The VeChain network was developed by Sunny Lu and Jay Zhang. These are unique identifiers that are allocated to each product and are used to track their steps on the supply chain. Lastly, there is one more feature that is worth mentioning - VeChain IDs. ToolChain manages to accomplish that by employing the data BaaS layer, which includes all necessary components. Talking about ToolChain, it’s great for businesses without a blockchain background, because it makes the integration of IoT and blockchain frictionless. They simply pay a direct transaction fee formed by their interactions with dApps. It's a system that makes it possible for regular people to use decentralized applications (dApps) without having to buy crypto. Moving on, one of the innovative protocols used by the VeChain crypto project is the TX fee delegation. It’s discussed a bit more thoroughly below. The dual-token method is used to prevent fee changes and network overload. The selling points of VeChain are such features as the dual-token system, innovative protocols, and the BaaS (Blockchain-as-a-Service) platform called ToolChain.Ĭonsidering the dual-token system, VeChain utilizes VET and VTHO tokens. Besides, by using trustless automation through smart contracts, VeChain manages to reduce transaction costs. VeChain network is known for its efficiency, strong security, and simple data tracking due to the transparent technology without a single point of control it employs. VeChain is trying to accomplish this by utilizing the potential of trustless data, distributed governance, and the Internet of Things technologies (RFID and NFC chips, QR codes, environmental data sensors, etc.). The VeChain crypto project seeks to support the fourth industrial revolution by building an ecosystem that addresses significant data challenges for a variety of international industries (medical, energetical, food, and others). If you want to know the current VeChain price, look at the VET price chart featured above. It draws its value from initiatives taken by members of the blockchain to address pressing economic issues. VET is the native token of VeChain, also known as VeChain Thor, which is a public blockchain.
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