Launched in 2016, VeChain is a supply chain platform powered by blockchain to solve the major problems with supply chain management. It uses the distributed governance and internet of Things technology for creating such an ecosystem which effectively solves many of the significant problems. The current market price of VeChain (VET) is $0.1998 after an increase of 18.48% over 24-hours.
VeChain aims to disrupt the traditional models of the supply chain and to change the industry using blockchain. It uses transparent technology, which allows for security, efficiency, and easy tracking in a supply chain and reduces the cost using trustless automation.
For securing its network, VeChain uses a proof-of-stake mechanism, which explains the requirement of low computing power for achieving security. It also has a separate feature named proof-of-authority which maintains the protocol in their interest according to the rules laid by the VeChain Foundation. Notably, the Vechain Network has linked many strategic partnerships with several companies to achieve its goals.
The platform has two native tokens, i.e., VET and VTHO. While VeChain Token (VET) transfers the value across the network, which means that the transactions on DApps on Vechain’s blockchain will be using VET, VeChainThor Energy (VTHO) is used as the energy to power the smart contract transactions. The network is a dual token system where the supply of VET is fixed, and VTHO, the secondary tokens, are generated by holding VET. The token VTHO’s inflation and deflation rates are controlled. The steering committee manages the monetary policy of the system, which the holders of VET tokens vote on.
To help companies building scalable decentralized projects, VeChain has made considerable progress in recent times. According to the data, VET is expected to have an upward trend in the coming months following a bull run. There is a possibility that its price will surge above $0.3 by the end of this year.
Vechain is becoming popular because of its dual token system, which supplies a logistic blockchain solution for businesses.