The Block • Sep 27, 23
Bitcoin’s correlation with equities continuing to diverge
The correlation between bitcoin and equities will continue to diverge over the coming months due to the Fed's continued monetary tightening.
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of vechain has risen by 6.23% in the past 7 days. The price increased by 0.40% in the last 24 hours. In just the past hour, the price grew by 0.11%. The current price is $0.0175 per VET. vechain is 93.76% below the all time high of $0.28.
The current circulating supply is 72,714,516,834 VET.
VET is one of two native tokens on the VechainThor blockchain. VechainThor is an energy-efficient, sustainable network that global enterprises and governments can use to leverage smart contracts and decentralized applications. VET tokens are the “value-transfer medium” across the VechainThor blockchain. VET tokens govern the network and generate VTHO tokens. VTHO is the other native token of the VechainThor blockchain which is used to pay network gas fees.
, which has been rebranded as VeChainThor, is a platform that aims to bring down the barriers to entry and enable existing businesses to harness the value of technology to solve real-world problems. carries an increasing number of business applications’ value on its blockchain. In a nutshell, seeks to offer technical features customized according to the actual needs of developers, users, and enterprises.
VeChain was started as a subsidiary of Bitse, a Chinese blockchain company. The cryptocurrency was developed as a modified of . Therefore, VeChain (VEN) token was initially used to function on the Ethereum blockchain. After transitioning into its own blockchain in 2018, the VeChain blockchain (VEN) was relaunched as VeChainThor (VET) blockchain.
The VeChain seeks to offer use cases such as supply chain management on a blockchain for the food industry, digitizing products using unique blockchain identity, and more. According to the , VeChain develops its own process for onboarding businesses unfamiliar with blockchain technology. Accordingly, VeChain ToolChain, a one-stop data BaaS (Blockchain-as-a-Service) platform based on the VeChainThor blockchain, assists organizations in seamlessly integrating their operations and data with blockchain. The network seeks to provide a comprehensive solution by combining the VeChainThor public blockchain, Internet of Things (IoT), industry expertise from business partners in the ecosystem, and possibly artificial intelligence. This solution notably reduces enterprises’ barriers to implementing blockchain technology and focuses on exploring new products and services. Also, multi-party payment, multi-task transaction, customizable transaction lifetime, and transaction dependence are among the meta-transaction characteristics unique to the blockchain’s core protocol, making the development more user-friendly for business adoption.
VeChain delivers a comprehensive system that allows multiple stakeholders in the food and beverage supply chain to capture essential data points about consumables effortlessly. The VeChain IoT sensors collect environmental data such as temperature, humidity, and acceleration, which work in tandem with the VeChain ToolChain platform to upload data to the blockchain in real time or via NFC (near field communication) interface at checkpoints. Another use case that VeChain aims to offer is digitizing products that help in identifying counterfeit products. The platform uses smart NFC tags to digitize products by establishing a link between the actual product and a unique blockchain identity. The platform seeks to provide each product its own landing page, including product information, marketing, and traceability information, and serve as a strong tool for authentication, traceability, reporting, and digital marketing.
VeChainThor aims to incorporate an improved version of the proof-of-authority consensus mechanism. This version of PoA aims to increase stability, which protects the platform from any temporary disruption. Also, the new consensus delivers a faster transaction confirmation. Instead of requiring responses from more than two-thirds of all nodes simultaneously, VeChain’s algorithm just requires the block producer and committee to react on time. In turn, this reduces the possibility of service delays or suspensions. The consensus also aims to provide different levels of security guarantee for the applications in its blockchain. As a result, businesses choose the optimum security guarantee for their needs to enhance application performance.
VeChain offers a two- mechanism, namely, VET and VTHO. VET’s purpose is to act as a value-transfer medium allowing for quick value flow within the network. The token, VET, forms part of the higher level, where developers and application owners conduct financial and business activities. The fundamental cost of utilizing the VeChainThor blockchain is represented by VTHO, consumed or burned when certain blockchain activities are completed. burning is when a fraction of tokens are sent to a wallet with no private key, meaning the tokens are lost forever. Tokens are usually burned to reduce availability and increase market value.
VeChain is a Singapore-based company founded by Sunny Lu in 2015. The Steering Committee, as the elected governing body, is at the heart of its governance system, overseeing numerous functional committees and representing the overall interests of all VeChainThor blockchain stakeholders. Renato Grottola, George Kang, and Sunny Lu are among the steering committee members. VeChain was rebranded as VeChainThor in 2018. Later in the second quarter that year, the blockchain and wallet were launched. The VeChain Foundation launched the whitepaper 2.0 in December 2019.
Each transaction on the VeChainThor blockchain is validated by authority masternodes (AM) using the PoA mechanism. An AM is a networked server that runs nodes and maintains a full copy of the blockchain to validate and create blocks. The network rewards AMs with VTHO tokens, which reflect the VeChainThor blockchain’s transaction fees, as an incentive to manage the blockchain’s integrity, contribute to the VeChain ecosystem, and engage in platform governance. The AM that creates the block receives 30% of the VTHOs spent by transactions in each block. The remaining 70% of VTHOs are burned. On the VeChainThor blockchain, AMs do not compete to create blocks; instead, a random algorithm chooses the block producer.
The VET tokens represent the right to utilize the VeChainThor blockchain. Consequently, holding VET tokens automatically generates VTHO. In simple terms, everyone holding VET receives VTHO and can utilize the blockchain unlimitedly as long as the activities consume less VTHO than what was created. VTHO may be exchanged and traded, allowing users to get more VTHO for larger-scale tasks like hosting a blockchain application.
The VeChain platform reports a total fixed supply of 86,712,634,466 VET.
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The current market cap of vechain is $1.27B. A high market cap implies that the asset is highly valued by the market.
The all-time high of vechain is $0.28. This all-time high is highest price paid for vechain since it was launched.
Over the last 24 hours, the trading volume of vechain is $26.98M.
The current circulating supply of vechain is 73 billion.
The median time that Coinbase customers hold vechain before selling it or sending it to another account or address is 10 days.
vechain ranks 177 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
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