VeChain VET

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About VeChain

About VeChain

VeChain (VET) is the leading blockchain supply chain platform that's focused on using Internet of Things (IoT) technology to solve issues with supply chain management. It aims to be the leading platform for initial coin offerings (ICO) and for conducting transactions between IoT and its connected devices

The VeChain platform uses a token called VET, which acts as a fuel in the VeChain platform. Its objective is to connect blockchain technology to the real world using a comprehensive governance structure, advanced IoT integration, a robust economic model, and real-world applications.

VeChain strives to disrupt the traditional supply chain model, which has largely remained unchanged until the emergence of blockchain. Its ultimate aim is to enhance the efficiency, transparency, and traceability of supply chains, reduce costs and give you control.

Using transparent technology that doesn't have just one point of weakness or control provides greater efficiency and security and better tracking of products in the supply chain. VeChain's model appeals to businesses and enterprises that want to reduce supply chain friction and give a greater impression of transparency to clients.

  • VeChain began in 2015 and launched in June 2016 to support supply chain management
  • It is one of the oldest dedicated blockchain supply chain platforms
  • VeChain is the creation of former Louis Vuitton China CIO, Sunny Lu
  • VeChain utilises a dual coin structure to remove the impact of cryptocurrency instability on transaction fees
  • There are 873,378,637 VET tokens
  • The VeChain Foundation is a non-profit organisation that acts as VeChain's sponsor, supporting its development, construction, governance, and transparency. The VeChain Foundation has collaborated with H&M, Shanghai Gas, Microsoft, BMW Group, and Walmart China, among others
How is VeChain used?

VeChain's platform integrity is maintained by a network of nodes, with VeChain tokens needed to execute smart contracts and reward nodes for maintaining the VeChain network. Some examples of VeChain use include:

Cold-chain logistics: This uses proprietary IoT devices to track key metrics. VeChain embeds data management and sharing in each process, making it secure, transparent, and reliable.

Automobile: Creates a digital passport of a vehicle by recording all data such as insurance, repair history, registration, and driver behavior. VeChain puts this comprehensive data into the owner's hands, ensuring data management is transparent and accessible.

Medical and healthcare: The blockchain platform tracks end-to-end production processes and the use of a medical device. VeChain enables patients to share their biometric data with doctors for real-time monitoring securely.

Luxury and Fashion: VeChain can embed smart chips within luxury products, enabling brands to monitor sales channels in real-time to prevent unlawful overstock trading. Meanwhile, customers can also verify the authenticity of the luxury goods.

VET price

The VeChain (VET) price has recently gained momentum, trading at $0.25 in mid May 2021. Its market cap has risen to more than $14 billion, and its ranking steady within the top 20 digital assets. The VeChain price also got a boost after its developers talked about the Enterprise Non-Fungible Token (eNFT) strategy and suggested that NFTs could be used to unlock real value for businesses.

How many VeChain coins in circulation?

VeChain has two tokens, VeChain (VET) and VeThor (VTHO). VET is used for transactions, along with other activities. Meanwhile, VTHO provides payments. The unique dual-token system aims to avoid network congestion and fee fluctuations. When you are a holder of VET tokens you automatically generate a small amount of passive income in VTHO. Meanwhile, around 70% of the VTHO used in VET payment is destroyed. While VTHO is generated based on VET assets, VET has a fixed maximum supply of 86,712,634,466 tokens.

How is the VeChain (VET) network secured?

VeChain is a proof-of-stake token and requires relatively low computing power for network security and maintaining user consent. A separate feature called proof of authority involves authority master node operators maintaining protocol in their interest, according to the rules set by the VeChain Foundation.

VeChain's price history

In late July 2018, VET was listed on cryptocurrency exchanges and traded from $0.02 to $0.026. However, it soon experienced increased volatility. During early August, the price dropped to $0.006 per VET. Prices rebounded immediately after, reaching $0.0198 by September. But this rebound was short-lived, and a prolonged recession saw prices drop as low as $0.0033 by December. VET closed 2018 at $0.004.

The first quarter of 2019 saw the price of VET sat between $0.0036 and $0.005. By March, the cryptocurrency began to rise, hitting $0.0079. While it dipped again to $0.0056 in April, it continued to grow and in June peaked at $0.0098. VET could not sustain these heights and dropped again to $0.0028 in late October. However, once it garnered support, it recovered quickly, reaching $0.008 in November. It attempted to rise above this but ended up pulling back to $0.0046 then $0.008. VET closed the year at $0.0056 per coin.

From the start of 2020, VET continued its growth, reaching $0.0082 in February. However, the market soon experienced a rapid decline which saw VET reach a new low of $0.0016. But it rebounded and in June reached $0.0082, with buyers pushing the price to $0.022 in July. VET's price continued to fluctuate across the next few months, reaching $0.019 by the end of 2020.

Where to buy VeChain (VET)?

VET is a widely tradeable token available on major exchanges. To invest in VeChain, simply compare exchanges and select one which is suitable for your needs. Next, verify your identity and send money to the exchange. Finally, buy VeChain using the deposited money.

VeChain price prediction

Is now a good time to invest in VeChain? Frankly, we don't know ourselves. Price predictions are almost always speculatory, and you should always inform yourself before investing in just about any asset.

That said, as demonstrated by VeChain's diverse partnerships, the technology sets out to bring together the advantages of decentralised applications and smart contracts and take them to many different industries. Therefore, it could create a lot of value in the future.

Optimistic price predictions forecast a price of between $0.7 and $0.8 at the end of 2022. However, a highly bullish trend could push the price close to $1.

VeChain strives to build a blockchain-based platform that is not limited to the digital world but can also integrate with actual business ecosystems. Enterprises would have the ability to control various functions with the assistance of VeChain. If it can provide complete integration of the blockchain-based platform within the actual business world, it would be much easier for companies to use the blockchain. By 2025, VeChain could very well reach $5. But, as with any nascent technology, there's always the chance that your investment can go to zero.

Frequently asked questions

VeChain is a blockchain platform designed to aid in supply chains. VeChain was introduced in 2015 by the former CIO of Louis Vuitton China. In the beginning, the token was based on the Ethereum blockchain, but that changed in 2018 when VeChain launched its own blockchain.

There are two tokens involved in the VeChain system. First, there’s the VeChain (VET) token, which transmits value. Second, there’s the VeChain Thor Energy (VTHO) token, which provides a smart contracts platform.

The two-token system acts as a stabiliser, so that dApp developers have a more predictable environment in which to create new software. VET is the token that is of greater interest for investors.

VET's price is based on supply and demand. If there are more people willing to buy than sell, its price will increase.

That said, it’s still a volatile digital asset, whose value is tied strongly to that of Bitcoin and the wider crypto market, and it’s prone to drastic fluctuations over time.

There are a number of other rival coins looking to occupy the same space, and appeal to dApp developers. The success of VeChain, and the price of the associated token, will be influenced in the long run by how those rivals fare.

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