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Description

What is Vechain?

VeChain (VET) is a versatile enterprise-grade L1 smart contract platform.

VeChain began in 2015 as a private consortium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.

VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants.

The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and acts as the store of value and value transfer medium. VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This has the additional benefit of ensuring costs of using the network can be kept stable by tweaking certain variables such as the amount of VTHO required to service a transaction, or by increasing the VTHO generation rate. Such actions first require all-stakeholder community votes.

VeChain has been able to demonstrate massively boosted efficiency, traceability and transparency across data trails, supply chains and within novel kinds of ecosystems, such as those in San Marino targeting UN SDGs, among others.

Vechain Foundation

There is also the VeChain Foundation. The Vechain Foundation is a non – profit entity established in Singapore in July 2017 and is responsible for the construction of the network, and technological research and development. The Foundation also plays an important role in business development. The Foundation encourages and supports partnerships with enterprises that may be interested in utilizing blockchain technology as a service. This includes payment services, private key management, smart contract development, and wallet development. There is no doubt that blockchain technology can be an important innovation to supply chain management. With a growing list of business partnerships and technological developments, VeChain is positioning itself to be THE disruptive, and innovative force that reshapes the way we think about supply chain management.

VeChain team

Sunny Lu is the CEO of the VeChain Foundation and has already become an important figure in the blockchain space. Before he established VeChain, he co-founded the Chinese Internet start-up which developed <a href=”https://www.coingecko.com/en/coins/qtum”>Qtum</a>, a very important digital asset in the crypto space. He was previously the CIO and COO of Louis Vuitton China.The team behind VeChain consists of over 90+ employees, most of them being developers. Chief Technology Officer, Gu Jianliang, has over 18 years of experience in areas such as mobile devices and the IoT field, and has created over a 100 patents in several technological fields. Kevin Feng serves as the Chief Operations Officer of the VeChain Foundation. Feng has been actively involved in many technology projects in his 12 years working for VeChain’s partner, PWC, as a consultant and assurance advisor.

24 hour trading pattern

7 Days trading pattern

14 Days trading pattern

30 Days trading pattern

90 Days trading pattern

180 Days trading pattern

One year trading pattern

Max Price chart

VeChain price today is $0.031976731391 with a 24-hour trading volume of $237,968,820. VET price is up 5.3% in the last 24 hours. It has a circulating supply of 73 Billion VET coins and a total supply of 86 Billion. If you are looking to buy or sell VeChain, HitBTC is currently the most active exchange.

VeChain hit an all time high of $0.280991 on Apr 19, 2021 (about 1 year).

VeChain had an all time low of $0.001917133347 on Mar 13, 2020 (about 2 years).

The 24 hour trading volume of VeChain is $237,968,820.

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