VEChain also known as #vet has been trading at $0.004 while writing this post. 8% declined within 24 hours.
No matter is btc is going upward or downward, VET has been going down since some days. .
I am bullish on VET as post halving i believe the price is gonna be somewhere around $0.1 or something
VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology (DLT). The VeChain platform includes two main tokens: VET and VTHO.
VET (VeChain Token)
VET is the primary token that is used to carry value or "smart money" from smart contracts. In essence, VET represents the value that is being transferred across the VeChain network. It is used by companies as the smart payment currency to run business activities on the blockchain.
VTHO (VeChainThor Energy)
VTHO is the secondary token, used to power transactions on VeChain and is consumed (or, in other words, burned) after performing operations on the blockchain. It is generated by holding VET in a wallet, serving as a form of "gas" to power transactions.
Key Features and Use Cases
VeChain aims to solve key problems in the supply chain industry such as counterfeiting and product traceability. Through its blockchain, it enables manufacturers to add sensors, such as RFID tags, to their products that can then record data onto the VeChain blockchain. This can include information about the manufacturing process, delivery, and maintenance of the product throughout its lifecycle.
Some of the key features and use cases of VeChain include:
Product Lifecycle Management: VeChain allows for the tracking of products from manufacturing to delivery, ensuring that the product history is transparent and tamper-proof.
Supply Chain Logistics: It improves logistics systems by providing a more efficient and transparent method for tracking the movement of goods.
Anti-counterfeiting: By ensuring the authenticity of products, VeChain helps prevent counterfeiting across various industries like luxury goods, wines, and pharmaceuticals.
Regulatory Compliance: It aids businesses in ensuring compliance with regulations through immutable record-keeping.
Sustainability Tracking: VeChain can be used to verify sustainability practices by tracking the carbon footprint and ethical sourcing of products.
Technology and Governance
VeChain operates on a proof of authority (PoA) consensus mechanism, which is designed to provide a balance between centralization and decentralization, efficiency, and scalability. This mechanism allows for transactions to be processed by approved accounts known as "Authority Masternodes."
The platform's governance structure is designed to be transparent and to allow for the seamless updating and upgrading of the blockchain, with input from stakeholders within the VeChain ecosystem.
Since its inception, VeChain has evolved and adapted, striving to become a leading blockchain platform for supply chain management and enterprise solutions. Its partnerships and use cases span a variety of industries worldwide, showcasing the potential of blockchain technology to transform traditional business processes.
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