• Cryptocurrencies: 2356
  • Markets: 19407
  • Market Cap: $288151208471.2
  • 24h Vol: $81869900321.864

What Is Vechain? Introduction To Vet

VeChain is a blockchain-based smart contract platform which focuses on applications relating to business. VeChain relies and currently requires ETH.

VeChain’s base token is VET. There are exactly 867,162,634 VET in circulation, with many of them remaining in the hands of the VeChain Foundation. A sum of 1 billion were originally generated for the token sale.The VeChain Foundation is important, and its governance is important, because of the method of “consensus” used in VeChain: proof of authority. 

Its technological improvements focus on high frequency and high speed transactions, as well as the manufacture and shipping of developer kits which will make it easier for other companies to get going with VET.

VeChain (VET) Use Cases

One of the strategies that VeChain seems to have employed in its success so far has been the envisioning and execution of real world use cases. Here is a list of uses they’ve come up with themselves:

  • Liquor sales.
  • Luxury goods
  • Agricultural uses.
  • Asia’s massive industrial sector has greater needs than ever before, and most of the important ones can in one way or another be impacted by the blockchain. Imagine trying to keep track of a million or a billion of anything. 

China and Other Partnerships

In the same way that most cryptocurrencies have had to find their “killer app,” . The driving force behind the market excitement surrounding VeChain is its big name partnerships.

China

The 13th five-year plan from the Chinese government (2016) called for significant investments into Blockchain. 

BMW

At the same event where the VeChain Thor rebrand was announced, a partnership with BMW Startups was also mentioned. 

Bithumb

On the heels of all this good news, a high-volume exchange in Korea, Bithumb, listed VET tokens, and volume seems to have picked up.

Over a roughly 3 year history, needless to say, VeChain, through its various iterations, all of which include some participation of Sunny Lu, VeChain has proven itself a valid and likely candidate for more stringently regulated companies as well as government agencies considering blockchain ventures.

VeChain Thor Summary

  • It was previously just VeChain (VEN) and changed over to VET.
  • VeChain Thor has just under 900 million tokens in circulation, around 14% of them having been burned during the initial coin offering.
  • It is an Ethereum-based platform and token geared toward tracking massive inventories and other industrial use cases.
  • It is extremely regulation-compliant, as evidenced by its official nod from the Chinese government.
  • VeChain has quickly risen to the upper rungs of the cryptocurrency ladder by market capitalization and newsworthiness.

 

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