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VeChain (VET)

$ 0.0047901 (1 VET) 4.69%
  • VeChain is an enterprise-oriented platform that strives to connect blockchain technology to real use cases by providing a robust infrastructure for data management and IoT (internet of things) solutions, dealing with issues such as fraud and counterfeit goods.
Market Cap Volume 24h Circulating Supply Maximum Supply
$ 265,633,725
55,454,734,765 VET
$ 12,185,744
2,543,943,467 VET
55,454,734,800 VET 86,712,634,466 VET

Founded in Singapore in July 2017 as a non-profit organization, the VeChain Foundation is the overseeing body of the VeChain Thor protocol and blockchain, the blockchain solution of VeChain. It was previously simply known as VeChain (VEN) but was rebranded as of February 2018.

The platform has a twin token system comprised of VeThor (VTHO) and VeChain (VET). VTHO represents the underlying cost of using VeChain and will be consumed after certain blockchain operations are performed. The function of VET is to serve as value-transfer medium, or in other words, smart money, to enable rapid value circulation within the ecosystem based on VeChain. VET is also awarded to network nodes that help facilitate the ecosystem via their operation as a form of incentive.

The system is designed in such a way that VTHO is generated automatically via holding VET tokens. In other words, whoever holds VET will be given VTHO for free and be able to use VeChain for free as long as the operations performed consume less than the VTHO generated. The VTHO tokens can be transferred and traded to allow users to acquire extra VTHO for performing a larger scale of operations such as running an application hosted on the VeChain Thor blockchain.

The network relies on a Proof-of-Authority (PoA) consensus. In PoA based networks, transactions and blocks are validated by approved accounts, known as validators. Validators run software allowing them to put transactions in blocks. The process is automated and does not require validators to be constantly monitoring their computers. It, however, does require maintaining the computer (the authority node) uncompromised.

The project boasts many use cases, supported by big name partnerships. One of these is an attempt to fight counterfeit wines: customers can use a smartphone app to scan bottles’ QR codes and peruse blockchain-verified winery details, grape types and Chinese customs declaration numbers. They will also be able to see exactly when the bottle left the warehouse in France, and when it arrived in Shanghai. Other use cases include luxury goods, automobiles, retail and logistics.

As of November 2018, there are almost 55.5 billion VET tokens in circulation, out of a total supply of around 86.7 billion. Its market cap stands at USD 597 million as of the time of writing, while its all-time high saw a single coin at USD 8.46. For comparison, a single coin right now is USD 0.01. The prices are governed by the age-old rule of supply and demand.

The coin, VET, can be found on exchanges such as Binance and Bitfinex, but cannot be bought in exchange for fiat. Currently, the only offered pairings are cryptocurrencies such as Bitcoin and Ethereum. However, if you are worried by the volatility of prices, Binance offers a pairing between VET and USDT (Tether).