
VeChain
Crypto Overview
Project Overview
VeChain is an enterprise-focused blockchain platform designed to enhance supply chain management and business processes. The platform uses distributed ledger technology to provide real-world businesses with solutions for supply chain management, anti-counterfeiting, and product traceability.
Utility Assessment
VeChain's primary utility comes from its two-token system: VET (VeChain Token) and VTHO (VeThor Token). VET generates VTHO, which is used to pay for transactions on the network. The platform enables real-world applications through its ToolChain solution, which allows businesses to implement blockchain technology without extensive technical knowledge.
Real-World Adoption
VeChain has established significant partnerships with major enterprises, including Walmart China, BMW, and DNV GL. These partnerships demonstrate practical implementation of the technology for supply chain tracking and verification. The platform is actively used for tracking food safety, luxury goods authenticity, and automotive supply chain management.
Development Activity
The project maintains active development with regular updates to its core protocol and enterprise solutions. The VeChain Foundation provides transparent quarterly financial reports and development updates. The ecosystem continues to expand with new enterprise solutions and use cases.
Token Distribution
The initial token distribution allocated 23% to the founding team and private investors, with vesting periods implemented to prevent immediate selling. The VeChain Foundation maintains transparency regarding token usage through quarterly financial reports.
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Please update the compliance status of VET. It should be uncomfortable due to it’s association with Alcohol industry.
Thanks for explaining Ahmed. Don’t you think the same logic should apply for GRT as well. GRT is marked as questionable. Can you please confirm regarding GRT?
Salam, this is Ahmed from the PIF team. Thank you for sharing your thoughts. VET is a technology tool for supply chain management, it can be used in halal orharam ways like any other tool. That doesn’t make it haram of itself.
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Assalam wa e laikum brother
I think VET is non-shariah. It has partnership with companies dealing in Alcohol. Kindly rescreen.
Salam, this is Ahmed from the PIF team. Thank you for sharing your thoughts. VET is a technology tool for supply chain management, it can be used in halal orharam ways like any other tool. That doesn’t make it haram of itself.
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Vechain have handshake with Alcohol Company Platform
Salam, this is Ahmed from the PIF team. Thank you for sharing your thoughts. VET is a technology tool for supply chain management, it can be used in halal orharam ways like any other tool. That doesn’t make it haram of itself.
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Laava, a company that offers IT services has declared VeChain as its partner. Laava provides a Smart Fingerprints function of labelling for innovative businesses and its customer include the producersof wine and liquor such as Tamburlaine Organic Wines and Swift + Moore Beverages.
Does this makes Vechain (VET) non-shariah compliant? Please advise
Salam,
VTHO is automatically generated by holding VET in a compatible wallet. Should it be consider as interest or not.
Salam, this is Ahmed from the PIF team. Thank you for sharing your thoughts. VET is a technology tool for supply chain management, it can be used in halal orharam ways like any other tool. That doesn’t make it haram of itself.
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