Founded in 2015 by Sunny Lu, the former chief information officer of Louis Vuitton China, VeChain used to be a subsidiary of Bitse, a China’s blockchain enterprise. Its token VET has experienced strong growth in the past year. In this article, Tokenize Xchange will introduce you to the basic understanding of the VeChain platform, VeChain tokens, and the future of VeChain.
What is Vechain blockchain
VeChain was one of the first blockchain platforms designed to improve supply chain management and support the business for enterprise-level clients. Using distributed ledger technology, developers of VeChain provide the solution for tracking an extensive amount of data regarding the product life cycle, quality, authenticity, storage condition, and transportation status.
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Vechain cryptocurrency
VeChain contains two different tokens: VeChain Token (VET) and VeChain Thor Energy (VTHO).
VET:
- Total supply: 86,712,634,466
- Max supply: 86,712,634,466
- Market capitalization USD: $7,123,698,199
VTHO
- Total supply: ∞
- Max supply: ∞
- Market capitalization USD: $295,997,876
While VET is the cryptocurrency used to transfer value across the VeChain blockchain and activate smart contracts, VTHO is used as “gas” (energy) for smart contract transactions.
Understand Vechain blockchain
VeChain was built as a distributed business ecosystem to enhance transparent information flow, and efficient transfer, making its token VET a utility token. As stated in VeChain’s white paper, the blockchain technology could break “this asymmetric information problem and allow ownership of data to return to and empower its owner.” Also, Vechain joined a partnership with PwC who helped promote the blockchain to customers.
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VeChain Consensus
To provide secure consensus and reduce fraud, VeChain adopted Proof of Authority (PoA), this consensus protocol was developed based on the improvement of Proof of Work (PoW), Proof of Stake (PoS), and Designated Proof of Stake (DPoS). PoA is stated to consume less electrical energy. As opposed to Bitcoin, in the VeChain platform, there’s no requirement for nodes to verify identification and communicate to reach the consensus.
With its enhanced technology and application, VeChain shows outstanding features. Because of projects like VeChain, blockchain is not just about cryptocurrency. So, do you think that VET is such a potential investment?
The future of VeChain
VeChain has become popular over the past few months after it reached ATH at $0.25. VeChain has joined its partnership with many large firms to provide supply chain data and tracking solutions, making this blockchain a potential option for investors. Especially when a great number of cryptocurrencies are overvalued, not many of them develop realistic applications yet.
VeChain has become popular over the past few months after it reached ATH at $0.25
According to InvestingCube, VeChain has begun development on the Enterprise Non Fungible Tokens (eNFT). Also, The platform has revealed their projects in action, coming along with their collaboration with many Fortune 500 enterprises such as Ford, ENN, IBM, Dell, Cisco, etc. It has made a strategic partnership with PwC (one of the four largest auditing and accounting firms), and DNV (a leading global certification society).
Now we have reasons to believe that VeChain platform, accompanied with VeChain Token will keep growing stronger in the future, applying their platform with more business, developing a good segment of the Vechain supply chain, and building them into a great success!
How to buy VET
Customers can easily buy VET now on Tokenize Exchange with USD or SGD.
Don’t forget to keep following Tokenize Blog and Tokenize Facebook Page to get the latest updates on VET deposit and withdrawal.
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