As a blockchain platform, VeChain is designed to use distributed governance and Internet of Things (IoT) technology to improve supply chain management and business processes. VeChain platform has two tokens, namely VeChain Token or VET and VeChainThorEnergy, also known as VTHO. The good news is that you can buy, sell or stake both tokens on Bitunivex. Click here to start trading all VeChain tokens.
What is VeChain?
According to its whitepaper, VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through distributed ledger technology (DLT). VeChain allows businesses to build and run decentralized applications (DApps).VeChain platform aims to improve efficiency, traceability, and transparency in supply chain management reducing costs and increasing the control that individual users possess in the supply chain. So, VeChain is a business-oriented blockchain-oriented towards supply chain to be more precise—in which the two tokens are developed to serve as the foundation to realize this goal. VeChain aims to solve major problems that businesses face regarding the supply chain.
VET or VTHO: What is the deal?
VeChain or VET was initially developed to help businesses manage supply chains. However, in 2018 VeChain decided that this was not enough. VeChain founders decided to rebrand VET to VeChainThor (VTHO) and turn it into an independent blockchain that ran its network with its technology and protocol, i.e., a mainnet.
VeChain is intended to provide enterprises with efficient data transfer and supply-chain management tools to improve digital collaboration between businesses.
Businesses can use VeChainThor, also known as VTHO, to adopt blockchain technology from small startups to large enterprises. VTHO, as its developers claim, was developed to be the foundation for a sustainable and scalable business blockchain ecosystem.
It is better to look at what its founders say about them on the VeChain website, to know precisely what VET and VTHO are: “Central to running the operations on its blockchain, VeChain boasts two native cryptocurrencies, VET coin, for voting on changes to the protocol, and VTHOR, for executing transactions.”
Now that you know precisely what these tokens stand for, you can go on and buy some at Bitunivex right now. Click here to be directed to the trading page.
VeChain: Roots and History
VeChain was co-founded in 2015 by Sunny Lu, former chief information officer of Louis Vuitton China, and Jay Zhang. VeChain was launched as a business-grade blockchain platform to support decentralized private applications and mass-market DApps. Its large market capitalization placed it in 22nd place in the list of coins possessing the most significant market capitalizations at the time of its launch.
VeChain founders first distributed their cryptocurrency, named VEN, on the Ethereum blockchain in 2017 as part of a crowd-sale that sold 1 billion tokens and raised $20 million. However, the VeChain team wanted to perfect its cryptocurrency. So, when they launched VeChainThor blockchain, they replaced VEN with VET tokens. And VEN tokens were swapped for VET tokens.
VeChain currently has headquarters spread in more than half a dozen countries—including France, Singapore, China, Japan, and the US.
What does Proof of Authority (PoA) refer to in the VeChain platform?
The VeChain platform employs a unique consensus algorithm called Proof of Authority (PoA) to ensure the maintenance of the blockchain and the security of the transactions. This unique feature enables VeChain to create a network of 101 Authority Masternode operators who, according to the coinmarketcap website, “maintain the protocol and uphold the VeChainThor governance policy while securely processing transactions and executing smart contract operations.” Users should “pass stringent KYC checks under the guidance of the steering committee and be able to contribute to the growth of the network in some form—either as a developer, KOL, company, or some other entity of net benefit to growth” to enter the circle of the Masternode operators. In this way, both the growth and security of the blockchain are ensured.
Why Choose VeChain?
To know why you should invest in VET or VTHO, you will only need to look at the reputable companies that have already invested in the VET platform. BMW uses VeChain to prevent odometer fraud in automobile sales. LVMH employs VeChain to track luxury leather goods. And Walmart uses the VeChain blockchain platform to track food provenance. And if that is not enough, keep reading to find out exactly why VeChain holds value.
The leading cryptocurrency of the VeChain blockchain platform is VET. You can hold, spend, transfer or stake VET.
VTHOR is used to pay for transaction fees of applications built on VeChain.
Suppose applications built on the VeChain platform become popular. In that case, the demand for VET coins rises, and thus their value will increase.
Another reason to buy VET coins and tokens is that users hold and stake VET to vote on the changes that founders want to apply on the VeChain network, including increasing or decreasing the VTHOR supply. Additionally, VET tokens are limited, and there will only ever be 86.7 billion VET. Investors may consider adding VET coins to their portfolio if the market one day favors enterprise blockchains.
So, don’t waste time and click here to buy some VET coins. Opportunity only knocks once!