What is VeChain (VET)? - Kakiforex | Forex markets for the smart money. What is VeChain (VET)? What is VeChain (VET)?

May 3, 2021

What is VeChain (VET)?

 Set apart from the rest, VeChain highlights the importance of keeping products from being plagiarized and transparency in businesses large or small.


Maybe you are new to VeChain, so why not take some time to get to know this blockchain.


Former Louis Vuitton China chief information officer Sunny Lu had pitched the idea related to VeChain before it was launched in 2015 by the Singapore-based blockchain-as-a-service (BaaS) firm.


The technology offers features that prioritize supply chain management up to carbon credits and anti-counterfeiting. Their system has been proven in the real world, inviting several large firms such as the winemaking and vehicle sectors to choose VeChain technology.


VeChain's general blockchain is known as VeChainThor. Don’t be surprised because there are already many business apps from the real world available on the blockchain. The network has also received a 5 -star Blockchain Service Certificate from European certification body, TÜV Saarland.


VeChainThor works just like any other blockchain-enabled business platform, using the Proof of Authority (PoA) consensus. VeChainThor also supports smart contracts and even each transaction can perform multiple tasks.



In the network there are also two different tokens:


VET: Used for financial transactions on VeChainThor and market speculation


VTHO: Works to run transactions on VeChainThor (same as TFUEL). VET owners can generate VTHO for use on the network.


As it has an office in China, the project has partnerships with several government bodies in China such as the Animal Health And Food Safety Alliance.


In addition, the organization also has business partners with solutions that already exist in the real world at VeChainThor: PriceWaterhouseCoopers (PwC), Walmart China, Renault and Shanghai Waigaoqiao Direct Imported Goods.


If you want to get a VET or VTHO token and are worried about how to store it, don’t worry because you can get the official VeChainThor wallet on iOS or Android. As for the desktop wallet, you can get VeChain Sync which can also be used with the cold wallet, Ledger.


Ultimately, VeChain has far -sighted objectives and vision. Most importantly, its use is very strong in China again with the involvement of large firms interested in its technology, this network is proving sustainable!