About VeChain (VET)
VeChain is a project that manages 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 a Proof of Authority consensus mechanism where Authority Masternodes, tied to legitimate identities, validate and create blocks. The block confirmation process happens in a three-phase process, where over two-thirds of nodes must agree to confirm a new block.
VeChain has two tokens: VeChain Token (VET) and VeThorToken (VTHO). VTHO is distributed in block rewards, has an infinite supply, and is used to pay transaction fees. VET, however, has a fixed supply of 86 billion. Users hold the token to transfer value on the blockchain when interacting with smart contracts and DApps.
You can automatically earn VTHO by holding VET in your wallet. The amount issued is decided via governance polls participated in by different stakeholders on the network. A user's exact voting power depends on their roles as Authority Masternodes, Economic X Nodes, or Economic Nodes.