What is VET

1. Programme Name

Vechain (VET)
 
2. Project Introduction

VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model and advanced IoT integration

Co-founded by Sunny Lu (former CIO of LV China) the current CEO, Vechain currently has use cases and applications in industries such as Fashion and Luxury, Food Safety, Automobiles and Supply Chain. Vechain currently has partnerships with BMW and DNV.GL and Jim Breyer listed on its advisory board.

VeChain uses blockchain technology and their in-house built smart chip to track items throughout their lifecycle. The smart chip can be implemented in different IoT items such as NFC chips, RFID trackers, or QR codes.

VeChain utilizes PoA algorithm and a dual token system consisting of VeChain Token (VET) and VeThor Token (THOR). VET can be used to deploy applications on the platform whereas THOR can be used to pay for applications and other transactions over the network.

3. Zone

New Zone

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. HTX does not take responsibility for any resulting direct or indirect losses.

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