What is VeChain?
VeChain (VET) is a supply chain platform powered by blockchain. Founded in 2015 and officially launched in June 2016, VeChain is dedicated to using the Internet of Things (IoT) and distributed governance technology to form an ecosystem that offers solutions to some of the most prominent problems supply-chain management faces. VeChain uses two tokens, VTHO and VET, to govern and generate value that focus on its public blockchain. The idea of VeChain is to raise the efficiency, transparency, and traceability of supply chains while lowering costs and putting more control in the hands of individual users.
VeChain (VET) Founders
Sunny Lu and Jay Zhang founded VeChain. Sunny Lu is an IT executive who used to be the CIO of Louis Vuitton China. Co-founder Jay Zhang used to work for Deloitte and PriceWaterhouseCooper in finance and risk management, and currently directs VeChain's global structure, financial management, and governance.
VeChain (VET) Key Points
VeChain was founded to disrupt traditional supply chain models, an industry that hasn't changed much over the decades before blockchain came on the scene. Utilizing transparent technology without a single point of control or weakness means higher security, efficiency, and ease of product tracking in the supply chain while lowering cost through trustless automation. The VeChain model is geared towards businesses looking to reduce supply chain friction and offer clients a more transparent impression. VeChain's unique proposition lies in part with its dual-token setup, and other features. Charges for various services are combined with in-house token fees to create operating income for the company, and token holders can engage in activities like staking, in turn offering liquidity in exchange for rewards.
VeChain (VET) Security
VeChain (VET) works as a proof-of-stake token, and requires relatively small amounts of computing power to achieve network security and maintain user consensus. Another feature called "proof-of-authority" has authority master node operators maintain the protocol according to their own interests while following rules the VeChain Foundation lays down.
What are VeChain Frequenty Asked Questions?
Where does VeChain (VET) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, VeChain currently ranks in position 35 out of the thousands of cryptocurrencies. It is also important to consider VeChain‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. VeChain has a market cap of $ 1,960,363,764, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 547,124,424,710, Litecoin at $ 4,373,813,404, Ethereum at $ 210,152,421,209, Tether at $ 72,451,566,241, and XRP at $ 18,618,537,522.
What is the price of VeChain (VET) today (updated in realtime)?
The current price of VeChain is $ 0.029413 in USD. (The price in Euros is 0,027532 €; and the price in Bitcoin is Ƀ 0.00000102 BTC.)
What is VeChain‘s (VET) market supply?
The total available supply of VeChain is 66,760,741,299 VET. The total supply of VeChain is 85,985,041,177 VET.
What is the 24 hour volume for VeChain (VET)?
The 24 hour volume for VeChain is $ 238,766,969.
How has VeChain (VET) performed recently?
VeChain‘s price has decreased in the last 24 hours by -1.49%. This compares with a seven day change of -2.67%. The trading volume over the last 24 hours was $ 238,766,969. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is VeChain (VET) official website?
Links to VeChain‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has VeChain (VET) performed well historically?
Here is a chart showing how VeChain has performed historically.
Where Can I Buy VeChain (VET)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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