a token based on their own blockchain. This token swap is already supported by a number of major crypto exchanges.
VeChainThor is a Blockchain-as-a-Service company (BAAS) that aims to build a trust-free and distributed business ecosystem focusing on supply chain management. This is achieved by real-time tracking of physical goods from the producer to the point it gets to the consumer.
This is done through hardware tracking devices (like the RFID tags, NFC chips, and QR codes) embedded in the product and blockchain technology monitoring the product until it gets to the consumer. This allows products to be identified…