Why buy VeChain (VET)?
If you decide whether to buy VeChain, you should know that its ecosystem consists of two cryptocurrencies: VET and VTHO. VET is used to pay the fees required by smart contracts and dapp, while VTHO (VeChainThor Energy) covers the costs associated with transactions on VeChain. Today, VeChain has its blockchain, although VET started as an ERC-20 token, supported by Ethereum layer 2.
If you’re intrigued by VeChain’s architecture, buying VeChain could be the right choice for you. VeChain employs a unique Proof-of-Authority consensus mechanism and its entire structure is built on a hierarchy of nodes, with ‘masternodes’ at the top. Additionally, VeChain provides dapp development tools for businesses and professionals. It even allows for the integration of hardware devices with its blockchain, enabling the management and automation of various business processes.
What is it?
To choose whether to buy VeChain, you need to know that this blockchain aims to optimise and develop logistics. The whole project attempts to apply decentralised technology to improve the supply chain, i.e. the distribution and supply chain that takes a product from supplier to end user. VeChain’s focus is on the Internet of Things and product traceability. The project also pays great attention to the B2B (business-to-business) world, involving companies in a logistics sector with ample room for improvement.
Sunny Lu, a former executive who worked in the high fashion industry in China, is one of VeChain’s founders. Jay Zhang, the other founder, has a management background at Deloitte. Another influential member is Renato Grottola, an Italian process supply expert. Buying VeChain could be wise because this blockchain project has woven partnerships with major companies. These include Renault Group, BMW, China Unicom, LVHM and DB Schenker.
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