VeChain is a platform that leverages blockchain technology to improve supply chain management and business operations. Its main goal is to facilitate secure, transparent, and traceable transactions across the supply chain, spanning from the source of production to the final destination. VeChain aims to enhance business operations by optimizing efficiency, decreasing expenses, and strengthening relationships with suppliers and customers.
Sunny Lu, who previously served as the CIO of Louis Vuitton China, founded VeChain in 2015. The company introduced its mainnet in 2018, and it operates using a two-token system comprising VeChain Token (VET) and VeThor Token (VTHO). VET functions as a means of value storage and as a source of VTHO, which is utilized to cover transaction fees and other services provided by the VeChain platform.
Unlike many other blockchain platforms that prioritize consumer applications, VeChain is distinctive in its emphasis on enterprise use cases, particularly in supply chain management. Its partnerships span across a diverse range of industries, such as logistics, automotive, food and beverage, among others. VeChain provides an array of services and tools for companies, enabling them to generate smart contracts, monitor assets and products, and gain access to data analytics.
What is VET Token?
VeChain Token (VET) serves as the primary digital currency of the VeChain blockchain platform, functioning as both a value store and a mechanism for producing VeThor Token (VTHO). VTHO is utilized to pay for services and transactions offered by the VeChain platform.
VeChain Token (VET) is categorized as a utility token, indicating that it has a designated function within the VeChain ecosystem. Its main purpose is to energize the VeChainThor blockchain, which centers on enterprise applications like supply chain management, logistics, and other commercial operations.
- Generating VTHO: VET holders have the ability to produce VeThor Token (VTHO) by maintaining their VET in a VeChainThor wallet. VTHO is the means by which transactions and various services are paid for on the VeChain platform.
- Staking: By staking their tokens, VET holders can take part in the VeChainThor consensus mechanism and receive incentives for verifying transactions on the network.
- Governance: The VeChain ecosystem’s governance allows VET holders to partake in decision-making by voting on proposals and playing an active role in the ecosystem’s management.
With a total supply of 86.7 billion tokens, VET can be traded on various crypto exchanges and serves as a payment method for goods and services offered in the VeChain ecosystem.
Where to buy VeChain Token (VET)?
You can use the MEXC Global search bar to search for “VET” to view available trading pairs.
And you can also find a detailed guide on how to buy VeChain Token (VET) .
What is the current price of VET Token?
The highest price paid for VeChain (VET) is $0.2809, which was recorded on Apr 19, 2021. At the time of writing, VET market cap is 1,682,109,029. The current VET coin price is $0.02321 per coin. The 24-hour trading volume for the coin is $46,325,270.
- Total Supply: The maximum amount of VET tokens that can be in circulation is 86.7 billion, and once this amount is reached, it cannot be altered or modified.
- Token Allocation: The VET tokens were distributed initially as follows: 50% of the tokens were allocated for the VeChain Foundation, 17% were given to the VeChain team and early investors, 5% were reserved for ecosystem development, 10% were assigned to the community, and 18% were allocated to the X Nodes program.
- Dual Token System: VeChainThor employs a two-token model that comprises of VET and VeThor Token (VTHO). VET serves as a means of storing value and generating VTHO, which is utilized to pay for various services, including transactions on the VeChain network.
- VET Holding: By keeping their VET in a VeChainThor wallet, holders of VET have the ability to produce VTHO. The amount of VTHO they can generate is proportional to the quantity of VET held by the user.
- Economic Model: VeChain’s economic model aims to maintain equilibrium between the supply and demand of VTHO. The rate of VTHO generation is modified in response to network utilization and market demand.
A blockchain network called VeChain is intended to assist companies in streamlining their operations, boosting productivity, and enhancing trust and transparency throughout the supply chain.