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VeChain is a smart contract platform focused on providing supply chain management solutions for enterprises and integrating with Internet of Things (IoT) devices to facilitate the process. Its goal is to leverage distributed ledger technology to streamline these operations and information flow for complicated supply chains. VeChain Token (VET) and VeChainThor Energy (VTHO) are the two tokens on the Vechain network. The former is used to relay value across VeChain's network, while the latter is utilized to power smart contract transactions as energy or "gas." The VeChain platform claims to give authorized stakeholders with a total view of critical information related to a product and its business processes (i.e storage, transit, supply and authenticity) as well as increase market transparency.
VeChain token type
VeChain history and first price
Crowdsale, Private Sale
The VeChain Foundation distributed its network's native token to private, enterprise, and crowdsale investors back in 2017. At the time, the token was an ERC-20 that ran on Ethereum. The team later discarded VEN in favor of VET when they launched a mainnet version of the VeChainThor blockchain. A token swap allowed holders to swap VEN for VET at an exchange rate of 1:100. VEN is no longer an active token.
VeChain initially minted 1 billion VEN tokens, which equates to 100 billion VET. The initial distribution of VEN (which in terms of percentages, is the same as VET) is as follows:
- Private investors received 90 million tokens (9%); now 9 billion VET
- Enterprise investors received 230 million tokens (23%); now 23 billion VET
- Crowdsale investors purchased 277,162,634 VEN (27.7%); now 27,716,263,400 VET
- The VeChain Foundation burned 132,837,366 VEN as part of the token sale refund process (13.3%)
- Project team members received 50 million tokens (5%); now 5 billion VET
- The Foundation gave themselves 220 million VEN (22%) for operations and development expenses; now 22 billion VET
VeChain is a multi-purpose enterprise blockchain for improving business operations and product tracking. VeChain blockchain development started in 2015 as a modified fork of Ethereum with a design focus on Internet of Things (IoT) and supply chain management. To date, VeChain has expanded their focus to multi-purpose functionality with customizable support for a range of enterprise uses. On-chain governance, cheap transaction fees, interoperability with non-blockchain technologies, and regulatory compliance are all priorities for VeChain core developers. VeChain wants to make all required information from manufacture to delivery (storage, transportation, and supply) available to all authorized parties for any enterprise business process that interacts with the VeChain Thor blockchain.
Specified the scope of fundamental subjects that require all stakeholder voting Redefined the categories of stakeholders with voting authority as Authority Masternode, Economic X Node and Economic Node Adjusted the voting authority model according to the new stakeholder categorization Streamlined stakeholder voting procedure Introduction of VeVote platform
Designed for compatibility with all mainstream web browsers, increasing accessibility of dApps Simplification of dApps and dApp usage through a consistent user experience across different OS and devices
VeChain technology explained
VeChain’s blockchain is built on a modified version of the Ethereum codebase. VeChain optimizes its blockchain (called Thor) for enterprise use cases. Thor is the core of the VeChain blockchain, which functions as a basic layer for message exchange, key management, and data storage. Business applications can be built on top of Thor for smart contract creation and data auditing. VeChain plans to develop Thor smart contract development with visualization tools and support for multiple languages.
VeChain IDs are a key component of the VeChain blockchain. Physical good tracked with VeChain are assigned digital identities created with a SHA256 hash and tracked with NFC, RFID, and QR codes.
VeChain uses a Proof of Authority (PoA) consensus mechanism that relies on masternodes to validate transactions. Authoritative masternodes are selected by the VeChain Foundation and the VeChain community after Know Your Customer (KYC) processes.
VeChain’s blockchain circulates two tokens. The first, VET, is the network’s primary medium of exchange for governance and payments. The second, VeThor (VTHO), is a token for a lower transaction fee model that is credited to VeChain users daily based on the amount of VET they hold. VeThor is used to executing smart contracts and transactions on the VeChain blockchain.
VeChain blockchain users are categorized as users and service providers. VeChain users include manufacturers, retailers, consumers, and other enterprise clients. Service providers build specific applications on the network like smart contracts and other blockchain-based software applications.
VeChain supply limit
Secondary Token Issuance
VeChain created a total of 1 billion VeChain (VEN) tokens. Of the total supply, 41% (410.0 million VEN) was sold in a public sale with a smaller 9% (90.0 million VEN) sold during a related private sale. Enterprise investors were allocated 14% of tokens (140.8 million VEN). The team received 5% of tokens (50 million VEN) which remain locked and 12% of tokens (120 million VEN) were set aside for ongoing operations.
Following the token sale, VeChain was required to refund Chinese citizens that participated in the token sale leading them to burn 13.3% of the total token supply (132.8 million VEN) reducing the maximum supply to 867.2 million VEN.
On Dec. 13, 2019, an attacker stole approximately 1.16 billion VET tokens from the VeChain Foundation's "buyback address." The Foundation attributed the cause of the hack to the negligence of its own staff and proceeded to have exchanges blacklist the addresses associated with the stolen funds.
No On-Chain Governance
You can transfer your VeChain holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you VeChain holding except you.
The Cropty wallet provides the most convenient application for storing and transfering VeChain. Cropty targets to become one the best crypto wallets for Android and iOS in 2022. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.
- Sign up to VeChain wallet.
- Top up your balance with VeChain.
- Store, trade or deposit your VeChain.
- Get VeChain deposit interest directly to your Cropty wallet.