VeChain (VET) is the distributed business ecosystem leveraging blockchain technology.
And its specifical designs use by both small and big businesses. VeChain’s public blockchain is called VeChainThor.
Also, the Vechain Foundation is found in Singapore and oversees the development, governance, and advancement of the VeChain ecosystem.
And also, VeChain considers a mature company by some, with many real-world business applications already existing on the VeChainThor blockchain.
As the VeChain Whitepaper 2.0 states, “these solutions are not just theoretical.
And solutions tested and discuss with over 700 enterprises. And also implemented for over 100+ fortune level enterprises.”
Also Read: What are Polygons? – 5 Types of Polygon
How VeChain (VET) Works?
- The VeChainThor blockchain works similarly to other business-use blockchain platforms.
- And businesses use VeChain’s fully functional Blockchain-as-a-Service (BaaS) product called ToolChain.
- Also, build blockchain-based solutions. VeChainThor also supports smart contracts. And also, single transactions on the VeChainThor blockchain can carry out multiple tasks.
- In addition, VeChain app users do not need to hold any crypto to perform transactions. It can complete instead by the app owners, making the user experience more convenient for the average user.
- Also, the VeChainThor blockchain uses Proof of Authority (PoA) consensus. And which delegates power to specific nodes in the VeChainThor blockchain for confirming transactions.
- And it means that it only passes transactional blocks through Authority Masternodes that need to hold at least 25,000,000 VET.
What are VET and VTHO?
- VeChain has two separate tokens: VET and VTHO.
VET (VeChain Token) use for financial transactions on the VeChainThor blockchain and market speculation.
- VTHO (VeThor Token) is the “energy token” use to conduct transactions on VeChainThor.
- Also, VET owners can generate VTHO for use on the VeChainThor blockchain.
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