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What is VeChain (VET) and how does it work?

by Financial Economy

Founded in 2015 as part of the Shanghai-based Blockchain as a service (BaaS) company BitSE, VeChain is a distributed commercial ecosystem leveraging blockchain technology. It is specially designed for use by both small and large businesses. VeChain’s public blockchain is called VeChainThor. Information about what is VeChain (VET) and how does it work is in rest of the article. You can browse here for information about Enjin Coin (ENJ).

What is VeChain (VET) and how does it work?

The VeChain Foundation is established in Singapore and is responsible for the development, governance and advancement of the VeChain ecosystem. VeChain is considered by some to be a mature company due to the fact that many real-world business applications already exist on the VeChainThor blockchain. VeChain’s affiliate company has received a 5-star Blockchain Service Certificate from TÜV Saarland, a certification body from Europe.

VeChain has two different tokens: VET and VTHO. VET (VeChain Token) is used for financial transactions and market speculation on the VeChainThor blockchain. VTHO (VeThor Token) is the “energy token” used to trade on VeChainThor. VET holders can create VTHO for use on the VeChainThor blockchain.

VeChain is known for having deep connections with China, a blockchain market that is very difficult to enter and critical for non-Chinese companies. Although the company is managed from Singapore, the company also has an office in Shanghai, has received investment from the Chinese venture capital firm FutureCap, and has a Chinese CEO named Sunny Lu. The project has partnerships with several Chinese government bodies, including the China Animal Health and Food Safety Association.

VeChain (VET) usage areas!

Vechain technology has important uses. However, it should be noted that what we will be talking about here is not an exhaustive list. Vechain; It is used in areas such as food safety, fraud prevention, health records, carbon emission tracking, etc.

For details: https://en.bitcoinwiki.org/wiki/Vechain

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