Exchange VeChain Thor (VET)
If you're looking to swap VeChain Thor, SwapSpace is your one-stop-shop. We have some light reading for you - in case you'd want a refresher on what is VeChain Thor or some fresh information about VET’s price movements. And, of course, we provide you with the multiple VeChain Thor exchange options so that you can choose the offer with the best rates and lowest VeChain Thor fees, as well as other parameters that suit you.
VeChain Thor Price Stats
To help you make a decision about exchanging your VeChain Thor, we gathered some cold hard numbers: VeChain Thor price chart and other stats, such as VeChain Thor market cap.
24H HIGH $0.0248
VET MARKET CAP $2,120,391,115.425
CIRCULATING SUPPLY 85,985,041,177 VET
24H LOW $0.0238
VET PRICE $0.02466
24H VOLUME $11,224,350.024
VeChain Thor Price Chart
Here you can see the current price of VeChain Thor, as well as VeChain Thor price history.
What is VeChain Thor?
VeChain is the smart-contract platform focused on improving supply chain management. It’s a Layer-1 enterprise-grade blockchain. With the use of sensors, such as RFID tags (radio frequency identification), QR-codes, or near-field communication that can be added to the products it allows the retailers to track all the related data, thus making supply chains more trustful as none of the records on the blockchain can be altered.
The project was founded by Sunny Lu, the former CIO of Louis Vuitton China, and Jay Zang, a professional in the finance and risk management sphere.
VeChain was launched in 2015 as a private consortium chain that served a host of enterprisers that were exploring the applications of blockchain. In 2017 the project started the move to the public blockchain and implemented an ERC token called VEN. Only in 2018, VeChain launched its own mainnet and its native VET token, which replaced VEN at a 1:100 ratio. By now VeChain Thor is one of the oldest smart-contracts-focused blockchains.
The main goal of VeChain is to help multiple industries (media, food, cosmetics, etc.) overcome the hurdles of maintaining the data with the application of distributed governance and the Internet of Things technologies that will be united in one ecosystem. The more ambitious vision is to prepare the foundation for the fourth industrial revolution that requires real-time data sharing between many participants. VeChain aspires to be the main platform for blockchain-based applications that offer real economic and social value.
VeChain performed wide research on the reason why the biggest enterprise companies are not yet on the blockchain. According to the project’s White paper, the main reason is not the lack of trust in the technology but the issues with decentralization and governance, unclear economic models of existing blockchains, the absence of the technological solutions that connect blockchain to the business, and the issues with the ability to comply with the regulations. The creation of the VeChain Thor blockchain is an attempt to resolve all the complications.
The platform operates on a Proof-of-Authority consensus mechanism, where Authority Masternodes are tied to the legitimate identities and create blocks and validate the transactions. The confirmation process has three phases and to confirm a new block or transaction at least three-thirds of the nodes have to agree.
VeChain uses two tokens to manage and create value — VET, and VTHO. The VET coin generates VTHO and also serves as a store of a value and the value transactions medium when interacting with the smart contracts. It has a supply of 86 billion.
VTHO is used to pay for the GAS, so the users don’t need to spend VET when wiring the data. It also allows keeping the price of using the blockchain stable by adjusting the amount of VTHO needed or by increasing the generation of the VTHO tokens. VTHO tokens can be earned by staking VET crypto. The amount of reward is decided by the stakeholders that vote for it. The exact power of each participant depends on the role of the network (Authority Masternode, Economic X Node, Economic Node).
A Simple Way To Exchange VeChain Thor Here At SwapSpace
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