What is Vechain?
VeChain (VET) is a versatile enterprise-grade L1 smart contract platform.
VeChain began in 2015 as a private consortium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants.
The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and acts as the store of value and value transfer medium. VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This has the additional benefit of ensuring costs of using the network can be kept stable by tweaking certain variables such as the amount of VTHO required to service a transaction, or by increasing the VTHO generation rate. Such actions first require all-stakeholder community votes.
VeChain has been able to demonstrate massively boosted efficiency, traceability and transparency across data trails, supply chains and within novel kinds of ecosystems, such as those in San Marino targeting UN SDGs, among others.
Vechain Foundation
There is also the VeChain Foundation. The Vechain Foundation is a non – profit entity established in Singapore in July 2017 and is responsible for the construction of the network, and technological research and development. The Foundation also plays an important role in business development. The Foundation encourages and supports partnerships with enterprises that may be interested in utilizing blockchain technology as a service. This includes payment services, private key management, smart contract development, and wallet development. There is no doubt that blockchain technology can be an important innovation to supply chain management. With a growing list of business partnerships and technological developments, VeChain is positioning itself to be THE disruptive, and innovative force that reshapes the way we think about supply chain management.
VeChain team
Sunny Lu is the CEO of the VeChain Foundation and has already become an important figure in the blockchain space. Before he established VeChain, he co-founded the Chinese Internet start-up which developed Qtum, a very important digital asset in the crypto space. He was previously the CIO and COO of Louis Vuitton China.The team behind VeChain consists of over 90+ employees, most of them being developers. Chief Technology Officer, Gu Jianliang, has over 18 years of experience in areas such as mobile devices and the IoT field, and has created over a 100 patents in several technological fields. Kevin Feng serves as the Chief Operations Officer of the VeChain Foundation. Feng has been actively involved in many technology projects in his 12 years working for VeChain’s partner, PWC, as a consultant and assurance advisor.
Where can you buy VeChain?
VET tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade VeChain is MEXC, where the most active trading pair VET/USDT has a trading volume of $193,831.53 in the last 24 hours. Other popular options include Binance and Gate.io.
What is the daily trading volume of VeChain (VET)?
The trading volume of VeChain (VET) is $98,211,543.75 in the last 24 hours, representing a -36.30% decrease from one day ago and signalling a recent fall in market activity.
What is the all-time high for VeChain (VET)?
The highest price paid for VeChain (VET) is BTC0.054946, which was recorded on Apr 19, 2021 (almost 3 years). Comparatively, the current price is -86.10% lower than the all-time high price.
What is the all-time low for VeChain (VET)?
The lowest price paid for VeChain (VET) is BTC0.063546, which was recorded on Mar 13, 2020 (about 4 years). Comparatively, the current price is 1,936.70% higher than the all-time low price.
What is the market cap of VeChain (VET)?
Market capitalization of VeChain (VET) is BTC45,241.0040 and is ranked #40 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of VET tokens (73 Billion tokens are tradable on the market today).
What is the fully diluted valuation of VeChain (VET)?
The fully diluted valuation (FDV) of VeChain (VET) is BTC53,497.5650. This is a statistical representation of the maximum market cap, assuming the maximum number of 87 Billion VET tokens are in circulation today. Depending on how the emission schedule of VET tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of VeChain compare against its peers?
With a price decline of -9.60% in the last 7 days, VeChain (VET) is outperforming the global cryptocurrency market which is down -13.70%, while outperforming when compared to similar Smart Contract Platform cryptocurrencies which are down -15.50%.
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