VeChain price today is $0.011296 USD with a 24-hour trading volume of $126,068,027 USD. VeChain is down 5.01% in the last 24 hours. The current CoinMarketCap ranking is #29, with a market cap of $726,508,439 USD. It has a circulating supply of 64,315,576,989 VET coins and the max. supply is not available. You can find the top exchanges to trade VeChain listed on our crypto exchanges page.
VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management.
The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain.
The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China.
Lu has since become a well-known name within the cryptocurrency industry. He has drawn attention to the ability of blockchain technology to solve transparency in particular, arguing that it can create “trust-free” structures which do not suffer from corruption as part of the supply chain.
Fellow co-founder Jay Zhang, who directs VeChain's global corporate structure, governance, and financial management, previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.
Having launched in June 2016, VeChain is one of the oldest dedicated blockchain supply chain platforms on the market.
VeChain exists to disrupt traditional supply chain models, an industry which before blockchain had remained little changed over the decades.
Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking products in a given supply chain, while reducing cost through trustless automation.
VeChain’s model thus appeals to businesses looking to reduce supply chain friction and give a more transparent impression to clients.
VeChain’s official literature notes that its unique proposition lies in its dual-token setup, among other features. In-house token fees combine with charges for various services to generate operating income for the company, while token holders can engage in activities such as staking, thus providing liquidity in return for rewards.
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VeChain has two in-house tokens: VeChain (VET) and VeThor (VTHO). Described as a unique offering for such a platform, the dual-token system is designed to avoid fee fluctuations and network congestion.
VET holders automatically generate a small amount of passive income in VTHO, while 70% of the VTHO used in a VET payment is destroyed.
VTHO is generated based on VET holdings, while VET itself has a maximum fixed supply of 86,712,634,466 tokens.
VeChain (VET) is a proof-of-stake token, and VeChain itself explains that relatively low computing power is required to achieve network security and maintain user consensus.
A separate feature, proof-of-authority, involves authority masternode operators maintaining the protocol in their own interest according to rules laid down by parent organization, the VeChain Foundation.
VET is a freely-tradable token available on major exchanges, while markets also exist for VTHO.
VET had major markets on Binance and Huobi Global among other platforms, with pairs for cryptocurrencies, stablecoins and fiat currencies.
|VeChain Price||$0.011296 USD|
|24 Hour High / Low|
$0.011841 USD /
|24 Hour Volume||$126,068,027 USD|
|Market Cap||$726,508,439 USD|
|Yesterday's High / Low|
$0.011982 USD /
|Yesterday's Open / Close|
$0.011785 USD /
|Yesterday's Change||$-0.000379 USD (-3.21%)|
|Yesterday's Volume||$128,834,450 USD|
|7 Day High / Low|
$0.012571 USD /
|30 Day High / Low|
$0.013660 USD /
|90 Day High / Low|
$0.022917 USD /
|52 Week High / Low|
$0.022917 USD /
|All Time High|
(Aug 09, 2020)
|All Time Low|
(Mar 13, 2020)
|Circulating Supply||64,315,576,989 VET|
|Total Supply||86,712,634,466 VET|
|Max Supply||No Data|