VeChain was officially launched in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. It sets itself apart from typical blockchain projects by focusing on bridging the gap between business and blockchain. The platform offers a comprehensive solution to enhance supply chain logistics through transparent and secure data sharing. VeChain aims to address real-world economic challenges and provide enterprises with a new, efficient, and transparent operational model.
VeChainThor, the blockchain of the VeChain platform, features a dual-token system that aims to balance efficiency and functionality. It incorporates governance, IoT integration, and the renowned proof-of-authority (PoA) consensus mechanism. Beyond the supply chain, VeChainThor extends its blockchain capabilities to industries such as automotive, agriculture, luxury goods, and even wine.
VET serves as the powerhouse of the VeChainThor blockchain, enabling value transfer, smart contract execution, and overall smooth operation of the blockchain. Holding VET generates VTHO, the secondary token that covers transaction fees, adding a slick and efficient element to the process. This can be likened to earning interest, but with a blockchain twist. Additionally, holding VET grants governance rights, allowing holders to participate in decisions regarding the VeChain ecosystem. This opportunity is not restricted to major players; anyone with VET can join the vote. For businesses, VET offers appealing incentives such as priority processing and discounted rates, serving as a token of appreciation from VeChain for their continued support.
VET has a total supply of 85,985,041,177. The current circulating supply of VET is 72,714,516,834.
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