The price VeChain today is 0.071356 USD, and the trading volume in 24 hours - 558,745,013 USD. The crypto asset has grown by 6.83% over the day. Currently, the coin’s market capitalization is 4,589,302,312 USD, and has 64,315,576,989 coins in circulation with the max supply of 86,712,634,466 coins VET.
What is VeChain (VET)?
VeChain (VET) is a blockchain - based supply chain platform. Started in 2015 and finallylaunched in June 2016, VeChain aims to leverage distributed management and Internet of Things (IoT) technology to create an ecosystem that addresses some of the major challenges with supply chain management.
The platform uses two internal tokens, VET and VTHO, to manage and create value based on the VeChainThor public blockchain.
The idea is to increase the efficiency, traceability and transparency of supply chains while reducing costs and putting more control in the hands of individual users.
Who are the founders of VeChain (VET)?
VeChain is the project of developer and co-founder Sunny Lu who was previously the IT director of Louis Vuitton China.
Lu has since become widely known in the cryptocurrency industry. He drew attention to the ability of blockchain technology to solve the problem of transparency, in particular, arguing that it can create "trust-free" structures that do not suffer from corruption, as part of the supply chain.
Co-founder Jay Zhang, who leads the project's global corporate structure, corporate governance and financial management, previously worked at Deloitte and PricewaterhouseCoopers in finance and risk management.
VeChain, launched in June 2016, is one of the oldest dedicated supply chain platforms on the market.
What makes VeChain (VET) unique?
VeChain exists to disrupt traditional supply chain models, an industry that before blockchain remained little-changed for decades.
The use of transparent technology without weak points or controls allows you to increase the security, efficiency and ease of tracking products in a given supply chain, while reducing costs through automation that does not require trust.
Thus, the VeChain model appeals to companies seeking to reduce friction in the supply chain and make a more transparent impression on customers.
The official document of the crypto project notes that its unique offer, among other features, is to install two tokens. Proprietary token fees are combined with fees for various services to generate operating income for the company, while token holders can participate in activities such as staking, thereby providing liquidity in exchange for rewards.
How many VeChain (VET) coins are in circulation?
VeChain has two internal tokens: VeChain (VET) and VeThor (VTHO). The two-token system, described as a unique offering for such a platform, is designed to prevent board fluctuations and network congestion.
VET is a token used for transactions and other activities, while VTHO provides commission payments and thus functions as a "gas token", similar to how Gas works for Ethereum (ETH) transactions.
VET owners automatically generate a small amount of passive income in VTHO, while 70% of the VTHO used to pay for VET is destroyed.
VTHO is generated based on VET holdings, while VET itself has a maximum fixed offer of 86,712,634,466 tokens.
How is the VeChain (VET) network protected?
VeChain (VET) is a Proof-of-Stake token, and VeChain itself explains that it requires relatively low computing power to achieve network security and maintain user consensus.
A separate function, proof of authority, includes masternode operators who support the protocol to their advantage in accordance with the rules established by the parent organization VeChain Foundation.ut our comprehensive guide here.
- To own your crypto assets, you need to manage your own private keys.
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- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.