Overview of VeChain (VET)
• VeChain is a blockchain platform that was launched in 2015 to provide supply chain solutions and has gained significant adoption in a variety of industries.
• It raised funds through an initial coin offering (ICO) in 2017 and since then has become a leading platform for supply chain management solutions.
• It recently announced VeChainThor’s most significant mainnet hard fork ready for deployment following the successful vote on VIP-220 dubbed the ‚Finality with one Bit‘.
VeChain is built on two tokens, VET, which is the primary token used for storing and transferring value, and VTHO, used for transaction fees. The separation of these two tokens helps ensure a stable price for the token used for transaction fees. At press time, VET was trading at $0.020, down by almost 20% over the past week. The altcoin’s market capitalization was as high as $1.7 billion with the crypto ranked 37th on the price charts.
Features & Adoption
VeChain started out in 2015 as a private consortium chain, collaborating with a variety of businesses to investigate blockchain applications. It helps companies to create decentralized applications (dApps) and carry out transactions with higher levels of security and transparency. In June 2020 it announced its $100 million multi-year deal with UFC which was recently seen at UFC 280, where it actively took part in promoting sustainability initiatives through its blockchain technology.
VeChain is currently mulling over a significant Proof of Authority upgrade which will integrate VIP-220 with the VeChain Thor Mainnet. If approved by all stakeholders‘ votes, VeChain would be able to launch its decentralized finance protocol on its own mainnet – making it easier to build new products from scratch without having to rely on third party resources or protocols such as Ethereum or Tron’s TRC20 tokens etc..
VeChain is an enterprise grade L1 smart contract platform that has been gaining traction within various industries due to its focus on security and transparency as well as its use of cutting-edge technology – making it an attractive choice among businesses looking to streamline their supply chains operations.. Its upcoming hard fork upgrade could pave way for more innovation through DeFi protocols being built directly on VeChain’s mainnet – helping increase further adoption of this blockchain solution across various industries around the world