What is VeChain (VET): an overview of the Louis Vuitton-style project

What is VeChain (VET): an overview of the Louis Vuitton-style project
Spread the love

VeChain is a decentralized open-source platform whose creators have developed a lot of business solutions based on their own blockchain – VeChainThor. Vechain price charts demonstrate the project’s growth. The team offered users tools to improve their delivery and logistics systems.

Vechain coin news comes out regularly. These are the opportunities the site offers to businesses through its technical solutions:

  • Improving logistics.
  • Speeding up the process of delivering goods.
  • Reducing costs.

VeChain tools, among other things, help company representatives track deliveries in real time. Blockchain-based work, meanwhile, guarantees the reliability of shipment location information.

The VeChain functionality to track the path of goods can also be used by buyers of products to verify their authenticity and quality. The scheme helps manufacturers combat counterfeiting. VeChain services are already used by many large companies whose business involves organizing the supply of products. Developers use the VeChain ToolChain platform to connect businesses to the blockchain.

Vechain coin news – the technical component of the platform

VeChain operates in a Blockchain-as-a-Service (BaaS) format – blockchain as a service. This has a positive effect on the VET to USD exchange rate. At the same time, in addition to the “blockchain,” the project also uses the capabilities of related technologies such as the Internet of Things (IoT) and artificial intelligence (AI). Automation of the platform is implemented through smart contracts.

The platform runs on the Proof-Of-Authority (POA) consensus algorithm, a variation of Proof-of-Stake (PoS). POA is based on the analysis of reputation data of network participants. Network nodes (nodes) provide blockchain security for the project. Each node in the project network is validated. Something similar is offered by the Internet Computer token. We recommend studying Internet Computer price charts. Internet Computer Coin News can be found at letizo.com. 

Network nodes in the project are divided into several categories:

  • Economic nodes – Provide system stability in exchange for rewards in project tokens.
  • X-nodes – Generate additional system income in tokens.

The system also has Authority Masternodes – network nodes with extended powers. To get the status of a masternode, the system participant must have at least 25 million native tokens in his account. 

Vechain price charts: project stakeholders

Node owners can take part in votes to choose the future direction of the platform. POA provides high throughput with minimal power consumption. Also, the project system supports multitasking transactions. The combination of developers’ solutions makes VeChainThor one of the most environmentally friendly block chains on the market.


Subscribe to our Newsletter

Subscribe to receive the weekly Newsletters from our website. Don’t worry, we won’t spam you.