VeChain (vet) Price Index
The live price of VeChain is $0.04 per (VeChain / USD) today with a current market cap of $2.87B USD. 24-hour trading volume is $0.09B USD.VeChain to USD price is updated in real-time. VeChain is -6.44% in the last 24 hours. It has changed a market cap of $-0.20B USD.
Live VeChain Price Chart
Overview: What is VeChain?
VeChain is a blockchain startup with offices in Europe, Asia, and America. Sunny Lu and Jay Zhang founded VeChain in 2015.
VeChain's aim is to enable existing businesses to create value and solve real-world economic challenges using blockchain technology. Many businesses have built applications on top of the VeChainThor Blockchain since VeChain's creation.
The VeChain Foundation manages the open source VeChainThor Blockchain. VeChain, DNV GL, and PwC China currently sit on the Foundation's Steering Committee. All stakeholders in the VeChain Ecosystem vote on important decisions, making VeChain truly decentralized.
How does VeChain (VET) work?
Proof-of-Authority is used by VeChain (PoA). Instead of staking currency, the Vechain Foundation chooses validators (authority masternode).
As noted previously, VeChainThor is more centralized, focusing on speed and security.
VeChain selects nodes using deterministic pseudo-random processes (DPRP). The idea of “active/inactive” authority masternodes was created to optimize efficiency. This approach lets users know if a validator is authorized to produce a block.
The platform is designed for large corporations and organizations that value security above everything else.
Tokens VET and VTHO.
VET (VeChain Token) is the native token of the VeChain ecosystem (VTHO).
VET is the principal token that powers the platform, while VTHO guarantees the blockchain infrastructure operates smoothly.
In other words, VTHO represents the energy used to conduct smart contract payment transactions on the network. Its major purpose is to speed up blockchain transactions.
Tokenomics.
Initially, VeChain Foundation donated approximately 133 million ERC20 to the community via private and public sales, promotions, and marketing. This was over 70% VET, including burnt tokens. The Foundation intends to continue distributing these tokens in the future.
The VeChain token debuted in mid-2017 at roughly $0.26 and fluctuated until October 2017. But it soared during the general crypto bull run in late 2017 and early 2018. VET went from $0.240301 to $7.03, a 280% gain. Aside from the bull run, the price rose because to VeChainTHOR and new partnerships.
Prices fell from $7.03 to $5.48 in late 2018, and are now trading at $0.04. VeChain is ranked 20th globally, with an average daily trade volume of $220.83 million. Over 66 billion VET are in circulation.
More than 16000 contracts, 101 Authority Nodes, and 2,580 X-Node Tokens are known.