VeChain VETPrice $ 0.0283

VeChain was created in 2015. It was originally running on the Etherum network, under the token name VEN. In 2017 the VeChain Thor mainnet was launched after a successful ICO. The blockchain platform aims to allow businesses to build and run decentralized applications with a core focus on supply chain management and business processes. However, VeChain has grown to facilitate other use cases on its blockchain.

The supply chain industry is expansive and encompasses a variety of sectors, thus VeChain aims to optimize the processes in complex supply chains by using distributed ledger technology (DLT). Its technology can be used to improve the efficiency, transparency, and traceability of supply chains and some of its current partners include Renault, PwC, and Microsoft.

What are VET key features and how does it work?

VeChain is a Proof-of-Authority economy. It works as an Internet-of-Things token layer that allows users to track assets on the blockchain, it is also smart contract compatible meaning dApps can be made.

The Vechain platform has two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is used as the currency within the VeChain platform, for example, to carry money from smart contracts and to store and transfer value in and around the ecosystem. The token relies on its unique Proof-of-Authority (PoA).

VTHO is used for transactions on the network. Using VTHO allows applications on VeChain to charge stable fees, this is because VTHOR supply can be changed to ensure a stable transaction price.

The PoA consensus mechanism uses Authority Masternodes to verify transactions on the blockchain. There are a limited number of Authority Masternodes, and to become one, a user must stake at least 25 million VET and submit a KYC to the VeChain Foundation. The PoA mechanism means that large transaction volumes can be processed quickly, but it relies on a central authority that checks and authorizes users who can take part in processing transactions. 

To track products in a supply chain, VeChain uses a system called VeChain Identity (VID). VIDs are created through “mining” the SHA256 hash function. They are then attached to the QR code, NFC tag, or RFID tag to create an Internet-of-Things digital copy that a company can then track throughout the supply chain. This creates a stronger system of trust for shipping, receiving, and warehousing.

As for VeChain network mining nodes, each business and organization using the system runs and maintains its own node, creating a private and exclusive ecosystem. VeChain also has its own software development kit, VeChain ToolChain to provide any company with the tools to launch new kinds of dApps on the network.

Where can you buy VeChain Thor?

VET can be bought from the CEXs and DEXs as listed on the markets tab. Binance, Upbit, and Kucoin are some of the most popular choices.