VeChain 2021: VET crypto (VTHO)

Hello and welcome to the Exodus 
channel, your home for the best   crypto videos. Hit those like and subscribe 
buttons and we’ll keep the videos coming. VeChain is one of the oldest and most established 
blockchain projects out there, with its VET token   currently ranked near the Top 30 by market 
cap. Whether you’re new to crypto or a   long-time holder, keep watching to find 
out all about VeChain in the year 2021. What is VeChain? VeChain is an enterprise-focused 
public blockchain solution with extremely   high-profile partnerships under its belt. 
Because of its enterprise focus, VeChain is   not as decentralized as other blockchain projects. 
But that is exactly what makes it attractive to   enterprises, who might prefer a centralized 
authority that they can hold accountable.   As a trade off to decentralization, VeChain 
offers other benefits like central governance,   low transaction fees and regulatory 
compliance. From industries like fashion   and agriculture to food supply. And for use 
cases like traceability, anti-counterfeit,   food safety and product life-cycle management, 
VeChain is working with industry heavyweights   from China, Singapore, Australia and Cyprus 
to advance blockchain enterprise adoption.

So, VeChain and VeThor, VET and VTHO. 
What’s the difference? Let’s dig in. Unlike Proof of Work or Proof of Stake, VeChain 
uses a Proof of Authority or PoA consensus   mechanism. How this works is that a total of . 
Authority Nodes must hold at least 25 million VET.   Although Authority Nodes are known to each other, 
the identities of these Authority Nodes remain   hidden to the general public, which have led 
some critics to point out the possible risk of   collusion and centralization.

Although, 
recently Grant Thorton Cyprus was identified   as an Authority Masternode along with already 
known Authority Masternodes DNV GL and PwC. If you are big on VeChain, you can 
also become an Economic Node and help   stabilize the network by holding a minimum of 1 
million VET and earn some additional perks such   as a higher VTHO generation rate. We’ll explain 
more about VET’s unique dual-token system later. As we speak, VeChain is working on its new PoA 
2.0 SURFACE consensus algorithm with several   innovations to allow even faster transaction 
confirmations for its enterprise users.

As I mentioned, what makes VeChain different 
is that it is enterprise focused. VeChain   markets itself as a Blockchain as a Service or 
BaaS platform, with the VeChain ToolChain as   its key product. VeChain ToolChain works as an 
off-the-shelf, plug-and-play blockchain solution   for enterprises that have little to zero 
blockchain development capabilities and   so allowing enterprises to start adopting 
blockchain technology right out of the box. Having been in the space for a while, VeChain is 
certainly not short on big-name partners such as   Deloitte, Walmart China and Shanghai 
Gas, along with smaller but promising   projects in its ecosystems like 
Fresh Supply Co and Real Items. VeChain’s most prominent partner to date 
is the germany risk management company,   DNV GL. It co-developed the blockchain-powered 
digital assurance solution called “My Story”   with VeChain. My Story is now 
used by Italian wine producers,   among others, to trace and track 
the provenance of their wines.

Another big project in the VeChain universe 
is the community project and multiplayer game,   VulcanVerse, built on the VeChain Thor blockchain.   The game with its own virtual world 
is scheduled to launch in Q1 2021. What about the VET and VeThor tokens? VeChain 
is one of the unique blockchain projects that   features a dual-token system with VET being 
the main token used as a store of value,   and VTHO as the “gas” used to pay for 
transactions on the Vechain THOR blockchain. This dual-token system gives users and 
enterprises flexibility to hold VET   and generate VTHO or to buy VTHO from the open 
market without holding any VET. Anyone who holds   VET automatically generates VTHO tokens at the 
rate of 0.000432 VTHO per day, per VET. Just by   holding VET in your Exodus wallet allows you to 
automatically earn VTHO, even while you sleep. What VET and VTHO holders are watching out 
for, are the daily number of transactions on   VeChain’s mainnet.

The higher and more complex 
the transactions, the greater the VTHO burn.   Eventually, if VeChain’s mainnet begins to 
process multiple millions of transactions a day,   the dual tokenomics will kick in and cause 
both the demand and price of VTHO and VET   to increase. Currently, the mainnet is burning 
an average of 7 million VTHO a day, with the   biggest smart contracts attributed to Walmart 
China, VulcanVerse, DNVGL and Shanghai Gas. Blockchain technology is still in its 
early stages, but VeChain’s roadmap is in   full play with 2021 set to be a big year for the 
company with greater global enterprise adoption. Does V in VeChain stand for Victory? 
What are your thoughts on VeChain for   2021? Let us know your predictions in the 
comments below. Till next time, HODL ON!.

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