Review on VeChain by Othere Obtentus
Interesting take on applications of blockchain
VeChain is a blockchain network that aims to offer more clarity, quality and pace to supply chains. The mission is to create a trust-free and open business architecture network to allow for open knowledge sharing, effective partnerships and fast value transfers.
VeChain works on a Proof of Authority (PoA) governance system that allows peers to be approved before they can engage in a blockchain consensus. If a node has been approved, it enters the pool of several other sanctioned nodes and all have a fair probability of publishing new blocks and obtaining incentives.
The PoA framework also makes optimal utilization of bandwidth, which contributes to higher network performance. This is equal to a higher number of transactions per second which enhances the performance of the network.
Pros
- Runs on a Proof of Authority
- Speed and scalability
- Stability and security
- Flexible governance
- Partnerships with luxury brands
Cons
- Low adoption
