VeChain (VET) is a blockchain platform designed to improve supply chain management and business processes.
Founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China, VeChain provides transparency, traceability, and efficiency across various industries.
Main features:
Decentralization: Operates on a global network of computers that records and validates transactions transparently and securely, without a central authority.
Dual token model: Uses two tokens: VET, to transfer value on the network, and VTHO, to pay for transactions and execute smart contracts.
Integration with IoT: Combines blockchain technology with the Internet of Things (IoT) to monitor products in real-time throughout the supply chain.
Utilities:
Product traceability: Allows companies and consumers to track the origin and journey of products, ensuring authenticity and quality.
Counterfeit prevention: Helps combat product counterfeiting by providing immutable and verifiable records on the blockchain.
Optimization of business processes: Facilitates the automation and improvement of internal processes through smart contracts and reliable data.
Whitepaper:
The technical document of VeChain is available on its official website.
Annual price evolution of VeChain (VET):
This is a list with the approximate price of VET at the end of each year since its launch:
2018: $0.004
2019: $0.006
2020: $0.019
2021: $0.089
2022: $0.015
2023: $0.022
2024: $0.033 (as of November 22)
* Solid project, although a deeper study is required to assess whether it is scalable and has potential or if it is just a project that will be abandoned *
