What is VeChain (VET)?
VeChain (VET) is one of the first blockchains built solely to serve the needs of enterprise-level customers.Developer project Through the use of distributed ledger technology (DLT), we aim to improve supply chain and product lifecycle management. Importantly, the platform offers users a variety of new features that are ideal for companies looking to enhance their supply chain protocols and business processes.
Currently, the logistics sector is plagued by the problem of information asymmetry. The systems in place collect large amounts of data, but this data is not communicated in an optimal manner. In most cases, severe compartmentalization results in the entire supply chain relying on centralized data sources. This lack of uniformity results in a lack of transparency and delays in data transmission.
VeChain provides businesses with the ability to track vast amounts of data. These metrics may include items such as quality, authenticity, storage temperature, and transportation status. Impressively, VeChain provides all these features through a trust-free, decentralized business ecosystem. In this way, VeChain reduces overhead and improves accountability.
VeChain philosophy
VeChain differs from other projects in this space in several important ways. Mainly, the developers behind this project did not want to create a fully decentralized platform. Instead, their goal was to integrate the best features of both the DeFi (decentralized finance) and CeFi (centralized finance) sectors. This strategy creates a balanced platform that provides users with transparent information flow, efficient collaboration, and fast value transfer.
How VeChain works
VeChain leverages various technologies to achieve its goal of streamlining the supply chain department. For example, VeChain uses various types of radio frequency identification (RFID) tags and sensors to monitor important data during shipments. This information is broadcast across the blockchain in real time.
This strategy allows stakeholders and market participants to monitor goods and verify their condition and authenticity. Best of all, this approach is ideal for large and complex supply chains. VeChain can monitor these huge networks and keep businesses updated as developments occur.
Internet of Things (IoT)
VeChain is a pioneer in integrating IoT and DLT technologies. Astutely, VeChain was built from the ground up with his IoT integration in mind. The Internet of Things refers to the network of billions of smart devices currently in use around the world. All of these devices are smart because they have some sort of sensor and the ability to communicate data online. Today, these devices include an incredible number of things, from televisions to doorbells to the phones you hold in your hands today.
The integration of IoT and blockchain technology makes perfect sense. Blockchain technology provides an affordable way to monitor such vast amounts of data in near real-time through consensus. Therefore, VeChain is not the only project considering integrating both technologies.
History of VeChain
VeChain started from scratch in 2015 with the goal of disrupting the supply chain industry by making data actionable and transparent. Initiator of the project Sunny LouPrior to this business, he was best known for his work as an executive at Louis Vuitton China. You have to imagine that addressing all of the supply chain issues faced by clothing manufacturers inspired him to develop this unique system.
VeChain’s VET started on the Ethereum blockchain. This approach is a common strategy in the market as it allows developers to showcase their concepts and raise funds to develop their own blockchains. In the end, that's exactly what his VeChain did. Currently, VET operates within the native VeChain ecosystem. In this way, developers can provide functionality that is directly responsive to business customers.
dual token
VeChain borrowed one thing from Ethereum: the dual-token strategy. In this style of blockchain ecosystem, one token acts as public investment or digital cash, and the other is used to execute and program smart contracts. Examples of this style of backend token are Ethereum's Ether and NEO's GAS.
This strategy has two main advantages. The first advantage is that this system provides effective governance. Blockchain requires a governance model that includes community. Failure to do so risks a hard fork by unfortunate community members. The second reason for using a dual token strategy is to provide a predictable economic model for the blockchain.
VeChain Token (VET)
VET is a cryptocurrency that invests on exchanges. This acts as an increase in value within the VeChain blockchain. This token can transfer value across the blockchain and trigger smart contracts. This is also how a user pays for transactions in his Dapps that operate on her VeChain blockchain.
There are currently 55,454,734,800 VETs in circulation. VeChain’s system is set to issue a total of 86,712,634,466 VET. VET ranks among the top 30 cryptocurrencies in the world based on market capitalization.

VET Coin Market Cap
VeChainThor Energy (VTHO)
The second token used in the VeChain system is VeChainThor Energy. This token acts as gas to power smart contract transactions. These tokens are not publicly available. Only developers use these tokens to cover contract execution costs.
Importantly, most blockchains require developers to pay to put contracts on the blockchain. This strategy ensures that only code that is ready for publication is incorporated into the blockchain, reducing spam submissions.
VeChain Consensus
In order to fulfill all its promises, VeChain must provide businesses with timely and secure consensus. To this end, the platform has introduced its own consensus mechanism known as Proof-of-Authority (PoA). This protocol provides an efficient means to maintain system continuity.
The PoA consensus mechanism was built to improve the shortcomings found in Proof of Work (PoW), Proof of Stake (PoS), and Designated Proof of Stake (DPoS) mechanisms. Importantly, PoA requires less energy consumption. In contrast to Bitcoin, which requires communication between nodes and validation of transactions, the VeChain blockchain does not require communication between nodes to reach consensus.
master node
VeChain relies on a group of 101 masternodes to achieve consensus. This strategy significantly reduces transaction times. Surprisingly, there are no anonymous nodes within this network. KYC and AML identity verification must be completed before blocks can be verified in this system. The developers believe that this approach is essential for a balanced market strategy.
Interestingly, VeChain also utilizes economic masternodes. These nodes can vote on issues related to the VeChain ecosystem. For every 10,000 VET held by an economic masternode, you will receive 1 vote.
staking
VeChain users can also earn passive income by staking VET. Staking requires holding her VET in a network wallet that stays online for a pre-set period of time. The longer you bet your VET, the more you will earn.
governance
In line with VeChain’s goal of balancing centralization and decentralization, votes will be distributed based on the amount of VET held by individuals. Individuals holding her VET of more than 1 million will be responsible for her 20% of the votes. Users who verify their identity and hold 1 million her VET will get 30% of the votes. The rest will be divided among the communities.
Where to buy VeChain (VET)
VeChain (VET) can be purchased at the following exchanges:
Uphold – This is one of the top exchanges. US and UK residents We offer a wide range of cryptocurrencies. Germany and the Netherlands are prohibited.
Comply with the disclaimer: Terms and conditions apply. Cryptoassets are highly volatile. Your capital is at risk. Do not invest unless you are prepared to lose all your invested money. This is a high-risk investment and you should not expect to be protected if something goes wrong..
KuCoin – This exchange currently offers cryptocurrency trading for over 300 other popular tokens. In many cases, we will be the first to offer you the opportunity to purchase new tokens. US residents are prohibited.
Binance – Available in Australia, Singapore, and most parts of the world. Residents of Canada and the United States are prohibited. Use discount code: EE59L0QP Get 10% cashback on all transaction fees.
WazirX – This exchange is part of the Binance Group, guaranteeing high standards of quality.It's the best replacement Indian resident.
How to save VeChain
VeChain can be stored in various ways. If you want to trade VET or just want quick returns, we recommend storing your cryptocurrencies in the VeChainThor mobile wallet. This easy-to-use wallet has all the features you need. Best of all, it's free to download on your Android and Apple devices.
If you are looking to invest a large amount in VET or plan to hold this cryptocurrency for a long time, a hardware wallet is your best option. Hardware wallets store your cryptocurrencies offline.Refrigerated.This strategy makes it impossible for online threats to access your holdings. Ledger Nano S or the more advanced Ledger Nano X both support his VeChain (VET).
VeChain – Create your own lane
VeChain shows more maturity in the blockchain sector than most projects. Today, blockchain is more than just a cryptocurrency. Platforms like VeChain push the boundaries of blockchain efficiency and provide the world with a more efficient alternative to the status quo.