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VET (Vechain) Token Price & Latest Live Chart
2023-07-11 20:17:20
0.0169 USDT

Discover the latest VET price with FameEX's VET/USD Price Index and Live Chart. Keep up-to-date with the current market value and 24-hour changes, as well as delve into Vechain's price history. Start tracking VET price today!

Daily historical price (USD)
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What is VET (Vechain)?

VeChain (VET) is a public blockchain platform that aims to bring the transformative powers of blockchain technology to businesses of varying scales. Blockchain, with its inherent features of decentralization, immutability, transparency, and automation, promises a myriad of applications across sectors. However, the prohibitive costs of creation and maintenance of blockchain applications often limit its widespread utility. This is where VeChain intervenes with its mission to democratize the use of this disruptive technology by minimizing the barriers to entry. Supply chains, plagued by opacity, stand to gain significantly from the adoption of blockchain, given the technology's ability to facilitate direct, third-party-free transactions and facilitate data sharing among stakeholders.

The VeChainThor blockchain positions itself as a more versatile and adaptive alternative to Ethereum. Although Ethereum is a substantial technological milestone, it falls short of being an ideal platform for large-scale commercial decentralized applications (DApps) due to the absence of a robust governance framework and an appropriate economic model. In a world where cost predictability is critical, businesses find it challenging to estimate future expenses related to maintaining an Ethereum-based DApp, especially given the volatility of Ether's price. VeChainThor tackles these limitations through meta-transaction features, a proof-of-authority (PoA) consensus method, an on-chain governance mechanism, and a distinctive two-token system.

How does VET (Vechain) work?

VeChain's functionality is rooted in a proof-of-authority (PoA) consensus algorithm, which uses a network of 101 Authority Masternode operators to secure transactions on the blockchain. The network participants are all vetted through rigorous Know Your Customer (KYC) checks and expected to contribute to the network's growth. Moreover, VeChain's unique two-token system insulates enterprises from market speculation and excessive volatility, instilling confidence in their operating costs.

VeChain has also developed VeChain ToolChain, a suite of products that allow businesses to build new services and products collaboratively. This includes platform-as-a-service (PaaS), software-as-a-service (SaaS), and blockchain-as-a-service (BaaS) capabilities. For example, the low-code deployment PaaS empowers customers to design process templates without creating their blockchain applications from scratch. Meanwhile, VeChain's BaaS offering provides a restful API to standardized smart contract services, facilitating safe data exchange over the internet.

VET (Vechain) market price & tokenomics

VeChain operates on a two-token economy comprising of VeChain Token (VET) and VeChainThor Energy (VTHO). The former generates the latter and is used to make payments or remittances within the VeChain network. The VTHO token, on the other hand, is used to settle transaction fees and cover the costs of using the platform's gas and smart contract development. According to VeChain's tokenomics, 70% of all transaction fees are burnt to reduce the circulating supply, while the remaining 30% is allocated to masternode operators. As of now, VET (Vechain) is ranked #37 by CoinMarketCap with market capitalization of $1,657,839,873 USD. The current circulating supply of VET coins is 72,714,516,834.

Why do you invest in VET (Vechain)?

VeChain ensures security by partnering with several security companies to proactively identify and mitigate potential vulnerabilities and cyber threats. VeChain’s smart contracts feature brings additional enhancements to supply chain operations. These self-executing contracts can help increase efficiency, decrease human error, and streamline supply chain processes. For instance, smart contracts can issue alerts for temperature-sensitive pharmaceuticals, thereby enhancing patient safety. Furthermore, VeChain empowers patients by giving them control over their medical data and healthcare experience. By securely storing and maintaining patient information, treatment plans, and medical histories, VeChain sets new standards in the realm of healthcare.

As for investing in VeChain (VET), it is essential to consider individual financial objectives and risk-return profiles. VeChain is undoubtedly a remarkable blockchain platform with impressive use cases, particularly in supply chain management. However, the volatile nature of cryptocurrencies means that investments can come with considerable risk. 

Is VET (Vechain) a good Investment?

Investing in VeChain could be seen as a good investment if you believe in the platform's value proposition and its potential to revolutionize supply chain management through blockchain technology. The platform's partnerships with major corporations and its growing list of real-world use cases present a convincing case for its future growth. However, like all cryptocurrency investments, purchasing VET does carry risk. The value of cryptocurrencies is extremely volatile and can fluctuate rapidly, which means that the value of your investment can rise or fall significantly in a short period. While VeChain has a clear use case and strong partnerships, it operates in a competitive and rapidly evolving space with other well-established blockchain platforms also vying for market share. Before investing in VET, it is recommended to conduct thorough research, understand the technology, the team behind it, and its long-term roadmap. Assessing its position against competitors and the market demand for its solutions could also be beneficial. Potential investors also should consider their risk tolerance and investment horizon.

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