Presentation and definition of the crypto-currency VeChain (FRI)

Presentation and definition of the crypto-currency VeChain (FRI)

  • Name of the crypto-currency : VeChain
  • Acronym : FRI
  • Where to buy VeChain ? Binance
  • Creation Date : August 2017
  • White paper of VeChain
  • Web Site VeChain

The project VeChain

VeChain is a project launched by a company based in Singapore. It is based on the blockchain Ethereum. VeChain has the objective to fight the scourge of counterfeiting, which represents a shortfall for many companies. The protocol can ensure the traceability of products of luxury, with the most popular : the bags or wine for example. VeChain try to connect to the blockchain to the world of business.

The traceability of products

VeChain ensures effective traceability of products through a labelling system with chip or QR code that assigns a unique identity to each item. This allows us to guarantee their authenticity. At any time, the products can be scanned with a smartphone, and the consumer will be able to access detailed information. It is the blockchain, which ensures the security of all data.

VeChain and companies

Several companies worldwide known to have already joined the system and signed partnerships. This digital gateway between brands and consumers, represents real added value for brands, manufacturers and consumers. VeChain target in priority the products of luxury, but in reality the system can adapt to any type of industry such as food or agriculture.

The tokens FRI

VeChain uses its own currency, VEN on the network. It is of paramount importance, since users of the network will need to acquire tokens FRI to run smart contracts on the blockchain.