VeChain (VET) Price, Market Cap and Information

VeChain (VET) is a blockchain platform for working with smart contracts, which is mainly focused on applications for business, namely the supply chain (tracking, quality control, inventory, etc.). Mine-net was launched in 2018, by then VeChain had already become a sought-after project among partners.

Cryptocurrency VeChain (VET) is an ERC-20 standard token. The project is currently working with well-known companies such as Renault and BMW. The VEN token is the VeChain ecosystem's own token. People use these tokens when they pay for goods or services, or they receive it when they act as suppliers.

41% of the token issue was distributed during the ICO. The project has already placed some enterprises on its platform and is currently working on cooperation with many others. In addition, the VeChain network is growing rapidly, which indicates an increasing deployment potential. VeChain provides its own anti-counterfeiting solution - it's an NFC chip. It can be implemented in almost any product, and the client can scan the chip using a smartphone and make sure that the product is genuine. Cryptocurrency VeChain (VET) is presented on many crypto exchanges, but the bulk of the trading is done on Binance.

VET is a payment currency that serves as a means of determining value. Owning this coin gives you the privilege of using the VeChainThor blockchain. There are versions for different mobile platforms. Other crypto-wallets support cryptocurrency storage too: VeForge Vault, Comet, Trust Wallet, Cobo Wallet, Atomic Wallet, Arkane Network, MySafeWallet.

VeChain cryptocurrency mining is not available, as the system uses a version of the Proof-of-Stake algorithm. You can get new coins simply by holding them in your account. VeChain is actively trying to boost adoption in the cryptocurrency world. This is evidenced by rebranding, and a token swap on VET, and the introduction of masternodes. According to the team's plans, it will take several more years to introduce the currency into everyday use. This process will go the faster as more partners join the project. VeChain is one of Ethereum's notable competitors.

The Ethereum network, of course, has the advantage of coverage, but it has a number of problems with scalability and high fees. VeChain is faster and cheaper than Ether. This is partly why the largest international companies and conglomerates do not give up partnerships and use of the VeChain network.