VeChain

VeChain

VET
$0.04501340
-5.60%
$0.03994308

24H Price

$0.05053253


About VeChain

The VeChain price is $0.04501340, a change of -5.60% over the past 24 hours as of 8:07 a.m. The recent price action in VeChain left the tokens market capitalization at $3.27B. So far this year, VeChain has a change of 32.52%. VeChain is classified as a Currency under CoinDesks Digital Asset Classification Standard (DACS).

The VET asset is the native cryptocurrency of the VeChain project.

The VeChain ecosystem is a software environment that incentivizes network participants to run a distributed network supporting decentralized applications. This approach aims to let businesses digitally collaborate through new tools, enhanced data transfers and supply chain management solutions.

VET Price

The VET price reached an all-time high value of $0.280991 on April 19, 2021. It’s all-time low of $0.00191713 was recorded on March 13, 2020.

The VET asset has a supply cap of 86,712,634,466 tokens.

The VET token was initially issued as an ERC-20 token on Ethereum under the VEN ticker. However, it was changed to VET once the VeChainThor blockchain went live, with VEN being swapped to VET at a 1:100 ratio.

One billion tokens were minted initially, with 41% sold during a public sale, 9% used for a private sale and 14% going to enterprise investors. Team members received 5%, and 12% of the supply was set aside to fund day-to-day operations.

The supply has remained stable since late 2019, and no more VET are being issued today.

VET was a relatively quiet coin between its launch and late December 2020. Since then, it peaked at its all-time high in April 2021 but lost over 80% in the following months, dipping to $0.058 in July 2021. It has seen a few ups and downs since then, but never got past $0.176 again. It does not appear subject to pump-and-dumps but rather follows the overall industry trend and sentiment.

How Does VeChain Work?

VeChain uses proof-of-authority as its consensus mechanism. Users verifying and adding transactions do so as Authority Masternodes, which require locking up at least 25 million VET and submitting information to the VeChain Foundation. A total of 101 Authority Masternodes exist today. Users can also set up an economic masternode that serves as a "check on power" yet does not produce blocks or ledger records. Running an economic node requires locking up 10,000 VET.

The VeChain ecosystem rewards those who process computation with VTHO fees. There are two tokens in this ecosystem: VET for storing and transferring value and VTHO for blockchain transactions (similar to gas in platforms such as Ethereum).

The VeChain ecosystem supports smart contracts and decentralized applications.

Key Events and Management

VeChain launched in 2015 under the guidance of Sunny Lu and Jay Zhang. Its 2017 initial coin offering for the VEN token raised $20 million.

The project completed a seed round and venture round on April 14, 2018, and a corporate round on May 5, 2018, for undisclosed amounts.

VeChain hard forked in November 2021 to introduce Proof-of-Authority 2.0, enhancing network security and data finality. Another hard fork took place in June 2021 to maintain compatibility with the Ethereum Virtual Machine.

Sonny Lu remains associated with the project as CEO of VeChain. Jay Zhang stepped down from the VeChain Foundation in 2019 after the Foundation lost $6.53 million due to a smart contract hack. However, he remains the vice president of finance for VeChain, per their website.

VeChain has no plans - and no immediate need - to explore layer-2 opportunities.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About VeChain

View All
CoinMarketCap
First Mover Americas: Bullish Week for Bitcoin and VeChain

The latest price moves in crypto markets in context for Feb. 16, 2024.

CoinMarketCap
(Andy___Gin/Getty images)
UFC Taps VeChain as First Official Layer 1 Blockchain Partner

The multi-year deal was reportedly worth $100 million.

(Andy___Gin/Getty images)
Draper University founder and VC Tim Draper (Getty Images)
Draper University Partners With VeChain to Train Web 3 Founders

The broader Draper Network of investment funds was an early backer of the blockchain platform for supply chain and business process management.

Draper University founder and VC Tim Draper (Getty Images)
E-HCert App
Coronavirus Vaccinations Certified With VeChain's Blockchain Tech in Cyprus

The medical certification app was developed by VeChain and I-Dante last May.

E-HCert App

Rootstock Chief Scientist, Sergio Demian Lerner, regards the upcoming Bitcoin halving is a moment of celebration for the community and highlights the importance of transaction fees for the sustainability of the network. Read more...

CoinDesk Indices

View All
Top Indices including VeChain
Logo
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 04/13/24 8:07 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.