What is VeChain, VET , A Detail guide - Coingyan

VeChain Thor formerly VeChain is a Blockchain-as-a-Service company with a mission to build “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.” Today I will discuss on VeChain. Tighten your seat belt to know more on VET.

? What is Vechain (#VET)?

In layman’s terms: individuals and businesses will have a mobile app which lets you scan products and check all the information Like, its price, manufacturing & packaging date, materials, and origin, both of the product and the elements. They have plans to implement this in “any industry possible.” Their vision is for consumers to one day be able to know exactly what kind of food they’re eating, where that car exhaust came from or what was in the medicine that stopped their new headache, for a few examples.

? VET Consensus Model

  • VET’s consensus model is Proof of Authority (one of the first of its kind) which provides for low computational power requirements, no requirement for communication between nodes to reach consensus, and is optimized for system continuity. It also enables the ability to prevent anonymous block producers.
  • In a PoA network, transactions and blocks are
    validated by approved accounts. In the case of VeChain,
    that’s the 101 Thrudheim Masternodes.
    Just for Note, all of the Thrudheim Master nodes are
    identified and have a stake in the network. That means in a PoA network; you’re putting your reputation and money
    at stake should you prove to be a bad actor.
  • Thrudheim Master node – Requires 25 million VET to stake. Generates 6,679,500 VTHO per year. VTHO
    generation is 75.2% faster than the base rate. Also entitled to receive 30% of VTHO made from transactions.

VTHO Generation Rate

The base generation rate of THOR Power generation speed is mandated to be:

0.000432 VTHO per VET per Day;
Approximately 0.15768 VeThor per VET per Year;
So, To generate 1 VTHO per day requires approximately 2,314.8 VET.

? Highlighted Details & Components

  • VET hodlers will receive VeThor Token (#VTHO) in the form of dividends, which they can use to perform smart contracts and run applications on the blockchain. Just like NEO and its GAS.
  • VET is without a doubt one of the most consistent coins. We’ve seen when it comes to important announcements/news. They are partnered with one of the world’s biggest accounting firms called PwC. Renault, a well-known car manufacturer. They also partnered with Microsoft and most recently, they were chosen for the NTT Docomo 5G, One of the prominent telecom player in Japan, partner program.
  • They’ve introduced VeResearch (grant program for research professionals to integrate blockchain tech into new and emerging fields) and VeVID (the first official public infrastructural decentralized application), and Espresso (a platform solution for quickly building the blockchain-based application).
  • Their team has been nothing but transparent and has continually met milestone after milestone.
  • Each node is required to hold a certain amount of VET, as depicted above. I expect around 25% of VET’s total finite supply (supply is capped at 86.7 billion tokens) will be locked up in nodes. (That assumes 101 master nodes and 1,000 of each economic node.)Enterprises will also require to lock up VET for their applications, as they’ll need VTHO to execute smart contracts and perform blockchain applications. VeChain, enterprises already hold 10.5 billion VET or 12% of the total supply. Ultimately, adoption and transaction fees will drive the VeChain platform and the value of VET.

? So what’s the latest?

  • New automobile giant partnership. (announced on 5 September worldwide conference)
  • Two major government projects being announced in September.
  • More fortune 500 companies to be announced.
  • Big insurance company to be announced.
  • New meet up(s).

This is just the tip of the iceberg folks. VeChain is without a doubt, one of the most promising projects in all of cryptocurrency and blockchain tech at the moment and guess what? VET Price is $0.014 as of now & Their mcap is around 810 Million USD. I estimate. The price of VET could touch .2 USD in the next couple of years. Which is approx 15X of the current price. Buy, VET from Binance & Kucoin.

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About Author

I am a tech enthusiast & Digital nomad from Dhenkanal, India I've been dealing with Bitcoin since 2014.I started CoinGyan to help users around the globe to learn about popular Cryptocurrencies. Here at CoinGyan, I write about Bitcoin Wallet, Cryptocurrency wallets, & making money from Crypto.

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