VeChain (VET) Live Price

What is VeChain (VET)?

Starting in 2015, VeChain (VET) is an advanced Layer 1 smart contract platform best known for its enterprise supply chain solution that provides improved data management, transparency, and traceability.   

VeChain combines blockchain and the Internet of Things (IoT) to significantly enhance the efficiency of business processes by overcoming major data hurdles for industries worldwide, including energy, food & beverage, medical, fashion, automotive sector, and many more. The platform aims to create a digital backbone with the underlying fourth industrial revolution that exploits the potential of trustlessness for real-time and trustless data sharing among various parties. 

VeChain is built on top of VeChain Thor public blockchain. It manages and creates value using two tokens, VET and VTHO. The VET coin is the official VeChain cryptocurrency that carries value and serves as a medium of value transfer. VTHO is generated by VET coin and is utilized to cover gas fees, removing the need for VET during data writing. It largely helps to assure that network costs may be kept stable by increasing the VTHO generation rate or tweaking certain variables, such as the amount of VTHO tokens required to power transactions.  

How Does VeChain Work?

VeChain (VET) uses a modified version of Proof-of-Stake called Proof-of-Authority (PoA) as its consensus mechanism. Users' verification and transaction confirmation are carried out by a 101 fixed number of validators that exist today called Authority Masternodes. Any participant who wants to be an Authority Master node has to lock up at least 25 million VET tokens and go through a KYC procedure. 

There exists another type of node on the VeChain blockchain platform called economic master nodes which do not produce blocks but are used as a "check on power." Each economic master node requires locking up 10,000 VET to get a single community vote. 

Users undergoing computation with VTHO fees get rewards in the VeChain ecosystem. VeChain supports smart contracts and Dapps. This platform is for all those businesses and organizations that prefer security as it ensures blockchain-based immutable data management. 

A Brief History of VeChain (VET)

VeChain is the brainchild of Jay Zhang (Chief Finance Officer of VeChain), and Sunny Lu, who formerly served as former Chief Information Officer at Louis Vuitton China. The company started as a subsidiary of Bitse, one of the major blockchain companies in China with a substantial client base. 

VeChain started with a vision to build a trustless and decentralized business ecosystem that ensures transparent information flow, effective partnerships, and faster value transfer. VeChain mainly focused on disrupting the traditional supply chain sector by making transparent data flow and management. VeChain is also determined to play a significant role in dApps and ICOs and aspires to be an intermediary for the Internet of Things (IoT). 

VeChain was initially conceived on the Ethereum blockchain. Later in 2018, the company rebranded to VeChain Thor, replacing VEN blockchain, by launching its own smart contract platform that operates on the PoA consensus model. VeChain Thor officially began operation after VEN tokens were exchanged for VET tokens with a 1:100 ratio. 

The platform has been working on creating strategic partnerships with major companies to achieve its goals over the years. For instance, the company collaborated with PricewaterhouseCoopers (PwC) to provide VeChain's blockchain-based solution to implement in the accounting firm's customer base to improve product verification and traceability. 

VeChain has also joined hands with Renault, in collaboration with Microsoft and VISEO, to create an immutable digital car maintenance book. The company is also the government technology partner for Gui'an, an economic development zone for Central Government in China. 

Team Behind VeChain

 Sunny Lu, CEO of VeChain, has over 19 years of experience working in various IT companies. He was one of the first people in China to know about Bitcoin. Lu completed his bachelor from Shanghai Jio Tong University in Electronics and Communication Engineering. Before VeChain, he co-founded Qtum, the Chinese Internet start-up. 

 VeChain has a highly qualified team of over 90+ employees, most of them are developers. Gu Jianliang, CTO of VeChain, has over 18 years of experience in IoT and mobile devices. Moreover, he has created over 100 patents in several technology fields. 

Kevin Feng, the Chief Operations Officer of VeChain, has over 12 years of experience, being actively involved in many technology projects of VeChain. In addition, he served as a consultant and assurance advisor in the PwC project of VeChain.  

How is VeChain (VET) Different from Others?

VeChain is a highly specialized blockchain working to disrupt existing business models. This blockchain is globally known for its supply chain solution, an industry that has evolved very little over decades. VeChain provides unique ways for businesses through a decentralized trust layer that operates for multi-party ecosystems. The company has achieved great success over the years, having many high-profile clients and government bodies.

VeChain provides a transparent technology solution for the supply chain with no single point of failure, ensuring improved security, transparency, efficiency, automation, quality assurance, and ease of traceability while ensuring cost reduction through smart contracts. Through its digitalized trust and collaboration system, the platform has wide appeal to many industries, including supply chain, international logistics, automobile passports, and incentivized ecosystems.  

What makes the VeChain ecosystem unique among novel kinds of ecosystems is its dual-token setup, along with transformative protocols such as "fee delegation" and a one-stop "ToolChain" platform. On the VeChain blockchain, companies can pay in fiat currency, smart contract handles gas payments, providing a frictionless use case even in jurisdictions with restrictions.  

How Many VeChain (VET) Coins Are There in Circulation?

 VeChain has a dual-tokens VET and VTHO that help avoid fee fluctuations and network congestion. VET processes transactions, and VTHO acts as a gas token, working similarly to gas for Ethereum transactions. 

VET cryptocurrency holders automatically earn a small amount of VTHO passive income, as 70% of the VTHO tokens used in VET payments are destroyed.

VTHO tokens are generated according to VET holdings. At this time, there are $ 85,985,041,000 VET tokens in circulation,

according to VeChainStats, with a total supply of $ 85,985,041,000 VET.

How is the VeChain (VET) Network Secured?

 Using the PoA consensus mechanism, the VET token requires relatively low computing power for achieving network security compared to Bitcoin. In addition, VeChain is also highly concerned about carbon footprints. According to a CTI report, VeChain's annual carbon emission is very low, with only 2.4% of the emission from mining a single Bitcoin. Therefore, the PoA mechanism is highly efficient for attaining network security.   

In the PoA consensus mechanism, an independent Steering Committee exclusively selects authority Masternode operators that gain authority to run a Masternode. This selection process is highly attractive for those enterprises concerned about the integrity and quality of the network's validators. This mechanism also assures that the bad actor will be immediately removed from the network if needed.  

What are the Use Cases of VeChain (VET)?

VeChain blockchain has many use cases in various industries. Such as:

· VeChain (VET) can flawlessly and effortlessly track the quality, authenticity, storage environment temperature, transportation medium, and last-mile delivery of any medicine pack, food items, or beverage all the way from the manufacturing facility down to the final delivery to the end customer.  

· Automobile owners can use VeChain to control their data and negotiate better insurance terms and policies with insurance companies. Similarly, BMW is leveraging VeChain to prevent automobile odometer fraud. 

· The fashion industry can use VeChain to enable buyers to verify the quality and manufacturer of items such as designer bags. LVMH uses VeChain to track luxury goods.

· VeChain allows end users to undertake quality assurance by allowing them to monitor their items. 

· VeChain can be incorporated into various IoT technologies for many use cases other than supply chain management. As a result, organizations can simplify their operations, ultimately increasing overall productivity.