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What is VeChain token (VET)

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Written by   5
1 year ago

VeChain is a company founded in 2015. It provides comprehensive blockchain-based solutions for businesses and uses its VeChainThor blockchain to do so. The company has strong ties to Chinese industry. VeChain provides manufacturers, distributors and customers with the ability to control the quality of products, without the participation of third parties.

It has its own blockchain network and VET cryptocurrency. There is also a utility token called VeThor Token, which is used to cover transaction fees and create smart contracts on this very network. Gas in NEO operates on a similar basis.

Blockchain VeChainThor operates on a similar principle to other blockchain platforms. It functions as a Blockchain as a Service. Furthermore, VeChain users do not need to own any cryptocurrency to complete a transaction. This can be done for them by the app owners, making the use of VeChain very convenient.

The platform has two tokens - VET and VTHO.

The former, VeChain Token, is used for financial transactions on the VeChainThor blockchain and for speculation on the stock market.

VeThor Token, on the other hand, is a token used to execute transactions on the blockchain. VET holders can create VTHOs for use on the blockchain.

VeChainThor uses Proof of Authority, which relies on delegating authority to nodes on the chain to confirm transactions. This means that transaction blocks are confirmed by Authority Masternodes that have a minimum of 25 million VET.

The use of VeChain technology is exploited in many ways. Blockchain-based solutions can help drive a transparent global food economy. Another aspect is combating the counterfeiting of luxury goods. Medical records can also find a place on the blockchain. Such data can then be viewed by individual patients.

We can store both tokens on a number of wallets. Among the most popular are Trust Wallet, Ledger, Exodus or light wallets for iOS and Android.

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