Quick Summary
- VeChain is a fast-growing project focusing on connecting blockchain tech to real-world applications. VeChain is a business-oriented blockchain based on its own network.
Today, you can find all kinds of cryptocurrencies on the internet. Tons of meme coins, gaming tokens or DeFi cryptocurrencies. However, only a few of them have real utility and value. In this blog, we’re going to take a look at one of the most promising crypto projects called VeChain.
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VeChain Explained
VeChain is a fast-growing blockchain startup with the goal of connecting blockchain technology to real-world applications. This will be accomplished through a thorough governance structure, as well as a solid economic model and Internet of Things (IoT) linkages. VeChain is a business-oriented blockchain based on its own network.
This project has a core token, VET, as well as a secondary token, VTHO, which is used for all blockchain transactions and smart contracts. The supply chain industry is the focus of this project, a trillion-dollar business that has the potential to alter with the help of emerging technologies such as blockchain. To batch together a bunch of transactions, VeChain uses capabilities like Multi-task transactions.
VeChain offers a number of real-world applications in supply chain solutions, the automotive industry, digital carbon ecosystems, and other areas. VeChain has established ties with a number of companies and organizations, including DNV-GL, BMW, Oxford University, and others. VeChain employs a Proof of Authority (PoA) consensus process, which necessitates node authorization before they can participate in the blockchain’s consensus. Nodes can join a pool once they have been authorized, where each node has an equal chance of publishing new blocks and getting rewards.
The PoA consensus technique also makes optimal use of bandwidth, resulting in higher throughput for the VeChain network, which translates to more transactions per second and overall network scalability. VeChain modified its governance model in 2019 to address the needs of a variety of large organizations, regulators, and the government while retaining scalability.
Dual Token Economy
VeChain has a dual token economic model to prevent transaction fees from rising as the token’s value rises. VET is utilized for exchange speculation as well as blockchain governance. VET can also be staked in order to generate VTHO coins. The default transaction cost is set at 21 VTHO, and VTHO tokens are used to pay for various network transactions.
Users can increase the transaction cost to make the transaction more important on the network. VTHO tokens can be obtained by staking VET in a wallet or by purchasing them on major exchanges. VeChain can prevent excessive network fees and keep them distinct from potential volatility in the price of the VET token by adopting a dual token system, making the blockchain acceptable for both businesses and enterprises.
Token Information (VET)
VeChain began as a private consortium chain in 2015, collaborating with a number of businesses to investigate blockchain possibilities. VeChain would start their public blockchain journey in 2017 with the ERC-20 token VEN, before releasing their own mainnet in 2018 with the ticker VET. VeChain has a max & total supply of 86,712,634,466 tokens with 74% of them in circulation.
Currently, VET has a market cap of around $3 billion and it’s down around 80% from its top like most cryptocurrencies. Almost 1 million has VET token in their watchlist and it’s in the TOP 50 crypto-list on the coinmarketcap. In the future, this token could get more spotlight and grow in value even more. In case you want to trade it, VET is available on all the biggest crypto exchanges in the world, such as Binance, KuCoin, Gate, Huobi, MEXC, etc.
Conclusion
VeChain has firmly established itself in the cryptocurrency field, and it has earned a reputation for itself through strong partnerships. Developers are working on cross-chain interoperability with other blockchains, with the team now working on technical preparations for this technology. There’s still plenty of space for expansion, which will certainly attract more investors once VeChain releases its roadmap for the next few years.
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sources: coinmarketcap, vechain, sashares
author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
