VeChain (VET)

The VeChain Foundation, which began as a private consortium network in 2015, went on to create the VeChainThor public blockchain, a fully programmable EVM-compliant L1 smart contract platform that can adapt to a broad range of real-world purposes. VeChainThor manages everything from supply chain to sustainability, carbon emissions, SDGs, De-Fi, NFTs, and more. A special two-token architecture ensures cheap and stable transaction costs. While an innovative Proof-Of-Authority consensus mechanism offers high throughput, scalability, and security with little energy consumption, resulting in 0% network downtime after more than three years of continuous operation.

The platform manages and creates value on its VeChainThor public blockchain using two tokens, VET and VTHO. VET produces VTHO and serves as a medium for the storage and transmission of value. VTHO is utilised to pay for GAS expenditures, eliminating the need to spend VET while writing data. This has the added benefit of keeping network costs constant by changing variables like the amount of VTHO required to service a transaction or raising the VTHO generation rate. 

VeChain Technology is a global leader in real-world blockchain applications, with operations in China, Singapore, Luxembourg, Japan, France, San Marino, and the United States. VeChain has established collaborations with significant organizations such as Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, ASI Group, and others. This had been possible due to its strong independent development capabilities and expert compliance support from key partners PwC and DNV GL.

To know more about the VeChain price prediction, install the top cryptocurrency app CoinGabbar today!