Vechain Price

VeChain is a public blockchain using the proof of authority consensus mechanism and supporting smart contract functionality. It offers a robust and highly accessible decentralized platform for developing dApps across multiple areas, including enterprise applications.

VET is one of two native digital assets of the VeChainThor public blockchain and is used to generate or mint VTHO, the second token. VeThor Token (VTHO) can be used as a store of value and for paying transaction fees.

VeChain’s creator and co-founder, Sunny Lu, was the former CIO of Louis Vuitton China. The other co-founder of the project, Jay Zhang, formerly worked with Deloitte and PwC before joining hands with Sunny Lu to develop the VeChain network.

VeChain aims to drive mass adoption of blockchain technology and smart contracts, making it cheaper, more efficient, and more accessible for mainstream use. Having launched in 2015, it is one of the oldest and most established blockchain networks that supports smart contracts.

VeChain offers an innovative way to use blockchain technology to improve global supply chain management through the use of RFID tags and sensors. The technology can transform supply chains to make them completely transparent and increase accountability among all stakeholders.

The VeChainThor blockchain utilizes a proof of authority consensus algorithm, ensuring that nodes have to be authorized to participate in validating transactions and creating new blocks. The PoA consensus gives all nodes fair chances to add new blocks and generate rewards, making it a far more efficient and democratized network to run.

VeChain also offers true decentralization by providing governance for its community of VET token holders. Users who stake VET on the blockchain can contribute to the governance process by voting on proposals and submitting new proposals about upgrading the ecosystem and shaping its evolution.

The VeChain blockchain network is EVM and Web3 compatible. This means it can support decentralized applications (dApps) designed to run on Ethereum, offering a cheaper and faster infrastructure to deploy decentralized apps initially created for the Ethereum blockchain.

The development and maintenance of the blockchain infrastructure are overseen by the VeChain Foundation, a non-profit organization headquartered in Singapore. It is responsible for managing the Layer-1 smart contract platform and fosters the adoption of its technology among enterprises, developers and users worldwide.

The VET crypto was originally known as the VEN token, functioning as an ERC-20 token on the Ethereum blockchain. It then evolved into VET, one of two tokens within the VeChainThor public blockchain. The VeChain (VET) cryptocurrency has several uses, including:

Pay for Transactions

Smart contracts that execute on the VeChain platform use VET tokens to pay for transactions within the ecosystem. The VET token powers all kinds of transactions taking place within the blockchain.

Payment Method

Users can transfer payments on the VeChain network using the VET crypto. They also use VET to pay transaction fees for using the network infrastructure for conducting transactions or transfers of payments. The VeChain cryptocurrency functions like ETH because it is used to pay “gas” fees on the blockchain.

Governance Token

VET holders can participate in the governance of the VeChain ecosystem, enjoying voting rights and contributing to how the network evolves. VeChain gives additional voting power to VET holders who have completed their KYC formalities.

Receive Rewards for Validating Transactions

Authority masternodes within the blockchain have the power to validate transactions and generate new blocks that receive rewards in VTHO by burning VET for their efforts. Their participation makes the blockchain more efficient, resilient, and secure; in return, they create a stream of revenue for their contributions.

Crypto Asset to Trade and HODL

The VeChain token is one of the top cryptocurrencies by market cap and is among the more established digital assets in the market, having been around for several years. It is an attractive asset to invest in, trade against other cryptocurrencies, or hold in the long-term if you believe in the potential of the VeChain network. Remember to review the real-time VeChain price, VET market cap, 24-hour trading volume, circulating supply, and news before you trade VeChain.

Earn Passive Income

You can also invest in VET and use it to generate a stream of passive income via staking and lending liquidity. Several DeFi platforms support VET staking, but we recommend that you perform careful research before selecting the right option.

You can also earn attractive returns on your VeChain holdings in a risk-free manner on KuCoin via the Crypto Lending feature. This section lets you lend liquidity in VET to KuCoin, letting you earn a daily interest rate over seven days, 14 days, or 28 days.