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View ChartVeChain Token (VET) is a cryptocurrency and smart contracts platform focused on supply chain management. It is the native governance and utility token that underpins the VeChainThor blockchain network and overall VeChain ecosystem. VET holders can contribute to the security and consensus of the network by holding VET within different nodes within the VeChainThor blockchain (AM's, XN's, EN's).
Sunny Lu, a former chief information officer (CIO) of Louis Vuitton China, and Jay Zhang co-founded the blockchain platform VeChain in 2015 with the goal of improving supply chain management using distributed ledger technology (DLT). At first, they used a token crowdsale to raise $20 million for the VEN cryptocurrency, which was launched on the Ethereum platform. After the launch of VeChainThor, the company's own blockchain, VET supplanted VEN in a 1:1000 ratio.
The primary objective of the VeChain platform is to alleviate supply chain problems and make information management easier for companies. Smart chips that monitor the flow of a supply chain are fundamental to VeChain's objective. Connected to a distributed ledger, these provide the highest level of trustworthiness, openness, and security. As an example, VeChain and Renault developed an immutable digital vehicle maintenance book to protect confidential repair information.
As a secondary objective, VeChain aspires to dominate the decentralised application (DApp) space, pioneer ICOs, and serve as an intermediary for the Internet of Things (IoT).
Two tokens, VET and VTHO, make up the VeChain wallet. For all smart contracts on the VeChain network, the "smart money" that settles them is the VET token. Anyone can purchase and put money into VET. For transactions on the VeChain network, you'll need the VeChainThor Energy token, which goes by the acronym VTHO.
Among the most well-known platforms that utilize the Proof of Authority (PoA) consensus system, VeChain stands out. To verify the legitimacy of transactions and the generation of new blocks, PoA uses identity as a stake. Due to the reputational nature of their job, validators have an incentive to keep the transaction process running smoothly. Anyone with a valid VET credential who wants to become a validator must reveal their identity; remaining anonymous is not an option. Quicker transaction times are a result of PoA's lack of energy consumption and need for a minimum number of validators, in contrast to consensus algorithms like Proof of Work (PoW).
Many see VeChain, like other cryptocurrencies, as an extremely risky investment. There is no foolproof method to forecast the future value of VET because its price has risen and fallen over its lifetime. Before putting your money into cryptocurrency, you should, as usual, perform your own research.
Starting in 2018 with its introduction on the VeChainThor platform, the price of VET remained very stable around €0.005 until early 2021. The price skyrocketed beginning in January 2021 and hitting a new all-time high of €0.19 twice that year (in April and May). Once again, the price fell sharply and has not recovered to its previous high. As of right now, the average daily high and low for VET trades are €0.0244 and €0.0227, respectively. A total of 86,712,634,466 VET tokens will ever be in circulation.
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Trade| Feature | VeChain (VET) | Hedera (HBAR) | IOTA (IOTA) |
|---|---|---|---|
| Consensus Mechanism | PoA 2.0 (Proof of Authority) | Hashgraph (Directed Acyclic Graph) | Tangle (Blockless DAG) |
| Economic Model | Dual-Token (VET / VTHO) | Single Token (HBAR) | Feeless DAG Architecture |
| Enterprise Focus | Supply Chain, RWA, & ESG | Distributed Ledger & Micropayments | IoT Micro-Transactions & M2M |
| Transaction Fees | Paid in VTHO (Predictable Cost) | Fixed in USD, Paid in HBAR | Zero Fees (Feeless) |
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