VeChain (VET)
What Is VeChain (VET)?
VeChainThor (VET) is a versatile enterprise-grade L1 smart contract platform whose origins began in 2015. VeChain is known as a pioneer of real-world enterprise applications, and built a distributed platform powered by Internet of Things (IoT) technologies, NFC chips and blockchain to help various industries solve data-related challenges. VeChain solves major blockchain adoption hurdles. The platform uses an intelligent two token model, VET and VTHO, separating the protocol's Store of Value and gas fee payment mechanisms, ensuring costs can be kept low and stable. Fee delegation allows smart contracts to pay gas fees on behalf of business users, and an advanced transaction model allows data to be packaged more efficiently while ensuring finality of data. VeChain is focused on delivering a wave of incentive-based sustainability dApps through its new platform, VeBetterDAO, working closely with Boston Consulting Group to achieve adoption across enterprise and individual users, and helping onboard the next billion users to Web3 over the coming decade. From supply chains to sustainability, VeChain has continuously demonstrated its leading role as a driver of blockchain in business, and is dedicated to its role as a pioneer of driving real world adoption of blockchain technology.
Who Are the Founders of VeChain (VET)?
VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Lu has since become a well-known name within the cryptocurrency industry. He has drawn attention to the ability of blockchain technology to solve transparency in particular, arguing that it can create “trust-free” enterprise/business structures that do not suffer from information corruption thanks to close working collaborations with key auditing/certification consultants such as PriceWaterhouseCoopers and DNV who verify data quality and certify industrial processes. Fellow co-founder Jay Zhang, who directs VeChain's global corporate structure, governance, and financial management, previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere. Having originally begun life in 2015, VeChain is one of the oldest dedicated smart contract platforms on the market, with reflected prestige among enterprise clients.
What Makes VeChain (VET) Unique?
VeChain exists to disrupt traditional business models, and is best known for its work in supply chain, an industry that has changed little over the decades. Its work in providing a decentralised trust layer for multi-party ecosystems has already seen major sucesses with high profile clientele and government bodies. Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking for all kinds of data, while reducing costs through trustless automation via smart contracts. Carbon, supply chain, international logistics, incentivised ecosystems, automobile passports and more all greatly benefit from the digitisation of trust and colaboration it enables. VeChain’s platform accordingly has very wide appeal to many different clients of clients and industries. VeChain’s official literature notes that its unique proposition lies in its dual-token setup alongside transformative protocols such as 'fee delegation' and it's one-stop 'ToolChain' platform that means crypto-wary companies can pay in fiat for VeChain's Blockchain-as-a-service, while smart contracts handle gas payment costs, ensuring frictionless use of the network, even in strict jurisdictions.
How Does VeChain Work?
VeChain IDs are a crucial component of the VeChain blockchain. A unique identifier is assigned to a product. Sensors are used to track each step of a supply-chain. As a result, a safe environment is formed for all parties, and movement data is documented and verified. The general idea of VeChain is to grant a way to determine authenticity and quality of real products, as well as to prevent fraud. The platform seeks to provide stakeholders with comprehensive information about products and business processes, thereby increasing market transparency and making international trade more fair and efficient. The list of VeChain clients already includes large corporations like BMW, LVMH, and Walmart. VeChain software allows enterprise developers to create and run dApps. Therefore, due to VeChain’s blockchain, companies can apply dApps and offer a higher level of services and goods. The project also uses proprietary solutions and developments, including ToolChain, My StoryTool, the VeChainThor blockchain, and Internet of Things (IoT) technology to facilitate processes.
How Many VeChain (VET) Coins Are There In Circulation?
VeChain has two in-house tokens: VeChain (VET) and VeThor (VTHO). Described as a unique offering for such a platform, the dual-token system is designed to avoid fee fluctuations and network congestion. VET is the token used for transactions and other activities, while VTHO provides fee payments and thus functions as a “gas token,” similar to how gas functions for Ethereum (ETH) transactions. VET holders automatically generate a small amount of passive income in VTHO, while 70% of the VTHO used in a VET payment is destroyed. VTHO is generated based on VET holdings, while VET itself has a maximum fixed supply of 86,712,634,466 tokens. At the time of writing (07/12/2021) - there are 66,760,741,299 tokens in circulation according to VeChainStats
How Is the VeChain (VET) Network Secured?
VeChain (VET) is a Proof of Authority (PoA) token, requiring relatively low computing power to achieve network security versus a protocol such as Bitcoin. A recent CTI report showed that VeChain's annual carbon footprint is incredibly small at just 2.4% of the emissions of mining a single Bitcoin, thus making PoA an incredibly efficient consensus mechanism for securing the network. Proof-of-authority, is a process wherein authority masternode operators are selected by an independent Steering Committee, thus giving them 'authority' to run a masternode. This model is particularly attractive for enterprises who want assurances about the integrity and quality of validators running the network, and assurances bad actors can be ejected if needed.
What tools does Nimbus offer for effortlessly monitoring VeChain?
Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor VeChain effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to VeChain. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking VeChain prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.
How does Nimbus enable tracking VeChain prices with profit and loss?
Nimbus facilitates the tracking of VeChain prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.
How does Nimbus analyze VeChain, and what insights does it provide?
Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting VeChain . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their VeChain. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.
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VET Market Statistics
Price USD
$0.033954Market Cap
$2,468,943,583.05Total Volume USD
$47,819,096.38Total Supply
85,985,041,177.00 VETCirculating Supply
72,714,516,834.00 VETFully Diluted Market Cap
$2,944,234,683.19Socials
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