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VeChain cryptocurrency is a smart contract platform focused on providing supply chain management solutions for companies and integrating with IoT devices to facilitate the workflow.
VeChain cryptocurrency is a multi-purpose blockchain for improving business operations and product tracking. The development of VeChain blockchain began in 2015 as an modified Ethereum fork focusing on IoT design and supply chain management.
To date, VET has expanded its focus to multi-functional capabilities with customizable support for a wide range of enterprise applications. VET token core developers are optimized for governance tokens, low transaction costs, interoperability with non-blockchain technology, and compliance.
VeChain aims to provide all the necessary information to all authorized stakeholders for any organizational business process that communicates with the Thor blockchain, including storage, transportation and procurement, from production to delivery.
VeChain cryptocurrency has generated a total of 1 billion VET tokens.
Of the total supply, 41% (410.0 million VET) was sold in a public sale with 9% (90.0 million VET) smaller during the related private sale.
– 14% of tokens (140.8 million VET) are allocated to corporate investors. The team received 5% of the tokens (50 million VET) that were locked and 12% of the tokens (120 million VET) for the current operation.
Following the sale of the token, VeChain cryptocurrency was required to repay Chinese citizens participating in the token sale, which resulted in the burning of 13.3% of the total token (132.8 million VET), reducing the maximum supply to 867.2 million VET.
Blockchain of VeChain cryptocurrency is built on a modified version of the Ethereum project fork. VeChain optimizes its blockchain (called Thor) for corporate applications. Thor is the core of the VeChain blockchain, which acts as a basic layer for message exchange, key management and data storage.
Business applications can be created on top of Thor to create smart contracts and data audits. VeChain plans to develop Thor Smart Contract using multi-language visualization and support tools.
VeChain IDs are one of the main components of the VeChain blockchain. Physical goods tracked with VeChain are tracked to digitally assigned identities with SHA256 hash and NFC, RFID and QR codes.
VeChain uses the Proof of Authority (PoA) mechanism, which relies on a variety of methods to validate transactions. Get to know the credible patterns after your customer process (VeChain Foundation) and the VeChain community.
VeChain’s blockchain circulates two tokens.
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