VeChain stands for a smart contract platform and a token. The platform supports supply chain management. VeChain uses distributed management technologies and the Internet of Things to create an ecosystem that solves the major problems in supply chain management. The project was launched in June 2016.
Manufacturers can add sensors to their products to record data onto the VeChain blockchain.
Unlike many smart contract platforms, VeChain has two native tokens — VET (VeChain) and VTHO (VeThor), to create and control value based on the VeChainThor public blockchain. VET is a token that acts as a store of value and value transfer medium. VET creates VTHO, which is used as a means of payment for GAS costs. It avoids the need to expend VET when writing data.
Using the two tokens, the network avoids fee fluctuations and network congestion. This is achieved by adjusting certain variables, including the amount of VTHO required to service a transaction or by raising the rate at which VTHO is generated.
The total supply of VET is limited to 86,712,634,466 tokens, while the second token, VTHO, is created based on VET holdings.
Everyone knows that the US dollar is the domestic currency of the US. But not everyone knows that it's legal tender in Ecuador, Zimbabwe, the Marshall Islands, El Salvador, Micronesia, Palau, and East Timor. The USD is used as a means of payment in global trade and kept by central and commercial banks around the world for international transactions.
The best time to trade VET to USD is from 15:00 to 24:00 (GMT+3, indicated in LiteFinance trading platform). These periods correspond to the American trading sessions. As the crypto trading session doesn't have breaks, you should pay attention to the degree of USD liquidity. A higher degree will contribute to lower risks for VET/USD trading.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
