What is VeChain (VET)? A Guide for Beginners

Hi Guys, welcome back to the show. In this episode of Crypto Insights journal,
we are going to discuss VeChain and VeChainThor. So first, this video is a companion to an
article I wrote for Wendy’s Whitepaper, a free newsletter from Crypto Wendy O. I’ll
put a link to the newsletter in the description below so you can check it out. VeChain was launched in 2015 to create an
Internet of Things (IoT) application for managing supply chains. VeChain works by providing real-world products
with a digital identity unique to that product. This digital identity can take the form of
QR Codes or other scannable sensors. Businesses wanting to take advantage of VeChain’s
Blockchain-as-a-Service (BaaS) protocol can do so with VeChain’s ToolChain. ToolChain offers product lifecycle management,
supply chain process control, data deposit and certification, and process certification. VeChainThor launched in June of 2018, is a
public blockchain that VeChain has designed to be used by businesses of all sizes to drive
the adoption of blockchain technology. VeChain designed VeChainThor to be a blockchain
ecosystem that is both sustainable and scalable.

VeChain has two tokens: VeChain (VET) and
VeThor (VTHO). VeChain designed the dual-token system to
avoid the fluctuation of fees and congestion on the network. The VET token is for transactions, and VTHO
is for fee payments and functions similar to Ethereum “gas.” VeChain uses a Proof of Authority (POA) consensus
mechanism. Proof of Authority, unlike Proof of Work that
requires processing power and Proof of Stake that requires holding a certain amount of
coins, Proof of Authority is about the identity and reputation of trustworthy nodes that make
up the network. The current market cap for VeChain (VET) is
over $5.7 billion according to data from CoinMarketCap.com.

At the time of this video, the current trading
price of VET is $0.08 (see CoinMarketCap.com for current market information). VeChain (VET) is trading on numerous exchanges,
including Binance, Binance.us, KuCoin, Huobi Global, Bittrex, Bitfinex, Crypto.com, and
more. Wallets that support VeChain (VET) include
Ledger, Trezor, Math Wallet, Trust Wallet, Exodus, and Safepal. I'll put links to VeChain and VeChainThor
in the description below. I want to thank you for clicking on this video.

If you liked this video, I hope you will consider
subscribing to the channel and sharing it with your friends. Until next time, I'm Jason, this is Crypto
Insights Journal and I'll see you soon..

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