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What about VeChain?
In the crowded crypto space, there is a place for such a unique project named VeChain. Aimed to spread its own anti-fraud technology, VeChain gives greater transparency to the world of luxury and authenticity. So, in simple terms, the project contains a blockchain that makes supply chain management easier and more efficient. Many companies have already used it to track everything, from wine bottles to car manufacturing.
VeChain allows assigning every product a unique identification so both producers and suppliers can track it at every stage.
Its cryptocurrency, VET, is designed to be a utility token as well as a payment method within the network. Initially released on the Ethereum blockchain, VET migrated to the mainnet back in 2018.
VeChain uses a proof-of-authority algorithm that requires validators to approve transactions. This consensus mechanism makes transactions within the blockchain faster than in the case of proof of stake and proof of work.
Such a great number of influential partners (e.g., Renault and BMW) turn VET into a tempting bet in investors’ eyes.
Buy VeChain Without Any Hassle
VeChain (VET) is a public blockchain platform that solves major data hurdles faced by multiple global industries by leveraging the power of technologies like trusted data sharing, distributed governance and Internet of Things (IoT).
The VeChain blockchain began as a private consortium chain in 2015 and transitioned into a public blockchain in 2017. It uses distributed ledger technology to enhance trust, traceability, and transparency in data trails and supply chains.
VeChain's goal is to provide stakeholders with comprehensive information, increasing market transparency and fairness in international trade. The platform specializes in supply chain solutions, offering a decentralized trust layer for multi-party ecosystems.
VeChain has managed to demonstrate massively boosted efficiency, traceability, and transparency within data trails, supply chains, and emerging ecosystems like the one in San Marino focused on UN SDG goals, among other examples.
Who and When Founded the VeChain Platform?
Sunny Lu, the former CIO of Louis Vuitton China, founded VeChain in 2015 together with Jay Zhang, who is currently the Chief Finance Officer of VeChain.
VeChain began as a subsidiary of Bitse, a prominent Chinese blockchain company, and has gained a significant client base among established companies.
VeChain aims to develop a decentralized business ecosystem platform that enables transparent information flow, efficient collaboration, and fast value transfers. Initially focused on disrupting the supply chain sector by ensuring actionable and transparent data, VeChain also strives to lead in DApps and ICOs utilizing its platform and IoT technology.
Originally distributed on the Ethereum blockchain, the VEN token underwent rebranding in 2018 to VeChain Thor. The introduction of the Thor Blockchain, based on a proof of authority (PoA) consensus model, led to the replacement of VEN tokens with VET tokens at a ratio of 1:100.
Over the years, the VeChain team has formed strategic partnerships with various firms to achieve its goals. Notably, it collaborated with PricewaterhouseCoopers (PwC) to offer blockchain-powered solutions, enhancing product verification and traceability for PwC's customer base.
VeChain VET has also partnered with Renault, Microsoft, and Viseo to create an untamperable digital car maintenance book, and it serves as the government technology partner for Gui'an, a Central Chinese Government economic development zone.
VeChain (VET) also partners with BMW Group, Walmart China, H&M, and China Tobacco, among other large corporations.
How Does VeChain Work?
VeChain (VET) utilizes several technologies to designate unique identities to physical products and collect data throughout the supply chain:
Radio Frequency Identification (RFID). The VeChain blockchain technology employs RFID tags, which are small electronic devices that use radio waves to transfer data wirelessly. These tags are attached to products and can be scanned to gather information about the product's origin, location, and other relevant details.
QR Codes. VeChain also utilizes Quick Response (QR) codes, which are square-shaped barcodes that can be scanned using a smartphone or a QR code reader. These codes provide a quick and easy way to access product information, authenticate items, and track their journey through the supply chain.
Near-Field Communication (NFC). NFC is a short-range wireless communication technology that allows devices to exchange data when placed in proximity. VeChain integrates NFC technology to enable secure and convenient interactions between products and mobile devices. This can be useful for product authentication, warranty registration, and engaging consumers with additional information.
Sensor Technology. VeChain incorporates sensors at various stages of the supply chain to collect data about the product's environmental conditions, such as temperature, humidity, and movement. These sensors are typically designed by VeChain and manufactured by companies such as Bosch and Qualcomm, ensuring reliable and accurate data collection.
By combining these technologies, VeChain (VET) enables the creation of a digital record linked to each product's unique identity. This record contains valuable information about the product's origin, quality, authenticity, and journey throughout the supply chain, providing transparency, trust, and increased efficiency for businesses and consumers alike.
Applications of VeChain
VeChain is a blockchain designed for supply chain management and business processes. The platform seeks to enhance transparency, traceability, and trust in various industries. Some common use cases for VeChain include:
Supply Chain Management. VeChain enables real-time tracking of goods, ensuring transparency and preventing counterfeiting throughout the supply chain. The platform ensures the authenticity and integrity of products by assigning VeChain IDs to them and tracking their movement data through IoT sensors. This provides stakeholders with real-time information and prevents fraud.
Product Authenticity. The blockchain verifies the authenticity of luxury products, pharmaceuticals, and other high-value items, reducing the risk of counterfeit goods.
Food Safety. VeChain ensures the traceability of food products by recording every step of the supply chain, helping to identify and address potential safety issues.
Sustainability and Green Initiatives. The platform can track the origin and carbon footprint of products, facilitating environmental initiatives and promoting sustainable practices.
