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VeChain

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VET
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1 VET = 0.02080 USD
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What Is VeChain?

VeChain is a public blockchain platform designed specifically for enterprise use. By leveraging distributed ledger technology (DLT), VeChain aims to create a trust-free and distributed business ecosystem that facilitates transparent information flow, efficient collaboration, and high-speed value transfers. Established in 2015 by Sunny Lu, a former CIO of Louis Vuitton China, VeChain has rapidly evolved to become a prominent player in the blockchain space, particularly in enhancing supply chain operations.

VeChain's primary objective is to provide enterprises with a robust and scalable infrastructure for tracking products and sharing data across the supply chain. The platform utilizes a combination of blockchain technology, IoT devices, and smart contracts to offer real-time, immutable data that can be accessed by all authorized parties. This ensures transparency, reduces fraud, and improves efficiency in supply chain operations, making it a valuable tool for industries ranging from luxury goods to agriculture, logistics, and even government services.

Resources

Official Documents: https://www.vechain.org/whitepaper/

Official Website: https://www.vechain.org/

How Does VeChain Work?

VeChain operates on its own blockchain, known as VeChainThor, which is tailored to meet the needs of enterprise users. The VeChainThor blockchain uses a Proof of Authority (PoA) consensus mechanism, which is both energy-efficient and scalable. Unlike Proof of Work (PoW) systems that require extensive computational power, PoA relies on a small number of authorized validators to secure the network. These validators, known as Authority Masternodes, are selected based on their credibility and must undergo a thorough KYC (Know Your Customer) process.

One of the standout features of VeChain is its dual-token system. The primary token, VeChain Token (VET), is used to transfer value across the network and generate VeThor Token (VTHO). VTHO is utilized to pay for transaction fees, thereby decoupling the cost of using the network from market speculation. This system ensures stable transaction fees and incentivizes users to hold VET tokens, which in turn generates VTHO as a reward.

VeChain also incorporates advanced meta-transaction features to enhance user experience and enterprise adoption. These include fee delegation, which allows a designated account to cover transaction fees, and controllable transaction lifecycles, enabling users to set expiration dates for transactions. Additionally, the platform supports multi-task transactions, allowing multiple payments to be processed in a single transaction, and transaction dependency, which ensures transactions are only executed if related transactions are completed.

In practical applications, VeChain uses smart chips, Radio Frequency Identification (RFID) tags, and QR codes to track products throughout their lifecycle. Data collected at each stage is recorded on the blockchain, providing all stakeholders, including end consumers, with access to real-time information about the product's journey. This transparency not only enhances product authenticity but also boosts consumer confidence and reduces the risk of fraud.

What Is VET Token?

VET is the primary token of VeChain, serving multiple functions within the network. VET is primarily used to store and transfer value across the VeChainThor blockchain. It also plays a crucial role in the platform's governance, as VET holders can vote on key decisions affecting the network. By holding VET, users also generate VeThor Tokens (VTHO) as rewards, which are used to pay for transaction fees and smart contract execution.

What Determines VeChain’s Price?

The price of VeChain (VET) is influenced by a combination of factors including market supply and demand, the latest news, and overall cryptocurrency trends. As a prominent blockchain platform tailored for enterprise solutions and Web3 integration, any significant partnership announcements, technological advancements, or updates in cryptocurrency regulation can impact VET's value. Monitoring cryptocurrency charts and market volatility is crucial for investors, as these elements can cause rapid price fluctuations. Additionally, the broader acceptance of blockchain technology and Web3 applications also plays a critical role in shaping VeChain's market performance.

Market sentiment and cryptocurrency price predictions also significantly affect VeChain's price. Positive news about its adoption as the best crypto investment for 2024 and beyond can drive demand higher. Conversely, potential cryptocurrency risks and negative developments can lead to price declines. Investors often rely on cryptocurrency price predictions and market analysis to make informed decisions, considering both the potential rewards and the inherent risks of investing in VET amidst a highly volatile market landscape.

For those interested in investing or trading VeChain, one might wonder: Where to buy VET? You can purchase VET on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.

