Modified on: Fri, 22 Sep, 2023 at 1:39 PM
VET is the main cryptocurrency that powers VeChain, a blockchain-enabled cryptocurrency and smart contracts platform that enables businesses to integrate their internal supply chain system with blockchain technology. VeChain aims to connect Internet of Things (IoT) infrastructure together with the security and transparency of blockchain technology to help companies better understand the entire supply chain of a product from start to finish. The VeChain ecosystem has its own native blockchain called VeChainThor. VeChainThor has a unique two-token system that helps separate the cost of computing fees on the blockchain from speculation-driven price volatility. This avoids fee fluctuations and network congestion, making the VeChain ecosystem suitable for conducting business or financial activities for both individuals and larger companies. Its current high-profile partners include; BMW, Louis Vuitton, Renault Group, H&M, and Walmart; demonstrating the current day use cases, as well as the future potential of the platform. VET is the primary store of value on the blockchain and is used for transfers between business activities on the platform. VET tokens also power the entire VeChainThor blockchain by a proof-of-authority consensus mechanism.
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