Overview of the cryptocurrency and the VeChain blockchain platform: technical features and prospects

VeChain with the VET token is a business development-oriented platform that operates on its own VeChainThor blockchain. The platform cooperates with such well-known companies as Renault and BMW.

What is VET

The decentralized open source platform VeChain appeared in 2015 in Singapore. Its official launch took place in August 2017. About 70% of tokens were distributed during the ICO. The remaining tokens are intended for the development of the project, including the remuneration of developers.

The platform, according to its authors, should become the basis of a future ecosystem for business. One of its main functions is to digitize information about goods and other objects. The platform has its own VET and VTHO tokens to pay for transactions.

With the help of VeChain, it is possible to track logistics chains and develop solutions for modern IoT technology of the Internet of Things. Especially important is the use of VeChain to combat counterfeit products.

This happens as follows. The NFC chip is being implemented into the product. The recipient of the product scans it using a smartphone to verify the authenticity of the product. The chip also helps to track deliveries in real time.

Each platform object is assigned a unique identifier, and a record is created in the blockchain. In addition to the NFC chip, the object can be tracked by a QR code or RFID tag. Users can independently develop applications, assemble them from ready-made blocks, or use solutions offered by the developer.

The company has partners all over the world. So, in China, it was used to track the supply of tea and other agricultural products, and in BMW – to interact with car service centers. There are examples of the use of VeChainThor in the field of healthcare, including the fight against the Covid-19 coronavirus. In August 2022, one of the Amazon services became a partner of VeChain.

Technical features of VeChain

The VeChain platform operates on the basis of modern technologies, providing users with easy access to information. New blocks are generated every 10 seconds, which allows you to reach the speed of 10 thousand transactions per second. The platform allows you to flexibly configure these parameters, it is built on the Ethereum blockchain.

Each user can create their own tokens, including NFT. More than 30 tokens are already functioning on the network. Users develop blockchain games, there is a decentralized crypto exchange and a virtual universe.

How to get and where to store VET

Both cryptocurrencies of the VET and VTHO project are traded on crypto exchanges, including such large ones as Binance and Huobi. Coins can be stored in exchange wallets and any external wallet that supports the Ethereum blockchain.

Vechain Development Prospects

The main competitors of the project are not decentralized platforms, but companies working on traditional technologies. The successful development of the project depends on many factors, including foreign policy.

Now, according to many financial experts, the coin is undervalued. Its rate is falling, following the general trend of the cryptocurrency market (even the term “cryptocurrency winter” has appeared). In the short term, the bearish trend, according to analysts, will continue. In this regard, long positions carry increased risks.

Published: 19 December, 2022