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VeChain began as a private consortium chain in 2015, collaborating with a number of businesses to investigate blockchain possibilities. VeChain would start their public blockchain journey in 2017 with the ERC-20 token VEN, before releasing their own mainnet in 2018 with the ticker VET.

 

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About VeChain

The platform manages and creates value using two currencies, VET and VTHO, which are based on the VeChainThor public blockchain. VET creates VTHO and serves as value storage and transfer medium. VTHO is utilized to cover GAS charges, removing the requirement for VET while writing data. This has the added benefit of assuring that network costs may be kept steady by adjusting variables like the quantity of VTHO needed to process a transaction or raising the VTHO generation rate. Such acts must first be approved by a community vote including all stakeholders.

 

VeChain has demonstrated dramatically increased efficiency, traceability, and transparency across data trails, supply chains, and unique types of ecosystems, such as those in San Marino aimed at achieving the UN SDGs, among other things.

 

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What is VeChain [VET]?

VeChain (VET) is a scalable L1 smart contract platform for businesses.

 

VeChain intends to develop an ecosystem that uses distributed governance and Internet of Things (IoT) technology to tackle key data challenges for a variety of global businesses, including medical, energy, food & beverage, sustainability, and SDG goals. VeChain is creating the digital backbone that will underlie the fourth industrial revolution, which requires real-time and trustless data exchange among numerous parties, by exploiting the potential of trustless data.

 

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Who Are the Founders of VeChain [VET]?

Sunny Lu, the originator, and co-founder of VeChain, is a former CIO of Louis Vuitton China and an IT professional.

 

Lu has now established himself as a well-known figure in the bitcoin world. He has highlighted blockchain technology's solution to handle transparency, in particular, claiming that it can generate "trust-free" enterprise/business frameworks that are free of data fraud thanks to close working collaborative projects with key auditing/certification advisors such as PriceWaterhouseCoopers and DNV, which authenticate data accuracy and accredit production process.

 

Jay Zhang, a fellow co-founder who oversees VeChain's worldwide corporate structure, governance, and financial management, formerly served in finance and risk management for Deloitte and PriceWaterhouseCoopers.

 

VeChain, which was founded in 2015, is one of the oldest specialized smart contract platforms on the market, with a high level of recognition among business clients.

 

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What Makes VeChain Unique?

Binance and Huobi GlobalVeChain were founded to challenge established business practices, and are most recognized for their work in the supply chain, an area that has remained relatively unchanged over the years. Its effort in developing a decentralized trust layer for multi-party ecosystems has already reaped significant rewards from high-profile clients and government agencies.

 

Using transparent technology with no single point of failure or control improves data security, efficiency, and tracking while lowering costs through trustless automation via smart contracts. Carbon, supply chains, international logistics, incentivized ecosystems, automotive passports, and many other areas benefit substantially from the digitization of trust and collaboration it allows.

 

VeChain's platform, as a result, has a broad appeal across a variety of clients and sectors.

 

According to VeChain's official literature, the network's unique proposition is based on its dual-token setup, as well as transformative protocols like 'fee delegation' and its one-stop 'ToolChain' platform, which allows crypto-averse businesses to pay in fiat for VeChain's blockchain-as-a-service, while smart contracts handle gas payment costs, ensuring frictionless use of the network even in strict jurisdictions.

 

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Where Can You Buy VeChain [VET]?

VeChain may be purchased on a number of popular exchanges, including Binance and Huobi Global. 

Frequently Asked Questions

How Is VeChain Secured?

VeChain (VET) is a Proof of Authority (PoA) token that requires comparatively less computational power to establish network security. According to a recent CTI research, VeChain's yearly carbon footprint is only 2.4 percent of the emissions produced by mining a single Bitcoin, making PoA an extraordinarily efficient consensus technique for protecting the network.

Can I Buy VeChain [VET] With Cash?

No. There is no direct method to purchase VET using cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.

Are there any quick ways to buy VeChain [VET] in Europe?

Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.

On what factors does the price of the VeChain [VET] Depend?

Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact VET price and market cap.

 

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VeChain  Official website  – https://www.vechain.com/

 

VeChain  Twitter – https://twitter.com/vechainofficial

 

VeChain Reddit – https://reddit.com/r/vechain


































 

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