What is VeChain (VET)? Everything you need to know about VET

VeChain (VET) is a blockchain platform, created for application in supply chain management, auditing and traceability. Accordingly, VeChain has been used by large corporations from many different fields.

For more interesting information about VeChain (VET), please follow the following article AZcoin.

What is VeChain (VET)?

VeChain or VechainThor has the simple symbol VET. This is a blockchain platform created to be applied in supply chain management, auditing and origin tracking. To put it more simply, VeChain will help store all information about any product, thereby allowing verification of the authenticity of that product.

To do the above verification work, VeChain used blockchain technology in combination with VeChainThor, the platform’s exclusive software. From there, a decentralized network was formed to track and authenticate goods and services.

Because of the above uniqueness, VeChain is currently being used by large corporations from many different fields.

What is VeChain used for?

Although it is applied to many different fields and jobs, in summary, VeChain is used for the following main tasks:

• Supply chain and provenance management: VeChain allows businesses to record product origin, transportation and storage information on the blockchain with a QR code or barcode, which allows consumers to check product information.
• Business operations: VeChain supports smart contracts, thereby helping related parties perform automatic and safer transactions, along with a Proof of Authority (PoA) mechanism that will help determine new locations. is a more accurate and easier trading partner.
• Holding benefits: Manufacturers and businesses who want to own more benefits from the VeChain platform must own as much VET as possible.

Who are VeChain’s partners and development team?

Development Team

The people behind VeChain’s success we can mention are:

• Sunny Lu: CEO of the project.
• Richard Fu: Marketing Director of the project.
• Chin Qian: Sales director of the project.
• Jay Zhang: Financial director of the project.
• Scott Brisbin: General consultant for the project.
• Jerome Grilleres: Business development director of the project.

Partner

VeChain has now established partnerships with a large number of companies that are well-known to customers, and the largest partner of the platform is Walmart, specifically for the market in China.

In addition, there are other major partners from major car companies in both Europe and Asia, such as BMW, Renault,…

What are VET and VTHO?

VetChain is divided into two main types of tokens is VET and VTHO, of which:

• VET: This is the platform currency of VeChain, used for financial transactions and speculation.
• VTHO: It is a gas fee token used for transactions on VeChain, VET holders can create VTHO to use on the platform when needed.

And if you want to know more interesting information, we have more suggestions for you like Optimism, OKB, Stacks,…

Information about VET Coin

Specifications

• Ticker: VET
• Blockchain: VechainThor
• Token Standard: VIP180, VIP181
• Token type: Coin
• Avg. Transaction time: 10.000 TPS
• Avg. Block time: 10 seconds
• Total Supply: 86.712.634.466 VET
• Circulating Supply: 55.454.734.800 VET

Distribution rate

• 41% was released to the market through a token sale.
• 9% held by Private Investors.
• 23% held by Enterprise Investors.
• 5% belongs to the Co-founders and Vechain development team.
• 12% is the operating budget and technology development.
• 10% is used for Vechain’s business development.

How to own VET?

To own VET you can try the following methods:

• Buy directly from supported exchanges.
• Hold VET to receive VTHO rewards at the specified rate.
• Become a VechainThor Validator with a bonus equivalent to 30% of transactions.

Where should I trade VET?

To trade VET, you can go to many different large and small exchanges, but the best crypto exchanges we recommend for you are Binance, OceanEX, Bitmart,…

Which wallet should I use for VET?

If you need a place to store VET in the safest and most secure way, you can use an exchange wallet developed specifically for VET and VTHO, VechainThor Wallet.

Besides, if you want to use e-wallets from other third parties, some names we recommend are Atomic Wallet, Trust Wallet, Cobo Wallet,…

Summary

We have finally come together to find out all the interesting information you need to know about VeChain (Vet). If you have any other questions, please don’t hesitate to contact AZcoin.