Related Articles about VeChain:

VeChain (VET): Transforming Industries Through Stellar Partnerships And Real-World Utility

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coin.24Hcoin.7dayscoin.30dayscoin.90dayscalculator.common.one_yearcoin_market.all_time
-6.28%-9.22%-9.18%-14.80%+6.36%+13730.87%

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24h$0.02079$0.02229
7d$0.02079$0.02275
30d$0.02079$0.02472
90d$0.01906$0.02698
1y$0.01869$0.05477
coin_market.all_time$0.001678(2020-03-13, coin_market.years_ago )$0.2782(2021-04-17, coin_market.years_ago )

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$1,684,222,189.03
-6.28%
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$1,803,337,269.62
-6.28%
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$24,537,591.56
+3.73%
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+94.00%
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0.0145
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80,985,040,000 VET
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85.99B VET
-- VET
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3.2
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2.51M(#41)
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1.21K
+1%
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576(#50)
-10%
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0.05%
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31
+417%
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26%
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71%
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3%
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384
coin_price.reddit_ posts(24h)
62
-2%
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0
0%

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VeChain, Solana, Worldcoin Lead in Top 8 Altcoins with Upside Potential
VeChain, Solana, Worldcoin Lead in Top 8 Altcoins with Upside Potential

VeChain’s partnerships enhance its real-world application potential in supply chain solutions. Solana’s scalability and robust ecosystem drive investor interest and market growth. Worldcoin’s focus on identity verification offers significant long-term value opportunities.

CoinEdition2024-10-27 16:00

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Is Vechain a good investment?

VeChain (VET) sets itself apart in the saturated cryptocurrency landscape by being purpose-built for tangible, real-world applications. This inherent design philosophy has garnered VeChain substantial traction among mainstream businesses. The growing adoption of VeChain's unique solutions could act as a catalyst, propelling the VET price to higher levels and spotlighting it as a noteworthy investment opportunity.

What is VeChain price prediction?

According to the technical analysis of VeChain prices expected in 2023, the minimum cost of VeChain will be $$0.020. The maximum level that the VET price can reach is $$0.023. The average trading price is expected around $$0.021 This text is initially created by the Changelly team.

What determines Vechain value and price?

Beyond its enterprise appeal, the VeChain blockchain is emerging as a vibrant hub for decentralized applications (dApps). The influx of developers eager to leverage its robust infrastructure, coupled with a growing user base, can amplify on-chain activity. This surge in utilization can, in turn, further boost the value of VET. Market sentiment plays a pivotal role in shaping the trajectory of major cryptocurrencies, and VeChain is no exception. As one of the formidable players in terms of market capitalization, VET's price dynamics are closely tied to the collective mood of the investor community. An optimistic sentiment can uplift investor confidence, driving increased demand for VET, and propelling its price upwards. Given its practical applications and the potential for widespread adoption, VeChain (VET) might just be the missing piece in your cryptocurrency portfolio puzzle.

Is Vechain Open Source?

Is VeChain open source? As an open-source project, vechain has a lively community that has proposed many features such as fee delegations and user identification. There are four types of VIPs: core, application, interface, and information.

Is Vechain a Chinese coin?

VeChain was started as a subsidiary of Bitse, a Chinese blockchain company. The cryptocurrency was developed as a modified fork of Ethereum. Therefore, VeChain (VEN) token was initially used to function on the Ethereum blockchain.

What makes Vechain unique?

Initially built on Ethereum, VeChain transitioned to its own platform, the VeChainThor blockchain, for enhanced flexibility and innovation. VeChainThor stands out in the smart contract arena due to its superior efficiency and lower energy consumption, thanks to its master node-based consensus. This move not only underscores VeChain's commitment to sustainable blockchain solutions but also positions it as a top choice for eco-conscious businesses and developers.

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PHOENXCORP
PHOENXCORP
insight113/750
212.35%
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price_sidebar.total_pnl $938,815.34
buylow
buylow
insight397/500
186.84%
price_sidebar.roi
price_sidebar.total_pnl $3,860,531.29

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