The live price of VeChain today is $0.02 USD. VeChain is up 2.74% in the last 24 hours compared to $USD. VeChain has a live market cap of $1,996,572,656.13 USD, and a circulating supply of 85,985,041,177 VET.
What Is VeChain (VET)?
VeChain is a extremely versatile enterprise-level Layer1 smart contract platform.
VeChain started in 2015 as a private group of people who were exploring how blockchain could be used. VeChain made the switch to a public blockchain in 2017, and started using the VEN token. In 2018, they launched their own mainnet, called VET.
VeChain is using technology like distributed governance and the Internet of Things to create an ecosystem that will make it easier for different industries to share data. This will be helpful for things like medical data, energy data, food & beverage data, and sustainability data. VeChain is also working on a project that will help achieve some of the United Nations’ Sustainable Development Goals.
The VeChainThor platform uses two tokens, VET and VTHO. VET is used to generate VTHO, which is used to pay for GAS costs. This separates the need to expend VET when writing data. This has the additional benefit of ensuring costs of using the network can be kept stable. Such actions first require all-stakeholder community votes.
VeChain has been able to show that it is more efficient, transparent and easier to trace data trails, supply chains and other ecosystems like those in San Marino which are working towards UN SDGs.
Who created VeChain?
Sunny Lu is the creator and co-founder of VeChain. He is an IT executive who was formerly CIO of Louis Vuitton China.
Lu is a well-known person in the cryptocurrency industry. He has talked about how blockchain technology can be used to create transparency. He has also worked with companies like PriceWaterhouseCoopers and DNV to make sure data is accurate and several inhouse processes are certified.
Jay Zhang is a co-founder of VeChain. He directs VeChain’s global corporate structure, governance, and financial management. Jay has worked in the finance and risk management sphere for companies like Deloitte and PriceWaterhouseCoopers.
VeChain started in 2015. It is one of the oldest dedicated smart contract platforms. This experience has helped VeChain gain prestige among enterprise clients.
What Makes VeChain Special?
VeChain is a company that wants to change how business works. They are best known for their work in supply chains. This is an industry that has not changed much in the past few decades. VeChain’s work in providing a decentralized trust layer for multiple party ecosystems has already seen major successes with many high profile clients and government organizations.
Transparent technology with no single point of weakness or control makes security, efficiency, and tracking easier for all kinds of data. Automation via smart contracts reduces costs by making things more trustless. This technology is helpful for things like the carbon industry, supply chains, international logistics, incentivised ecosystems, car passports, and more.
VeChain’s platform is popular with many different types of customers and industries.
VeChain’s literature explains that it is unique because it uses two tokens and has transformative protocols such as ‘fee delegation’ and the one-stop ‘ToolChain’ platform. This means that companies that are wary of using cryptocurrencies can pay for VeChain’s Blockchain-as-a-service in fiat currency, while smart contracts take care of payment for gas costs, making use of the network much easier, even in stricter jurisdictions.
How many VeChain VET coins are there in circulation?
VeChain has two tokens: VeChain (VET) and VeThor (VTHO). These tokens work together to keep the network running smoothly. VeThor is used to pay for transactions, while VeChain is used to store value. This system prevents fees from rising and keeps the network running smoothly.
VET is the token used to make transactions and other activities. VTHO is used to pay fees, similar to how gas works for Ethereum transactions.
People who hold VET automatically generate some passive income in the form of VTHO. Out of every 100 VTHO used for a VET payment, 70 are destroyed.
VTHO is generated from VET tokens that are held. There is a maximum number of VET tokens that can be created, which is 86,712,634,466.
What security measures are in place to protect the VeChain (VET) network?
VeChain is a Proof of Authority token. This means that it is secure and does not require a lot of computing power. A recent report showed that VeChain’s carbon footprint is very small compared to other tokens. This makes Proof of Authority an efficient way to secure the network.
Proof-of-authority is a process where operators of authority nodes are chosen by an independent committee. This gives them the authority to run a node. This model is attractive for businesses who want assurances about the integrity and quality of validators running the network. If needed, bad actors can be ejected from the network.
Where Can You Buy VeChain (VET)?
VET is a token that is available on major exchanges and can be traded freely. There are also markets for VTHO, which is the token that represents the use of blockchain resources.
VET is listed on major exchanges like Binance and Huobi Global. It could be swapped with different cryptocurrencies, stablecoins and fiat currencies pairs.