Data Security and Intellectual Property Protection. The VeChain network allows secure storage and verification of digital assets, protecting intellectual property rights and preventing unauthorized use.
The VET Asset and Dual-Token Model
The platform employs two tokens, VET and VTHO.
VET (VeChain cryptocurrency) is the native cryptocurrency of the VeChain platform. The VeChain coin serves as a value transfer medium within the VeChain ecosystem, providing voting rights for protocol changes. The VET digital asset is also traded on various crypto exchanges.
Changelly, for example, lets its users buy VeChain (VET Token) and many other cryptocurrencies, using almost any local fiat currency. On our crypto exchange platform, you can use a debit card, credit card, wire transfer, and many other everyday payment methods to cover a crypto purchase. The entire process is extremely straightforward, as Changelly is gloriously known in the crypto market for its user-friendly interface. You can use your own cryptocurrencies like USD Coin to swap for VeChain (VET) or buy crypto through our platform.
The VeThor Token (VTHO) serves as a cryptocurrency token used to pay gas costs when writing data on the VeChainThor public blockchain. It is generated and distributed as a reward to VET holders. Holding VET generates VTHO as a passive income, with the amount of VTHO proportional to the amount of VET held.
VTHO is utilized for paying transaction fees and executing smart contracts on the VeChainThor blockchain. Therefore, businesses and projects utilizing the VeChainThor blockchain for their operations must acquire VTHO or obtain VET to generate VTHO to access the blockchain.
Along with the dual-token approach, VeChain (VET) is also known for its ToolChain, the next generation of blockchain-as-a-service (BaaS) platform. With it, companies and enterprises without blockchain development capabilities can easily integrate VeChain blockchain into their business processes. Also, ToolChain provides a suite of tools and services for businesses to build and deploy custom applications on the VeChainThor blockchain.
How is VeChain Secured?
VeChain (VET) operates on its own blockchain called VeChainThor. It is secured through a combination of key principles and mechanisms.
Proof of Authority (PoA) Consensus Mechanism. VeChainThor relies on a PoA consensus algorithm, which involves a limited number of trusted authorities known as Authority Masternodes. These nodes validate transactions and create new blocks. The reputation and trustworthiness of these authorities contribute to the security of the network.
Authority Masternodes. The Authority Masternodes are selected based on their reputation, expertise, and contributions to the VeChain ecosystem. They are responsible for maintaining the network's integrity and coordinating consensus. By having a limited number of trusted participants, PoA ensures a higher level of security and scalability compared to other consensus mechanisms.
Low Energy Consumption. Unlike the energy-intensive Proof of Work (PoW) consensus incorporated by Bitcoin and its forks like Bitcoin Cash, PoA in VeChainThor requires significantly less computational power and energy consumption. This makes it more environmentally friendly, while still maintaining a reliable network.
Trust and Reputation. The Authority Masternodes have a vested interest in maintaining the integrity of the network, as their reputation is at stake. Any malicious behavior or negligence would result in reputational damage and potential removal from the authority node pool. This incentivizes good behavior and adds an additional layer of security.
Immutable and Transparent. Transactions on the VeChainThor blockchain are recorded in a decentralized and immutable manner. Once a block is added to the blockchain, it becomes extremely difficult to alter or tamper with the information. This transparency ensures the security and integrity of data stored on the blockchain.
Economic Security. VeChainThor incorporates economic security measures such as the VeChain Token (VET) and VeThor Power (VTHO). VET is used to participate in the consensus process, while VTHO is the fuel for executing smart contracts and transactions. These economic mechanisms align the interests of participants and provide economic incentives to maintain the network's security.
Continuous Monitoring and Upgrades. The VeChain Foundation actively monitors the network for potential vulnerabilities and regularly deploys upgrades to enhance security. This proactive approach ensures that the blockchain remains resilient to emerging threats and exploits.
By combining PoA consensus, a limited amount of trusted authorities, low energy consumption, trust and reputation systems, immutability, economic security measures, and continuous monitoring, VeChainThor Blockchain provides a secure foundation for the VeChain ecosystem.
VeChain Price Today
Are you wondering what the VET price today is? Changelly, a leading crypto exchange platform to buy, sell, and swap digital assets, offers a live VeChain price of the VET crypto asset.
Our interactive VET price chart displays comprehensive VeChain price statistics and the coin’s market performance, letting you easily evaluate the trends and make informed decisions.
The VeChain current market capitalization (market cap), its current price, total supply, circulating supply, 24-hour trading volume, VET price history, which includes the lowest and highest price paid for the VET cryptocurrency – our graphs offer a wealth of useful information on the price change to let you create a more accurate VeChain price prediction.
The market capitalization of VeChain (VET) is determined by multiplying the current price of one VET coin by the total circulating supply of VeChain coins. The formula is: Market Capitalization = Average Price per VET Coin x Total Supply.
Our VET price charts also let you instantly see whether the coin is on the rise or decline trend, and how its performance changed in the past. Our live VET USD prices are constantly updated in real time, allowing you to confidently make use of these figures for a precise VET price prediction and smarter investment choices.
If you want to buy VeChain today, our VET to USD converter can provide real-time conversion rates for instant and accurate transactions in the United States dollars.
As an investor or trader, you may want to follow VeChain news and the project’s social media activity for a more accurate VET coin price prediction. As the ultimate cryptocurrency exchange, Changelly does provide various articles, the latest news, and price predictions for the years to come on VeChain (VET) and other digital currencies too. By doing so, we strive to empower your buying, selling, and investment endeavors.
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