What is VeChain (VET)?

 What is VeChain (VET)?

VeChain (VET)

What is VeChain (VET)?

VeChain (VET) is a blockchain-powered supply chain platform. VeChain was started in 2015 and launched in June 2016 with the aim of using distributed governance and using Internet of Things (IoT) technology to build the system. Ecosystem to solve some of the key issues related to supply chain management.

The platform uses two internal tokens, VET and  VTHO,  to manage and create value based on VeChainThor's public blockchain.

The idea is to optimize. Traceability and transparency of the supply chain while reducing costs and adding more control in the hands of each user.

Who is the founder of VeChain (VET)?

VeChain is a creator product and is co-founded by IT executive Sunny Lu, who was previously CIO of Louis Vuitton China.

Lu has become well known in the cryptocurrency industry. He drew attention to the ability of blockchain technology to solve transparency problems. In particular, it was possible to create a so-called "trust-free" structure that would not be affected by fraud as part of the supply chain.

Jay Zhang, co-founder It controls both VeChain's global corporate structure, governance and financial management. He previously worked for Deloitte and PriceWaterhouseCoopers. in finance and risk management

VeChain, launched in June 2016, is one of the oldest blockchain supply chain platforms on the market.

What makes VeChain (VET) unique?

VeChain was born to break the traditional supply chain model, an industry preceding blockchain that has remained little changed over the past several decades.

The use of transparent technology without any weaknesses or controls increases the safety, efficiency and ease of product tracking in a given supply chain. while reducing costs with automation through a trustless system

The VeChain model appeals to businesses that want to reduce supply chain conflicts and give their customers the impression of transparency.

VeChain's official writing states that the unique offering lies in the dual token setup. including other features Internal token fees are combined with various service charges to generate operating income for the company. While token holders can participate in activities such as staking, creating rewarding liquidity.

How many VeChain (VET) coins are in circulation?

VeChain has a total of two internal tokens: VeChain (VET) and VeThor (VTHO). The dual token system on the platform is described as a unique offering. It is designed to avoid fee fluctuations and network congestion.

VET is a token used for transactions and other activities, while VTHO is used for payment of fees and acts as a “gas token” similar to how gas works   for Ethereum ( ETH ) transactions. 

VET holders will automatically earn a small amount of passive income in VTHO, while 70% of VTHO used to pay VET will be destroyed.

VTHO is made up of holding VET while VET has the highest fixed supply. 86,712,634,466 tokens

How secure is the VeChain (VET) network?

VeChain (VET) is  proof-of-stake,  and VeChain describes it as requiring relatively low compute power to secure the network and maintain user consensus.

A very separate feature is  proof-of-authority.  That involves a masternode operator who has the power to maintain protocols based on their own opinions. This must also comply with the rules set by the main organization VeChain Foundation.

Where can you buy VeChain (VET)?

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• TradingView
• Deriv.com
• Exx.com
• FatBTC
• BitMart
• XM
• Exness
• FBS
• Skrill
• Neteller
• MinerGate

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