What Is VeChain (VET)?
VeChain (VET) is the native cryptocurrency of the VeChainThor blockchain, a decentralized layer-1 smart contract platform launched in 2018. Founded in 2015 as a private consortium chain, VeChain transitioned to a public blockchain to address data challenges in industries like supply chain, sustainability, and healthcare. By integrating Internet of Things (IoT) technologies and distributed governance, VeChain enhances transparency and efficiency for enterprises and Web3 applications.
Key Features
- Dual-Token System: Uses VET for value transfer and VTHO for gas fees, ensuring stable transaction costs via community governance.
- IoT Integration: Combines blockchain with IoT (e.g., NFC chips) for real-world applications like supply chain tracking and data verification.
- Proof-of-Authority (PoA): Employs a reputation-based PoA consensus for high throughput (~10,000 TPS) and energy efficiency.
- Enterprise Adoption: Partners with global firms like BMW, Walmart China, and DNV, driving real-world blockchain use.
VET Token
- Purpose: Facilitates value transfer, staking, governance, and VeBetterDAO’s sustainability rewards.
- Supply: ~86B VET in circulation, with a maximum supply of ~87B.
- Contract Address: Native to VeChainThor blockchain; compatible with wallets like VeChainThor or MetaMask (EVM support) CoinGecko CMC.
Who Are the Founders of VeChain?
VeChain was founded by Sunny Lu, former CIO of Louis Vuitton China, and Jay Zhang, a finance and risk management expert from Deloitte and PriceWaterhouseCoopers. Launched in 2015, VeChain became a public blockchain in 2018, with the VeChain Foundation in Singapore overseeing development.
What Makes VeChain Unique?
VeChain stands out in the blockchain ecosystem:
- Real-World Applications: Excels in supply chain transparency, sustainability, and IoT-driven data solutions.
- Dual-Token Model: Separates VET (value) and VTHO (gas), stabilizing costs via governance adjustments.
- VeBetterDAO: A sustainability-focused ecosystem rewarding users with B3TR tokens for eco-friendly actions.
- Enterprise Focus: Trusted by industry leaders like BMW and PwC for certified, scalable solutions.
VeChain Network Upgrades (2024–2025)
- Galactica & StarGate (July 2025): Modernized gas fees (100% VTHO burn), introduced NFT-based staking (≥9% APY), and enhanced EVM support.
- Stella Pay Visa Card (2025): Enables spending of VET, VTHO, and B3TR at millions of merchants.
- UFC 317 Partnership (2025): Launched ‘Build Your Body’ dApp, rewarding exercise with tokens.
How Is VeChain Secured?
- PoA Consensus: Authority Masternodes (selected for reputation) ensure high-speed, secure transactions.
- IoT Security: Integrates tamper-proof IoT devices for data integrity in supply chains.
- Decentralized Governance: Community and stakeholder votes enhance network resilience.
Conclusion
VeChain (VET) is a leading layer-1 blockchain bridging enterprise needs with Web3 innovation. Its dual-token system, IoT integration, and partnerships with global giants make it a pioneer in supply chain, sustainability, and data solutions.