VeChain – VET
Blockchain technology has the power to solve major economic problems.
VeChain has set out to unleash that power…
This is a Project Review on VET.
VeChain was founded by Sunshine Lu in 2015 who is actually a former chief information officer for Louis Vuitton in China. Their vision is to create a public Proof-of-Authority (PoA) blockchain that enables any off-chain company with the power to launch any kind of dApp.
The PoA consensus mechanism verifies transactions between users and the public ledger. PoA assists VeChain to process large amounts of transactions, however, the network is not decentralised and requires a central authority, by providing personal details to the blockchain.
Users who verify transactions and add them to the network go by ‘Authority Masternodes’. Running an Authority Masternode requires a minimum of 25 million staked $VET tokens as well following a KYC process.
The network is home to over 2.13 million unique wallet addresses, with over 100 Authority nodes. The network has exceeded over 47 million transactions and is home to over 90 DApps that have been built on the VeChain blockchain. Why don’t we take a look at some projects:
Moving into the Legal industry, Jur allows you to create smart legal contracts and solve any disputes with the law! https://vechainstats.com/token/jur/
Whatever blockchain it is, we all need an NFT Marketplace. OceanEx is VeChain’s number 1 marketplace for all the top NFT collections. https://nft.oceanex.pro/
These are just two of an ever-growing ecosystem of applications. If you wish to take a look through the entire directory, you can check the links at the end of the article.
In June 2022, VeChain and the UFC announced a major partnership deal which exposed $VET to over 900 million UFC fans…
VeChain is continuously helping out major off-chain corporations, like LVMH, Walmart and more.
Even in 2020, VeChain decided to create an automotive security platform for the infamous German car brand, BMW. VeChain will use the power of blockchain to enhance the company’s security by making vehicle data more “forgery-proof”.
Before we dive into the $VET & $VTHO tokens, it’s best to mention that they are not available on any EVM-compatible network. Whether or not we will see VeChain become compatible with Ethereum or its counterparts is yet to be revealed. Only the DAO can decide…
Due to the fact that VeChain focuses on business and enterprise solutions, they haven’t yet focused as much on the average user. By integrating the Ethereum Virtual Machine, it would most likely cause a huge spike in users and volume!
The VeChain economic model is broken up into a two-token system, $VET + $VTHO. It was designed to create a non-volatile trading environment, as the team believes that’s why single-token economies hold such volatility.
VeChain’s utility token, $VET is the power source. It is known to carry ’Smart Money’ from smart contracts and is generally used for voting on governance proposals, as well as business and financial activities.
This is the VeChainThor Energy token and is primarily used to power transactions on the VeChain network, such as payment and smart contract execution payments.
In the future, we will see more utilities and functionalities for each of the tokens as the team tunes them to perfection. If you are looking to buy the tokens, we give you a mini breakdown of how to do so below.
Both $VET & $VTHO are not yet available on Ethereum or any EVM-compatible networks. You can buy, swap and trade both tokens on 99% of centralised exchanges and can also be held, bought or sold on decentralised exchanges within native VeChain Wallets.
There are two main ways to buy $VET & $VTHO, but you will always go through a centralised exchange (CEX) or FIAT Off-Ramp. Here are the options:
Finding $VET & $VTHO on CEXs is easy. We recommend using one of these centralised exchanges when buying or trading either of the tokens. Here is a list of CEXs with a few delicious promotions:
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor/Ledger):
If you are buying $SUI through your DeFi wallet, we have compiled a small list of Decentralised Exchanges (DEXs) for you to swap or trade assets that are available on the network.
There are many decentralised exchanges in the ecosystem, but these are the two DEXs I thought I would pick out. You can check out the directory for more options.
At the time of writing, the $VET token is hovering at a price of $0.0182 with a market cap of over $1B. The VET token has seen an all-time high of $0.2782 with an insane market cap of over $16.2B!
On the other hand, the $VTHO token currently has a price of $0.001197 with a market cap of over $77M but once exceeded that with an ATH of $0.04201 and a market cap reaching over $840M!
With such a vast ecosystem and solid formation of partnerships with leading businesses/enterprises, the VeChain network could become a leading layer 1 blockchain in the next bull run. The blockchain has been battle tested and is favoured by many!
Twitter – @vechainofficial
Website – https://www.vechain.org/
Ecosystem – https://apps.vechain.org/#all
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