VeChain started as a private consortium network in 2015 and works with many enterprises to explore blockchain applications. VeChain will begin transitioning to the public blockchain in 2017 with the ERC-20 token VEN and will launch its mainnet in 2018 using the ticker MET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem to address big data challenges in many global sectors, from healthcare to sustainability and SDG goals, from healthcare to energy, food and beverage.
By harnessing the power of trustless data, VeChain is building the digital backbone of the fourth industrial revolution, which requires real-time and reliable data exchange between multiple actors.
What is VeChain (VET)?
VeChain (VET) is a multi-party enterprise-level L1 smart contract platform.
VeChain started as a private consortium network in 2015 and works with many enterprises to explore blockchain applications. VeChain will begin transitioning to the public blockchain in 2017 with the ERC-20 token VEN and will launch its mainnet in 2018 using the ticker MET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem to address big data challenges in many global sectors, from healthcare to sustainability and SDG goals, from healthcare to energy, food and beverage. By harnessing the power of trustless data, VeChain is building the digital backbone of the fourth industrial revolution, which requires real-time and reliable data exchange between multiple actors.
The platform uses two tokens, VET and VTHO, to manage and create value based on the VeChainThor public blockchain. VET creates VTHO and acts as value storage and value transfer medium. VTHO is used to pay for gas costs, which isolates the need to spend MBS when writing data.
This has the added benefit of keeping the cost of using the network stable by changing certain variables, such as the amount of VTHOs required to serve a transaction, or by increasing the rate at which VTHOs are generated. To take such action, it is necessary to obtain the opinion of all stakeholders first.
VeChain has demonstrated tremendous efficiency, traceability, and transparency within data trails, supply chains, and new types of ecosystems, such as the one in San Marino focused on the UN SDGs.
Who Are The Founders of VeChain (VET)?
VeChain is the product of founder and founder Sunny Lu, an IT director who previously served as CIO of Louis Vuitton China.
Since then, Lu has become a household name in the cryptocurrency industry. He believes that blockchain technology can create a “trustless” enterprise/business structure free from data corruption by focusing on its ability to solve transparency and working closely with key audit/certification advisors. PriceWaterhouseCoopers and DNV, which ensure data quality and validate production processes.
Co-founder Jay Zhang, who leads VeChain’s global corporate structure, governance and financial management, previously worked in finance and risk management at Deloitte and PriceWaterhouseCoopers.
VeChain, which started life in 2015, is one of the oldest smart contract platforms on the market and is popular among enterprise customers.
What Makes VeChain (VET) Unique?
VeChain aims to disrupt traditional business models and is known for its work in the supply chain, an industry that has barely changed in decades. Building a decentralized trust layer in a multi-party ecosystem has already seen significant success with high-profile customers and government agencies.
Using transparent technology without vulnerabilities or controls allows for more secure, efficient and easy control of all types of data, and reduces costs through reliable automation through smart contracts. Carbon, supply chains, international logistics, incentivized ecosystems, car passports and more all benefit greatly from the digitization of trust and collaboration.
Therefore, VeChain’s platform has a very broad approach to a wide variety of customers and industries.
According to VeChain’s official literature, its unique offering lies in its dual-token configuration alongside transformative protocols such as “distribution” and a one-stop ‘ToolChain’ platform that allows cryptocurrency companies to make payments on VeChain’s Blockchain-as-a . can be paid. -services and smart contracts regulate the cost of gas payments and allow frictionless use of the network even in a strict legal environment.
How Many VeChain (VET) Coins Are in Circulation?
VeChain has two internal tokens, VeChain (VET) and VeThor (VTHO). Described as a unique proposition for such a platform, the dual-token system aims to avoid payment fluctuations and network congestion.
VET is a token used for transactions and other activities, and VTHO acts as a “gas token” similar to how gas works in Ethereum (ETH) transactions, as it allows for fee payments.
VCT holders automatically generate a small amount of passive income in VCT, while 70% of VCT used to pay VCT is lost.
VTHO is created based on MBS holdings, while VET itself has a fixed supply of at most 86,712,634,466 tokens.
At the time of writing (07/12/2021) – 66,760,741,299 tokens are in circulation according to VeChainStats.
How Is the VeChain (VET) Network Secured?
VeChain (VET) is a Proof of Authority (PoA) token that requires relatively little computing power to secure the network compared to protocols like Bitcoin. According to a recent CTI report, VeChain’s annual carbon footprint is extremely low at just 2.4% of the emissions from mining a single Bitcoin, making PoA an incredibly effective consensus mechanism for securing the network.
Proof-of-authority is the process by which authorized masternode operators are selected by an independent Steering Committee, thereby granting them the “authority” to operate a masternode. This model is particularly attractive to enterprises that want assurance of the integrity and quality of the validators running the network, and ensure that bad actors are removed if necessary.
Where Can You Buy VeChain (VET)?
VET is a freely traded token on major exchanges and there are also markets for VTHO.
VET had a large marketplace for a combination of cryptocurrencies, stablecoins and fiat currencies on Binance and Huobi Global, among other platforms.