The VeChain Foundation is a non - profit entity established in Singapore
Launched in 2015, by offering a holistic governance system, a functional economic model, and IoT incorporation, VeChain aims to link blockchain technology to the modern world. Vechain Foundation develops the VeChain blockchain with its own token called Vechain Thor (VET) with the Proof of Authority consensus algorithm. The blockchain also has another token called Vtho Token (VTHO) which acts as a gas token in the network.
Together with their PwC and DNV GL strategic partners, the foundation has formed cooperative partnerships with several leading companies in various industries, including Walmart China, BMW, BYD Car, PICC, H&M, ENN, LVMH, D.I.G., and ASI.
Vechain Foundation is based in Singapore.