What is Vechain (VET)? All you need to know about VET Token
What is Vechain?
VeChain is a forked blockchain from Ethereum, focused on providing supply chain management solutions for businesses and integrating with Internet of Things (IoT) for business operations. Vechain was founded in 2015 by a group of Chinese IT experts.
Vechain coin is developed by the platform and company of the same name as Vechain. Vechain Company was founded in Singapore in 2015. Initially Vechain's blockchain platform was built on top of Ethereum's Blockchain with many improvements in DBGP, DMBSP, and DGIP protocols.
What is VET Token?
VeChain or VechainThor (symbol: VET) is the native coin of the VechainThor Blockchain platform. Initially, Vechain (VET) was built with Ethereum's ERC-20 token standard.
It was not until July 30, 2018 that Vechain (VET) was swapped to run on VechainThor's Blockchain platform after they successfully launched the Mainnet.
What is VeThor Token (VTHO)?
After the successful launch of the mainet, the VechainThor Blockchain released an additional token called Vethor Token (VTHO) coexisting with the VET coin.
VeThor (VTHO) is used for the "gas fee" in the VechainThor Blockchain network. You can simply understand that VTHO is similar to GAS on the NEO Blockchain.
Detailed information about VET Token
Key Metrics
- Ticker: VET.
- Blockchain: VechainThor.
- Token Standard: VIP180, VIP181.
- Token type: Coin.
- Avg. Transaction time: 10,000 TPS.
- Avg. Block time: 10 second.
- Total Supply: 86,712,634,466 VET.
- Circulating Supply: 55,454,734,800 VET.
VET Token Allocation
Vechain's total supply (VET) is divided according to the following ratio:
- 41% for token sale.
- 9% for Private Investors.
- 23% for Enterprise Investors.
- 5% for Co-founders and the Vechain development team.
- 12% for the operating budget and technology development.
- 10% for Vechain's business development.
VET Token Sale
Vechain (VET) called for capital via ICO through 3 rounds including: Public Sale, Private Investors and Enterprise Investors.
The percentage of tokens sold through each round is shown in detail in the table below:
VET Token Use Cases
VET will be used for 3 main purposes in VechainThor:
- VET is used as a means of payment (Smart Payment Currency).
- Enterprises will use VET to operate business activities running on VechainThor.
- The more VET businesses hold, the more rights they have on VechainThor Blockchain.
VTHO has the role of supporting payment transactions and implementing smart contracts on VechainThor's Blockchain network.
How to buy VET Token
In 2017, you can earn free tokens/coins through Airdrop or Bounty programs. Unfortunately, Vechain has put an end to these programs.
Therefore, those who want to own VET must buy directly on exchanges.
How to mine VET Token
VET is a coin that cannot be mined. But you can earn VeThor Token (VTHO) through 2 ways:
Hold VET to receive VTHO
VET holders will receive VTHO rewards at the rate of 0.000432 VTHO per VET per day. The total VTHO will be distributed by the 5th of each month.
If you hold 10,000 VET, you’ll receive 4.32 VTHO per day. If you hold 100,000 VET for 10 days, you will receive a total of 10x4.32x10 = 432 VTHO.
Become a Validator of VechainThor
The VechainThor Blockchain runs a consensus mechanism called Proof of Authority (PoA), with 101 Validators confirming the transaction. The reward is 30% of the VTHO obtained from transaction fees in VechainThor's network.
How to store VET Token
Vechain (VET) has been migrated to the VechainThor Blockchain platform, so you can not store VET on Ethereum wallets.
Currently, Vechain Foundation has developed a separate storage wallet for VET and VTHO called VechainThor Wallet. VechainThor Wallet is already supported on Appstore, Google Play and Ledger Nano S. You can download and try it out.
Besides, you can also use wallets developed by 3rd parties such as Atomic Wallet, Trust Wallet, Cobo Wallet, Arkane Wallet to store Vechain (VET).
Team, Investors, and Partners
Team
Vechain’s core team members consist of many talents worldwide.
Investors
Vechain was invested by reputable funds such as Fenbushi Capital, pwc, Draper Dragon, Breyer Capital, ... Their latest funding was raised on May 5, 2018 from a Corporate Round round.
Partners
VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group etc.
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Is Vechain a good investment?
VeChain is one of the most successful Ethereum forks. While many projects are still struggling to focus on developing DeFi features to build an ecosystem of application platforms, VeChain focuses on technology solutions that apply directly to businesses instead.
VeChain is one of the Blockchain platforms that has undergone a long development process, initially the project only focused on Internet of Things (IoT) technology and supply chain management as the focus, and now VeChain has a multi-purpose switch with customizable support for multiple business uses.
Vechain claims to be a scalable solution, with fast transactions and extremely low transaction costs.
Summary
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