VeChain was founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China, who left after a 20-year IT career at Fortune 500 companies. The team combines blockchain developers with enterprise software experts, headquartered in Singapore with a global presence.

VeChain launched its mainnet in 2018 and achieved MiCAR compliance in the EU. Key enterprise partners include Walmart China, BMW, and LVMH. The 2025 Renaissance roadmap includes Galactica and Hayabusa upgrades, with the upcoming Intergalactic Phase in 2026 focused on cross-chain interoperability.

VeChainThor uses a dual-token system: VET for value transfer and staking, VTHO (VeThor Token) as gas for transaction fees. It operates with Proof of Authority consensus with 101 authorized masternodes, supports EVM compatibility, and enables IoT sensor integration for real-world data on-chain.

VET holders generate VTHO passively by staking their tokens. VTHO is consumed with each transaction, creating natural demand for VET. This decouples business operating costs from VET price volatility, providing predictable transaction fees for enterprise users while giving holders a passive income mechanism.

VeChain transitioned to Delegated Proof-of-Stake consensus in 2025 via the Hayabusa upgrade. VET holders participate in governance by staking and voting. The VeChain Foundation oversees protocol development and ecosystem funding, with 101 masternode operators providing network security and transaction validation.

Primary use cases include supply chain tracking and anti-counterfeiting for luxury goods, food safety, pharmaceuticals, and logistics. The VeBetterDAO ecosystem rewards sustainable actions like recycling and walking with B3TR tokens. Other applications span carbon credit tracking, automotive verification, and IoT data management.