vechain
VET
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About vechain
VET is one of two native tokens on the VechainThor blockchain. VechainThor is an energy-efficient, sustainable network that global enterprises and governments can use to leverage smart contracts and decentralized applications. VET tokens are the “value-transfer medium” across the VechainThor blockchain. VET tokens govern the network and generate VTHO tokens. VTHO is the other native token of the VechainThor blockchain which is used to pay network gas fees.
Resources
VeChain (VET) is an enterprise-grade L1 smart contract platform that seeks to leverage distributed governance and Internet of Things (IoT) technologies to create an ecosystem that addresses major data challenges for various global industries. 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, while VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This dual-token system is designed to avoid fee fluctuations and network congestion. VeChain was founded by Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China, and Jay Zhang, who previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.
VeChain operates using an identifier system known as VeChain IDs, which are assigned to products and tracked at each step of a supply chain, creating an environment for all parties involved. The platform seeks to provide stakeholders with detailed information about products and business processes, thereby increasing market transparency and making international trade more efficient. VeChain software allows enterprise developers to create and run decentralized applications (dApps), offering a higher level of services and goods. The project also uses proprietary solutions and developments, including ToolChain, My StoryTool, the VeChainThor blockchain, and Internet of Things (IoT) technology to facilitate processes.
VeChain aims to improve upon traditional business models, particularly in the supply chain industry. By using transparent technology with no single point of control, VeChain seeks to provide greater security, efficiency, and ease of tracking for all kinds of data, while reducing costs through trustless automation via smart contracts. The platform has wide appeal to many different clients and industries, with potential use cases in carbon, supply chain, international logistics, incentivized ecosystems, automobile passports, and more. VeChain's blockchain was designed to simplify supply chain management processes by making inventory tracking more transparent. The platform itself is based on distributed ledger technology to streamline operations and process a flow of information for complex supply chains.
VeChain began in 2015 as a private consortium chain, working with a host of enterprises to explore applications of blockchain. The transition to a public blockchain began in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET. VeChain aims to enhance efficiency, traceability, and transparency across data trails, supply chains, and within various kinds of ecosystems. VeChain is an established smart contract platform with a history of serving enterprise clients. The VeChain network uses a Proof of Authority (PoA) consensus mechanism, which requires relatively low computing power to achieve network security.
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Market
France Market Stats
€2.2B
€34.4M
72.7B VET
18 days
#49
€0.26
France Market performance
-0.53%
-0.3%
-6.49%
-4.45%
-3.91%
+70.1%
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Social
Some highlights about vechain on social media
773 unique individuals are talking about vechain and it is ranked #77 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, vechain has an average sentiment score of 3.3 out of 5. Finally, vechain is becoming more newsworthy, with 0 news articles published about vechain. This is a 100% increase in news volume compared to yesterday.
On Twitter, people are mostly neutral about vechain. There were 28.83% of tweets with bullish sentiment compared to 9.2% of tweets with a bearish sentiment about vechain. 61.96% of tweets were neutral about vechain. These sentiments are based on 163 tweets.
On Reddit, vechain was mentioned in 90 Reddit posts and there were 65 comments about vechain. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
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Overview
773 people
159 posts
0.26%
#77
3.3 out of 5
163 people
28.83%
Bullish
61.96%
Neutral
9.2%
Bearish
90
65
114
116