VeChain (VET) Crypto Exchange

VeChain is a blockchain platform that was launched in 2015 and addresses supply chain management issues by making it more transparent. It was founded by Sunny Lu, former CIO of Louis Vuitton, and Jie Zhang. VeChain is a Blockchain-as-a-Service (BaaS) platform that offers hardware and software solutions for businesses and developers. ToolChain is a core part of the ecosystem, which enables blockchain implementation in real-life with use cases for industries such as automobile, fashion, food safety, and others.

There is also a VeChainThor public blockchain designed for mass adoption of technologies by businesses of all sizes. VeChainThor allows businesses to use DApps already built on the blockchain or build their own. It also utilizes the Proof of Authority consensus protocol that distributes the votes according to the amount of VET in possession and whether KYC was completed. VET is a part of a two-token system, which also includes VTHO. VET functions as a value-transfer medium enabling fast value circulation in the VeChainThor ecosystem. VET is used for staking and can’t be mined on the consumer market as blockchain’s nodes are managed by companies that are a part of the ecosystem.

In October 2021, VeChain announced the beginning of the "VeVoting" process surrounding the mainnet upgrade which will be focused on implementing PoA 2.0 (Proof of Authority protocol 2.0). Such an upgrade is aimed at improving the mass adoption of blockchain technologies.