VeChain (VET) is a versatile enterprise-grade L1 smart contract platform.
VeChain began in 2015 as a private consoritium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants.
Above are only for introduction, not intended as investment advice.
Explore the tokenomics of VeChain (VET) and review the project details below.
What is the allocation & supply schedule for VeChain (VET)?
In 2017, the Vechain Foundation created 1 billion VEN tokens on the Ethereum blockchain. Subsequently, these VEN tokens were exchanged at a ratio of 1:100 for VET coins on the VeChain Thor Mainnet, which was introduced in June 2018. The Initial token distribution of VET is as follows:
- 5.00% is allocated to Team
- 41.00% is allocated to Crowdsale
- 9.72% is allocated to Enterprise Investors
- 13.28% is allocated to Burned
- 9.00% is allocated to Private Investors
- 22.00% is allocated to Operation Development
On the other hand, VeChain operates with two native tokens: VeChain (VET) and VeThor (VTHO). This dual-token system, a distinctive feature of the platform, aims to prevent fee fluctuations and network congestion.
VET is employed for transactions and various platform activities, while VTHO serves as the token for fee payments, functioning much like gas does for Ethereum (ETH) transactions. VET holders automatically receive a small amount of VTHO as passive income, and 70% of the VTHO used in a VET transaction is permanently removed. The total supply of VET is set at 86,712,634,466, with an inflationary emission model since its inception. To view real-time updates on token information, you can visit https://vechainstats.com
VeChain (VET) is a versatile enterprise-grade L1 smart contract platform.
VeChain began in 2015 as a private consoritium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants.
Above are only for introduction, not intended as investment advice.