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VeChain (VET) is a supply chain network based on blockchain technology. VeChain was established in 2015 and launched in June 2016. Its goal is to develop an ecosystem that uses distributed governance and Internet of Things (IoT) technology to solve some of the most pressing supply chain management issues. The platform manages and creates value using two in-house tokens, VET and VTHO, which are built on the VeChainThor public blockchain. The one-of-a-kind two-token scheme (VET+VTHO) greatly reduces the expense of using blockchain by separating it from market speculation. The cost is more predictable with the control of the VTHO supply and demand due to the association with blockchain resource use. Furthermore, the expense is further stabilized by the Foundation's governance process.
The goal is to improve supply chain performance, traceability, and accountability while lowering costs and giving individual users more power.
VTHO generation from any address while holding VET at a rate of 5x10-8 per VET per block (10s). The Authority Masternode Operator receives the remaining 70 percent of the VTHO charged in each transaction. Variables (such as gas price and velocity) can be tweaked to keep VTHO demand and supply in balance.
Who are the VeChain (VET) Founders?
Sunny Lu, the developer and co-founder of VeChain, is a former CIO of Louis Vuitton China and an IT executive. Lu has since established himself as a well-known figure in the cryptocurrency world. He has emphasized the potential of blockchain technology to address accountability in particular, claiming that it can be used to build “trust-free” networks that are free of manipulation as part of the supply chain. Jay Zhang, a fellow co-founder who oversees VeChain's global corporate structure, governance, and financial reporting, previously worked in finance and risk management with Deloitte and PriceWaterhouseCoopers. VeChain is one of the oldest dedicated blockchain supply chain systems on the market, having launched in June 2016.
What Sets VeChain (VET) Unique?
VeChain was created to challenge traditional supply chain systems, which had remained largely unchanged for decades prior to the advent of blockchain. Using transparent technology with no single point of failure or control improves supply chain protection, efficiency, and ease of monitoring while lowering costs thanks to trustless automation. As a result, VeChain's definition appeals to companies looking to simplify their supply chains and provide clients with a clearer picture.
VeChain's unique proposition, according to its official documents, is built on its dual-token setup, among other features. Token holders can engage in activities like staking, which involves providing liquidity in return for rewards, while in-house token fees combine with charges for various services to generate operating income for the company.
What is the total number of VeChain (VET) coins in circulation?
VeChain (VET) and VeThor (VTH) are two of VeChain's proprietary tokens (VTHO). The dual-token scheme, which is a one-of-a-kind offering for such a platform, is intended to eliminate fee instability and network congestion. VET is the transaction and other operation token, while VTHO is used to pay fees and thus acts as a "gas token," similar to how Ethereum (ETH) transactions use gas.
Despite the fact that 70% of the VTHO used in a VET payment is lost, VET holders generate a small amount of VTHO-based passive income. VTHO is created using VET holdings and has a total fixed supply of 86,712,634,466 tokens.
How Safe Is the VeChain (VET) Network?
VeChain (VET) is a proof-of-stake token, which means that achieving network protection and user agreement requires only a small amount of computing power. Proof-of-authority is a separate function that entails authority masternode operators maintaining the protocol in their own best interests when following the VeChain Foundation's rules.
Where Will VeChain (VET) Be Purchased?
VTHO has its own market, and VET is a freely tradable token that can be found on major exchanges. VET had large audiences on a variety of platforms, including Kucoin, Binance, and Huobi Global, with crypto, stablecoin, and fiat currency pairs.
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