What Is VeChain (VET)?
VeChain (VET) is a commercial ecosystem for supply chain management and business processes developed by utilizing blockchain technology. Designed specifically for small and large businesses, the platform includes many real-world companies. Therefore, the maturity of the platform offers reliability to its users. Aiming to create a decentralized business ecosystem for global companies, VeChain offers the opportunities of high speed in value transfers and a transparent information flow. The system has two distinct tokens: VET and VTHO. They are used to execute transactions on the platform.
Distributed management technology is utilized in the ecosystem developed to overcome the major problems involved in supply chain management. At the same time, using Internet of Things technology, the ecosystem aims to increase individual users’ control and reduce costs. Efficiency, transparency, and traceability levels can also be increased as a result of taking targeted steps in the supply chain. The advantages of blockchain technology in terms of information and data ownership create significant differences in terms of shareholder and market transparency.
The History of VeChain (VET)
The VeChain (VET) trading ecosystem was launched in 2015. The platform was founded by BitSE, a Shanghai-based blockchain company. VeChain Foundation controls the functioning of the ecosystem and develops the platform. Established in Singapore, the foundation is also responsible for governance issues in the ecosystem.
Who Are the Founders of VeChain (VET)?
VeChain (VET) was developed by Sunny Lu, who has made significant achievements in the field of information technology. Working with large companies earlier in his career, Lu has become a well-known name in the cryptocurrency platform industry after creating the VeChain ecosystem. He has benefited from the capabilities of blockchain technology to emphasize transparency and reliability in supply chain management.
Jay Zhang, the co-founder of VeChain, is in charge of governance and financial management. Zhang, who previously worked in risk management and finance, is also an important figure in the coin market. The ecosystem is one of the most established blockchain supply chain platforms, with many staff working on its development and operation.
How does VeChain (VET) Work?
The operating system and the target group of the VeChain platform are businesses. In a commercial ecosystem supporting smart contracts, businesses take advantage of the VeChainThor Blockchain network to realize their solutions. The users do not need to have cryptocurrencies to execute transactions thanks to the decentralized structure of the VeChainThor network. However, the requirements needed to make transactions can be met by the application owners. Thus, each user gets the opportunity to complete their transactions. Transforming the individual user experience into a much more practical one, the system allows you to execute transactions quickly.
In addition, individual transactions on the platform are capable of executing multiple tasks at the same time. Another way for users to execute transactions on the platform is through the Proof of Authority feature. The authorization process requires compliance with the rules set by the VeChain Foundation. If the necessary conditions are met, users can use the protocols in their interests.
What is VeChainThor Blockchain Network?
The VeChainThor Blockchain network is the decentralized network structure on which the VeChain (VET) commercial ecosystem platform is built. Including many real-world businesses, the platform has a structure supporting smart contracts, which eliminates the need for an order book to execute transactions.
The fast and transparent transaction capacity of the network built on the platform aiming to achieve a new perspective on the traditional supply chain is crucial. Thanks to these features, two native tokens are used and offer a more efficient and reliable environment for businesses in the ecosystem.
What is VET Token?
VET, one of the native tokens of the VeChain platform, is used for financial transactions on the blockchain network. The token can also be used for market speculation and plays an active role in decentralized transactions.
Another use case for the VET token is to carry value from smart money and smart contracts. It is also preferred for investment purposes as used on an open public blockchain. This practical token also symbolizes the VeChain platform.
What is VTHO Token?
VTHO, also known as VeThor Token, is used to power transactions on the VeChain system. VTHO, also called the energy token, is equal to the cost of executing a transaction. Having an important role in the two-token system of the VeChain blockchain network, VTHO can be created by VET holders. It helps to increase the processing capacity on the network and is an example of users’ governance rights. One of the important variables affecting the transparency and transaction speed of the ecosystem, which brings a new dimension to supply chain management, is the VTHO token.
How to Buy VeChain (VET)?
Two different methods are available to get VET. The first of these methods is to make purchases through specialized cryptocurrency platforms. Once you have identified the platform contracted with the VET token, a compatible wallet is required. Purchases can be made on the balance in the wallet or digital assets having contracted trading pair. As the product of a smart contract-powered blockchain network, no technical knowledge is required to buy a VET token.
Another way to obtain the token is to mine the coin. However, because mining is a difficult and lengthy process, contracted platforms are generally preferred.
How to Store VeChain (VET)?
Users who prefer to store VET coins after purchasing them must first have a wallet. You can also prefer the official wallets of the VeChainThor blockchain network. The VeChain Thor network has a lightweight wallet specifically developed for investors using transactions on IOS and Android. VeChain Sync, the official desktop wallet of the system, is ideal for use with cold storage wallets. You can easily make your decision by identifying the optimal one among the third-party virtual wallets supporting the VET coin.
The Future of VeChain (VET)
VET coin, the native token of the VeChain platform, has been on a positive path since the day it started being traded on the market. The fact that many real businesses prefer the platform, which provides significant advantages in supply chain management, is an indication of the positive outcomes. The areas of use of the token are expanding day by day and appealing to different users. The ability to track carbon emissions through the Internet of Things (IoT) and blockchain networks helps businesses realize significant savings. At the same time, thanks to the new generation system, the condition of the products can be closely examined. In this way, the malfunctions occurring in the process are intervened in a short time to achieve high efficiency. Keeping the process and products under control also helps to prevent forgery and deterioration. You can also prefer the VET coin, actively used by many different sectors.
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