VET is a global blockchain platform for converting information about absolutely any products, events and people. It connects the blockchain with the Internet network, transmitting data from the real world. The VeChain token is based on the SHA-256 mining algorithm and the PoS consensus algorithm. VeChain's vision is to lower the barrier and allow established businesses with blockchain technology to create value and solve real economic problems in the world.
The VeChain crypt is created on the basis of Ethereum (which is quite typical for new tokens, especially for the smart contract environment) and works on the Proof of Stake algorithm, and what is characteristic, there are more questions with cryptocurrency mining today than constructive and exhaustive answers.The main practical message of the VEN token is that the environment itself solves complex tasks and actually simplifies the life of each of us.
The VeChain blockchain project is fully aimed at creating a modern model for mutually beneficial cooperation between sellers and consumers. In the VeChain cryptosystem, each product receives an individual ID, which is stored in the blockchain. The ID is indicated on the final product in the form of an RFID label, a QR code and an NFC chip. Thanks to the openness of the blockchain data, each user of the system can get complete information about the product. The VeChain service offers the following: An API Gateway service. Services to help developers, with which you can create, publish, control, and protect products. Private and public websites, as well as software services of the platform are connected to the gateway. Services from organizations and people. The VeChain project allows individuals and companies to offer their services. The VeChain platform has a service for processing monetary transactions at reasonable prices. Storage of personal information and data in the VEN cryptosystem on several secure nodes. The VEN cryptocurrency is successfully used in logistics. Customers are conveniently and safely informed about deliveries. All participants in the process (manufacturers, shipping companies, large dealers and retailers) easily exchange data. A blockchain solution can increase the efficiency of logistics.
One of the most important aspects of the introduction of blockchain technology is the costs associated with it.The unique two-token VeChain system allows you not to affect the costs of using the blockchain due to the increase in prices for VET. The VeChain economy consists of two coins:
VeChain Token (VET). Example of use: a store of values and a smart payment currency. Article from catalogue CryptoDeFix. How to get it: you can buy VET on various crypto exchanges. Strategic partners can buy from a special pool of the Fund.
Thor power (VTHO). Usage example: it is necessary to interact with the blockchain for certain operations, such as the execution of smart contracts and the transfer of tokens. If you want to write data to the blockchain, you must pay for it using VTHO.
The VET token is:
- A means of fast and reliable payment.
- User privileges when using the platform.
- Availability of such a platform.
- Assistance to corporate users in doing business.
Mining. For the balance (centralization–decentralization), developers use a certain algorithm. Only validators can get VET — 101 people authorized by the owner. A typical mining on the platform is not provided also because it works according to the above-described RoA algorithm.
Wallet. After the foundation of the Thor network, the VeChain Thor Wallet was launched. This is an easy-to-use mobile portal for storing both coins (VET and VTHO) of the blockchain. It has powerful, secure and affordable functionality.