What is VeChain coin? How does VeChain coin work?

VeChain Coin: Supply Chain Management Platform Based on Blockchain Technology

VeChain Coin (VET) is a cryptocurrency based on the Ethereum blockchain, created by VeChain Foundation was launched in 2015. It aims to use blockchain technology to improve traceability, transparency and efficiency of supply chain management. VeChain is designed to provide enterprises with better data visualization and real-time monitoring capabilities, thereby helping to improve the operational efficiency of the entire supply chain. Through digital assets and smart contract technology, VeChain can also ensure the authenticity and origin of products and effectively deal with counterfeiting and fraud in the supply chain

How VeChain coins work

How VeChain coins work As follows:

• VeChainThor Blockchain: VeChain Coin is built on the VeChainThor Blockchain, which is a public blockchain that provides smart contracts, decentralized applications and distributed ledgers technology.
• VeChain Authority Masternode (VAM): VAM is a special node in the VeChainThor blockchain, responsible for verifying transactions, generating new blocks and maintaining the security of the network. VAM is operated by the VeChain Foundation and other trusted entities.
• Dual Token System: The VeChain coin ecosystem adopts a dual token system, including VET and VTHO. VET is used to pay transaction fees and governance, while VTHO is used to pay smart contract execution fees.
• Traceability and Transparency: VeChain Coin allows businesses and consumers to track products in the supply chain from production to distribution. This increases transparency and helps prevent fraud and counterfeit products.
• Data Ownership: VeChain Coin gives businesses ownership of their supply chain data. They can control who can access and use this data, thus protecting sensitive information and trade secrets.
• Governance: VET holders can participate in the governance of the VeChainThor blockchain and decide the future development and upgrades of the platform by voting.

VeChain coin is designed to optimize supply chain management, improve efficiency, increase transparency and security, and bring a better experience to businesses and consumers.

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