What is VeChain (VET)?
VeChain aims to create an ecosystem which addresses some of the major problems with supply chain management with Internet of Things (IoT) technology.
It combines physical tracking with blockchain records to keep tabs on real-world products from production to delivery, helping to prevent fraud and increase transparency.
Vechain use sensors to track what happens at each stage of the supply chain. Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking products in a given supply chain, while reducing cost through trustless automation.
VeChain (VET) is a proof-of-stake token, and VeChain itself explains that relatively low computing power is required to achieve network security and maintain user consensus.
VeChain has two in-house tokens: The first is VET Token. VET is the token used for payment transactions in VeChain's system. The more VET a person or enterprise holds, the higher priority when it comes to using the blockchain's resources.
The second in-house token is VTHO. VTHO provides fee payments and thus functions as a “gas token,” similar to how gas functions for Ethereum (ETH) transactions. VET can also be used to generate a VTHO to access the supply chain technology.