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Price (USD)$ 0.0232
Circulating SupplyVET 72.51115B
Volume (24h)$ 65.14896M
Market Cap$ 1.68498B
Low/High 24h$ 0.0225 - $ 0.0234
Change (24h)$ 0.00074
VeChain is a decentralized platform based on blockchain technology. It allows real things to be represented digitally. For example, any information about people or goods is digitized and entered into the blockchain. VeChain’s developers plan that in the future, the platform will become a business ecosystem that can expand without any intervention.
The unit of VeChain is the VET token. The overall issuance of VET is 1 billion.
Current price of VeChain (VET) is $ 0.0232. The other, newer, token is called VeThor (VTHO). The unique two-token system (VET+VTHO) significantly helps separate the cost of using blockchain from market speculation. Due to the correlation with the blockchain resource utilization, the cost is more predictable with the monitoring of the VTHO supply and demand. In addition, the Foundation's governance mechanism further stabilizes the cost.
The project was launched in 2015 by Sonny Lu, who previously worked in the information departments of major brands, in particular the Chinese branch of Louis Vuitton. At first, the platform was focused only on small devices operating within the IoT. These were various sensors, gadgets, and electronics.
In 2016, the developers' strategy changed, then the project was positioned as a platform for reliable and functional storage of information about any goods and luxury items.
The VEN token first appeared on exchanges on August 19, 2017. Various media sources published news about VeChain's cooperation with major corporations. These were world-famous companies from automobile concern Renault to the internationally renowned consulting company DNV GL.
A massive rebranding happened in 2018. The blockchain was renamed to VeChain Thor, and the new token was called VET. The concept was also significantly updated. As mentioned before, the new platform uses two different tokens: VeChain Tokens (VET) and VeThor Tokens (VTHO).
The VeChainThor project claims to be a public blockchain that is designed for mass adoption of blockchain technology by enterprise users of all sizes. VeChainThor is intended to serve as a foundation for a sustainable and scalable enterprise blockchain ecosystem, supported in part by our novel governance and economic models and unique protocol enhancements.
Having originally begun life in 2015, VeChain is one of the oldest dedicated smart contract platforms on the market, with reflected prestige among enterprise clients.
The main purpose of VeChain is to simplify and at the same time improve the system of the trading process, where each side of the transaction will be able to get trusted service and objective information.
VeChain coin is digitized by assigning a unique identifier to goods, personalities, which in turn is placed on the product using an NFC chip, RFID tag or QR code, and is entered into the main blockchain chain.
At any given moment, every network user will be able to check information about a product or manufacturer using a unique identifier, which is stored in an immutable blockchain.
VeChain operates on the Proof of Authority consensus model, which requires nodes to be authorized to take part in blockchain consensus. Once authorized, a node joins the pool of other authorized nodes, and each has the same chance of publishing new blocks and receiving rewards. In this system, rich nodes have no advantage, and nodes do not need to compete with each other using huge amounts of resources.
The PoA system is also bandwidth-efficient, resulting in higher network bandwidth. This results in more transactions per second and improves network scalability.
Not so long ago, PoA 2.0 was deployed on TestNet. This version is aimed to make transactions faster, provide faster security and transaction finality.
Coins can be stored on the official VeChainThor wallet for Android and iOS. It provides full security and allows users to get access to X Node transfer and recent VET coin news.
The VET coin price is increasing because its developers are doing their best to bring the currency into everyday use.
VeChain is one of Ethereum's main competitors. The Ethereum network certainly has an advantage in reach but it’s also riddled with many problems, including scalability and high fees. VeChain is faster and cheaper compared to Ethereum. This is partly why major international companies and conglomerates do not refuse to partner with the VeChain network.
VEN cryptocurrency is successfully used in logistics. Customers are conveniently and securely informed about deliveries. All participants in the process (manufacturers, shipping companies, large dealers and retailers) easily and securely exchange data. A blockchain solution can improve logistics efficiency.
In June 2022, the project announced that it would become UFC’s first-ever Official Layer 1 Blockchain Partner, providing the blockchain Foundation with an unprecedented level of integration into key UFC assets, ranging from live events, including broadcast features and in-arena promotion, to original content distributed through UFC’s popular digital and social channels.
At the same time instead of replacing the Proof-of-Authority consensus with a completely new one, developers have chosen the path of designing and implementing a finality gadget, named the Finality with One Bit (FOB) that will allow them to run dual modes of consensus, namely, the Nakamoto and BFT consensus, simultaneously.
VeChain is constantly improving. Today, it partners with logistics, real estate, automotive companies, financial services and media. Its focus on dApps and other innovations make experts give a positive VeChain price prediction.
According to various sources, the future price of the VeChain coin will rise. For instance, PricePrediction promises that in 2025, the cryptocurrency will reach 12 cents and soar to an unbelievable $1.10 in 2031.
Coinpedia suggests VeChain will surge as high as 70 to 80 cents by the end of 2022, while LongForecast sees VET-USD climbing to 10 cents by the end of the year and 17 cents by the end of 2025.
All in all, the project seems to be developing and regularly publishes updates on its official website. It also ranks #32 on CoinMarketCap, which guarantees its popularity.
There are many exchanges where to buy VeChain, and StealthEx is one of the safest options. This platform offers users to get VET with no extra fees and with the best floating and fixed rates.
So if you already have savings in crypto and wish to invest in VET coin, just go to StealthEX and follow these easy steps:
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