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What is VeChain all about
VeChain is a blockchain that has set out to tackle a rather specific issue in today’s society that is well suited to this new technology — supply chain management. The goal of the project is to streamline supply chain processes and information flow through the use of distributed ledger technology.
In achieving this goal of “a trust-free and distributed business ecosystem platform” there are two different tokens in play with VeChain; VeChain token (VET) — the value layer and VeChain Thor Energy (VTHO) — the smart contract layer.
Current supply chain management is seen as rather antiquated and inefficient, and blockchain is a technology well suited to solving these issues, which is why VeChain has taken to tackling this head on.
According to VeChain’s white paper, blockchain technology can break “this asymmetric information problem and allow ownership of data to return to and empower its owner.” It can be used to track quality, authenticity, storage temperature, transportation medium from ,manufacturing right to final delivery to a customer.
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VET Questions & Answers
What is the price of VeChain today?
Currently, the price of VeChain is 0.10 EUR.
What was the highest price of VeChain?
VeChain was the most expensive on 2021-04-19, when it was at 0.23 EUR.
What will the price of VeChain be one month from now?
Based on our prediction, we suspect the cost of VeChain will reach anywhere between €0.07175498549245612 and €0.12 one month from now.
What will the price of VeChain be in half a year?
Difficult as it is forecasting long term in accordance with our prediction we suspect VeChain's price will be anywhere between €0.07159439823449448 and €0.17 6 months from now.
What will the VeChain price be in three months?
Using our short term prediction we suspect VeChain's price is likely going to reach between €0.07159439823449448 and €0.12 in 90 days.
How popular is VeChain among social media users?
208445 individuals took part in discussing VeChain on Reddit in the last 48 hours. VeChain's official Twitter handle currently is followed by 454298 people.
How does VeChain work to stop counterfeiting?
The use of VeChain in supply chain management and the provenance of goods allows for information about original goods to be stored and attached to specific items. Thus, any counterfeits created will not be linked to the blockchain and easily weeded out.
Does VeChain have good use case potential?
When blockchain was first examined for its potential, it essentially mimicked a supply chain ledger. With its strong security and digitalization, this aspect is one of the prime use cases of the technology and VeChain is actively looking to be a leader in this space.
Why are there two VeChain tokens?
The Vechain platform contains two distinct tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is used to transfer value across VeChain’s network, and VTHO is used as energy or "gas" to power smart contract transactions.
Is VeChain in use today with major companies?
VeChain has partnered with PwC, a major accounting firm, in order to offer blockchain powered solutions to its big client base, providing its clients with improved product verification and traceability.