About VeChain (VET)
VeChain (VET) is the native digital currency for the VeChain enterprise blockchain focused on enterprise supply chain management and Internet of Things (IoT) solutions. Development of VeChain commenced in 2015 as a modified fork of Ethereum with a design focused on supply chain management. VeChain became a portfolio holding of PwC's incubator arm in 2017.
VeChain offers a blockchain-based enterprise application called ToolChain. ToolChain offers services including product lifecycle management, supply chain process control, data deposit, data certification, and process certification. VeChain partners in China include BMW, Walmart, and CAFA – an organization overseen by PBOC’s Ministry of Agriculture which includes MacDonald's and IBM among its members.
VET’s blockchain operates with a “proof-of-authority” consensus mechanism, unique from Bitcoin’s Proof-of-Work (PoW) and Ethereum’s Proof-of-Stake (PoS) system.
Structurally, VET investment tokens are complimented by VTHO utility tokens. There is a fixed number (87 billion) of VET tokens. VET continuously generates VTHO at a rate of 0.000432 per VET token daily, for a total of 37,584,000 new VTHO tokens every 24 hours. When VTHO is used for a transaction, 70% is destroyed while 30% is retained by Authority Masternodes (AM) that validate, and produce blocks. VET holders have immediate liquidity for VTHO, which has an independent market price, making the distribution work like interest paid on traditional fiat currencies or dividends paid by stock shares in order to host an AM, the user must hold 25 million VeChain tokens (VET) and be qualified by the VeChain Foundation.
In December 2019, The VeChain Foundation announced a theft of $1.1 billion in tokens from the foundation’s own wallet. The stolen funds were tagged and exchanges blacklisted all transfers related to the addresses involved.
What is the price of VET?
As of late August 2021, VET was hovering around the $0.13 mark having declined roughly 50% from its ATH of $0.28 seen in mid-April. With a circulating supply just shy of 67 billion VET, VeChain is the 20th largest digital asset by market cap ($8.5 billion). Despite weak performance over Q2 and Q3 2021, VET is still up nearly 620% year to date.
What the bulls are saying
*Enterprise-focus: The bulls see VeChain as a blockchain project with genuine utility. Per Seeking Alpha, VeChain is positioned as a true enterprise solution helping some of the world’s largest firms manage their supply chains in real-time.
*Solid supply chain partners: VeChain already hosts a suite of corporate partners bent on deploying the next generation of supply chain management technology. Global fashion conglomerate LVHM has plans to utilize Vechain tracking devices to guarantee the authenticity of its high-priced handbags. Walmart China, meanwhile, uses the platform to track packaged food.
*Dual-token dampening: Bulls have lauded VeChain’s dual token framework (VET + VTHO), designed to isolate VET’s volatility from the cost of transacting on the network.
What the bears are saying
*Cumbersome framework: Bears continuously criticize VeChain’s permissioned security framework in which only approved nodes can partake in the transaction validation process. Potential nodes must stake a minimum of 25 million VET and also submit ID credentials to the VeChain Foundation for approval.
*Central command: Some contend the VeChain Foundation, which has the ability to control monetary policy and other critical network functions, holds too much power over the protocol.
How to buy VeChain (VET)
With Uphold, you can buy digital currencies in just 11 clicks - even if you don’t have an account yet. Nothing could be easier.
Here’s how fast it is to get started:
1. Go to Uphold.com and click sign up.
2. Enter your email address and personal details.
3. Click the link we send you and create a password
… and you’re off to the races!
Just start trading.
This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see ourbefore investing.
May not be available in all jurisdictions.
This content is correct as of May 2021
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
Get more coin for your coin
0% withdrawal fees
0% trading commissions