VeChain is the VeChainThor blockchain launched in june 2018. The network focuses on blockchain based supply chain management and is compatible with other enterprise needs. It has an authority proof consensus mechanism, in which the authority master node is associated with the legal identity to validate and create blocks. The block confirmation process is divided into three stages, in which the confirmation of the new block must be approved by more than two-thirds of the nodes.
How does Vechain (VET) Work?
VeChain has two kinds of Tokens: VeChain Token(VET) and VeThorToken (VTHO). VTHO is distributed in the form of block reward and supplied in unlimited quantities to pay transaction fees. In contrast, the supply of VET is fixed at 86 billion. Users hold tokens when interacting with smart contracts and DApps to transfer assets on the blockchain.
You can automatically earn VTHO by holding VET in your wallet. The number of issues is determined through governance surveys involving different stakeholders on the network. The specific voting rights of users depend on their roles as authoritative master node, economic x node or economic node.
Adjust the issuance of VTHO through the chain governance model to stabilize the transaction cost denominated in legal currency. This explicit control model distinguishes three types of voters with different operating permissions.
What is Vechain (VET) ？
VeChainThor is a public blockchain designed to enable enterprise users of all sizes to adopt blockchain technology on a large scale. VeChainThor aims to lay the foundation for a sustainable and scalable enterprise blockchain ecosystem, partially supported by our novel governance and economic models and unique protocol enhancements.
VeChainThor blockchain aims to solve the above problems. It is not built from scratch; It extends some basic building blocks of Ethereum (for example, account model, EVM, modified Patricia tree and RLP coding method), and provides innovative technical solutions supported by our novel governance and economic models to promote wider blockchain adoption and create a new business ecosystem with higher efficiency and trust. VeChainThor has technical features tailored to the actual needs of enterprises, individuals and developers.
Vechain (VET) Crypto Wallet
In addition to placing VET in the Gate.io exchange to facilitate trading, VET can also be placed in the crypto wallet.
VeChainThor wallet is a secure mobile wallet developed by chain only foundation for IOS and Android mobile platforms. The wallet supports VET, VTHO and various VIP180 tokens, and has a node management tool and a built-in dApp browser. VeChainThor wallet also has a node trading market and supports the direct observation of ledger addresses from your mobile device.
There are two schools of thought in determining the price of VeChain.
By way of intrinsic value: This typically involves on-chain metrics, project metrics and financial metrics of VeChain, collectively known as fundamental analysis. The law of supply and demand, tokenomics, use case, project roadmap as well as regulations and governance involved would affect the value of VeChain from a long term perspective.
By way of price action: Primarily analyzed via candlestick chart patterns and technical indicators such as MACD, RSI and the bollinger bands, technical analysis forecasts the price of VeChain on the basis that history tends to repeat itself. As the candlestick charts are a general representation of the emotion of the market, news announcements and community sentiment can be significant price action drivers for VeChain as well.
HODLers tend to prefer the long term nature of fundamental analysis, whereas short term traders tend to rely on technical analysis more. In reality, both analyses may combine and create interesting scenarios for VeChain and the cryptocurrency market as a whole.
2. What is the highest price of VeChain in history?
VeChain achieved the all-time high of $0.28 in 2021-04-19, and is currently trading at $0.019.
3. What is the lowest price of VeChain in history?
In 2020-03-13, VeChain reached the all-time low of $0.0019.
4. Should I buy VeChain now?
It is important to remember that VeChain, like all other cryptocurrencies, are subject to extreme market conditions, legal policies, project team management and other unpredictable factors. As such, cryptocurrencies fluctuate greatly and it is important to manage your own risk level. Users are advised to do your own research when making investment decisions in the crypto market.