VeChain (VET)
Statistics
| Volume | 61551519.75 |
| Marketcap | 2195773311.41 |
| Avail. Supply | 85985041177.00 |
| Total Supply | 85985041177.00 |
VeChain (VET) is a blockchain network designed for supply chain management, enterprise solutions, and real-world applications. It was created to improve transparency, efficiency, and security in various industries by integrating blockchain technology.
VET is the native cryptocurrency of the VeChain ecosystem, used for network transactions, governance, and staking.
Who Founded VeChain?
VeChain was founded by Sunny Lu, a former CIO of Louis Vuitton China. The project officially launched in 2015 to revolutionize supply chain management by leveraging blockchain technology to track goods and data efficiently.
What Makes VeChain Unique?
VeChain stands out due to its dual-token system and enterprise-grade blockchain solutions. Key advantages include:
- Dual-Token Model – Uses VET for transactions and VTHO to pay gas fees, reducing cost fluctuations.
- Enterprise Partnerships – Works with companies like BMW, PwC, Walmart China, and Deloitte.
- Real-World Applications – Used for product verification, anti-counterfeiting, and logistics tracking.
- Proof-of-Authority (PoA) Consensus – Ensures fast transactions with low energy consumption.
What is VET Used For?
VET serves multiple functions within the VeChain ecosystem:
- Transaction Fees – Powers the blockchain with VTHO gas fees.
- Staking and Governance – Holders can stake VET and vote on network upgrades.
- Supply Chain Tracking – Used for product authentication and logistics verification.
VeChain Network Security
VeChain operates on the Proof-of-Authority (PoA) consensus mechanism, where validators are pre-approved and chosen based on reputation. This model enhances security while maintaining decentralization. The network is resistant to 51% attacks due to its trusted validator structure.
How to Buy VET?
Buying VET is simple and follows these steps:
- Choose an Exchange – VET is available on platforms like Binance, Crypto.com, and KuCoin.
- Create an Account – Sign up, verify your identity, and enable security settings.
- Deposit Funds – Use fiat currency or cryptocurrency to fund your account.
- Make the Purchase – Search for VET, select a trading pair, and place an order.
- Store Securely – Transfer VET to a crypto wallet for better security.
How to Mine VET?
VET cannot be mined because VeChain uses a Proof-of-Authority (PoA) model instead of Proof-of-Work. Instead of mining, users can earn VTHO by holding VET in a wallet and participating in governance programs.
VET Historical Price
VeChain’s price has fluctuated based on market conditions, enterprise adoption, and overall crypto sentiment. Historical price data can provide insights into VET’s performance over time.
The price of VET can be converted into fiat currencies such as USD, EUR, and GBP. Live exchange rates are available on cryptocurrency tracking platforms.
FAQs About VET
Can I mine VeChain (VET)?
No, VET cannot be mined because it uses a Proof-of-Authority (PoA) model instead of Proof-of-Work. Instead, users can earn VTHO by holding VET.
Is VeChain a good investment?
VeChain is known for its real-world enterprise use cases, strong partnerships, and efficient blockchain solutions, making it an attractive option for developers and investors.
Where can I store VET safely?
VET can be stored in official VeChain wallets, hardware wallets like Ledger, or software wallets such as VeChainThor Wallet and Trust Wallet.
How long do VeChain transactions take?
VeChain transactions are confirmed within seconds, thanks to the Proof-of-Authority (PoA) consensus mechanism.
Does VeChain support smart contracts?
Yes, VeChain supports smart contracts through its VeChainThor blockchain, enabling businesses to build dApps and enterprise solutions.
What is VTHO, and how is it different from VET?
VTHO (VeThor Token) is used to pay for transaction fees on the VeChain network, while VET is the main store of value and governance token.
What industries use VeChain?
VeChain is widely used in supply chain management, healthcare, luxury goods authentication, and logistics, helping companies improve transparency and security.
How does VeChain prevent counterfeiting?
VeChain uses blockchain tracking, NFC chips, and QR codes to authenticate products and prevent fraud in industries like luxury goods, pharmaceuticals, and food safety.