VeChain is a blockchain ecosystem catered toward enterprises looking to incorporate blockchain technology. VeChainThor is the VeChain ecosystem’s mainnet blockchain and uses VET as its main cryptocurrency. The ecosystem also relies on VeThor Token (VTHO) for fees on the VeChainThor blockchain.
VeChain was initially formed in 2015, and it launched in 2016. The project started with its asset, called VEN at the time, running on the Ethereum blockchain. When VeChain fired up its own mainnet blockchain (VeChainThor) in 2018, a token swap took place during which VEN holders switched out their ERC-20 VEN tokens for VET coins.
Breaking down the VeChain ecosystem
The VeChain ecosystem consists of multiple parts. To start, VeChain Technology is a company that seeks to help enterprises incorporate blockchain solutions. The company’s VeChain ToolChain provides a number of components, such as software as a service (SaaS) for companies interested in utilizing blockchain in some capacity.
VeChainThor, a public proof-of-authority (PoA) blockchain — along with its VeChain coin, VET — is the ecosystem’s focal blockchain. VeChainThor’s blocks are determined by masternodes holding a minimum threshold of VET. Running a VeChain masternode requires identity verification by the VeChain Foundation, a nonprofit organization that backs the VeChain ecosystem.
Serving as one component of the VeChain Foundation, the Steering Committee essentially supervises the VeChain ecosystem, to an extent, with checks and balances. The Steering Committee is a board composed of multiple human members, elected by VET holders that meet certain qualifications. The Steering Committee then picks a chairperson to manage further subgroups.
VeChain has two key ecosystem assets, splitting responsibilities between the pair. VET is required to help run the PoA VeChainThor blockchain and functions as a transactional asset. VTHO is used as a fee payment vehicle, required when interacting with the VeChainThor blockchain.
VeChain crypto price
VeChain price is likely most directly reflected in the price of its VET coin. The VeChain chart (VET chart) above shows previous VeChain price action as reflected in the price of the VET asset. Wondering about VeChain’s price today? The VET live price today is shown at the top of the page as VET to USD live.