VeChain is a blockchain platform that seeks to revolutionize the world of supply and logistics. The platform is designed to improve real-world supply chain management and business processes by leveraging the power of Distributed Ledger Technology (DLT). With VeChain, businesses can expect to see more efficient and transparent information flow, which can be tracked and managed through the use of smart contracts.
By using the smart contract features of VeChain, businesses track and manage their merchandise, ensuring that possession and control are accurately maintained. This is achieved through the use of two tokens: the VeChain token (VET) and the VeThor token (VTHO). The former is used to convey value across the system, while the latter is used as energy to power smart contract trades. This design helps to separate the price volatility of VET from the cost of computations, making the fees for applications on VeChain stable.
Read Price Prediction for VeChain [VET] for 2023-24
VeChain is a flexible enterprise-grade L1 smart contract platform. VeChain started out in 2015 as a private consortium chain, collaborating with a variety of businesses to investigate blockchain applications. It helps companies to create decentralized applications (dApps) and carry out transactions with higher levels of security and transparency.
VET’s massive rally on 8 November was triggered by an announcement by the VeChain Foundation. The firm announced VeChainThor’s most significant mainnet hard fork ready for deployment following the successful vote on VIP-220 dubbed the ‘Finality with one Bit’. This milestone upgrade will bring the final phase of VeChain’s proof of authority 2.0 and is expected to take place on 17 November.
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