VeChain is a public blockchain using the proof of authority consensus mechanism and supporting smart contract functionality. It offers a robust and highly accessible decentralized platform for developing dApps across multiple areas, including enterprise applications.

VET is one of two native digital assets of the VeChainThor public blockchain and is used to generate or mint VTHO, the second token. VeThor Token (VTHO) can be used as a store of value and for paying transaction fees.

VeChain's creator and co-founder, Sunny Lu, was the former CIO of Louis Vuitton China. The other co-founder of the project, Jay Zhang, formerly worked with Deloitte and PwC before joining hands with Sunny Lu to develop the VeChain network.

VeChain aims to drive mass adoption of blockchain technology and smart contracts, making it cheaper, more efficient, and more accessible for mainstream use. Having launched in 2015, it is one of the oldest and most established blockchain networks that supports smart contracts.

VeChain offers an innovative way to use blockchain technology to improve global supply chain management through the use of RFID tags and sensors. The technology can transform supply chains to make them completely transparent and increase accountability among all stakeholders.

The VeChainThor blockchain utilizes a proof of authority consensus algorithm, ensuring that nodes have to be authorized to participate in validating transactions and creating new blocks. The PoA consensus gives all nodes fair chances to add new blocks and generate rewards, making it a far more efficient and democratized network to run.

VeChain also offers true decentralization by providing governance for its community of VET token holders. Users who stake VET on the blockchain can contribute to the governance process by voting on proposals and submitting new proposals about upgrading the ecosystem and shaping its evolution.

The VeChain blockchain network is EVM and Web3 compatible. This means it can support decentralized applications (dApps) designed to run on Ethereum, offering a cheaper and faster infrastructure to deploy decentralized apps initially created for the Ethereum blockchain.

The development and maintenance of the blockchain infrastructure are overseen by the VeChain Foundation, a non-profit organization headquartered in Singapore. It is responsible for managing the Layer-1 smart contract platform and fosters the adoption of its technology among enterprises, developers and users worldwide.

The VET crypto was originally known as the VEN token, functioning as an ERC-20 token on the Ethereum blockchain. It then evolved into VET, one of two tokens within the VeChainThor public blockchain. The VeChain (VET) cryptocurrency has several uses, including:

Pay for Transactions

Smart contracts that execute on the VeChain platform use VET tokens to pay for transactions within the ecosystem. The VET token powers all kinds of transactions taking place within the blockchain.

Payment Method

Users can transfer payments on the VeChain network using the VET crypto. They also use VET to pay transaction fees for using the network infrastructure for conducting transactions or transfers of payments. The VeChain cryptocurrency functions like ETH because it is used to pay gas fees on the blockchain.

Governance Token

VET holders can participate in the governance of the VeChain ecosystem, enjoying voting rights and contributing to how the network evolves. VeChain gives additional voting power to VET holders who have completed their KYC formalities.

Receive Rewards for Validating Transactions

Authority masternodes within the blockchain have the power to validate transactions and generate new blocks that receive rewards in VTHO by burning VET for their efforts. Their participation makes the blockchain more efficient, resilient, and secure; in return, they create a stream of revenue for their contributions.

Crypto Asset to Trade and HODL

The VeChain token is one of the top cryptocurrencies by market cap and is among the more established digital assets in the market, having been around for several years. It is an attractive asset to invest in, trade against other cryptocurrencies, or hold in the long-term if you believe in the potential of the VeChain network. Remember to review the real-time VeChain price, VET market cap, 24-hour trading volume, circulating supply, and news before you trade VeChain.

Earn Passive Income

You can also invest in VET and use it to generate a stream of passive income via staking and lending liquidity. Several DeFi platforms support VET staking, but we recommend that you perform careful research before selecting the right option.

You can also earn attractive returns on your VeChain holdings in a risk-free manner on BYDFi via the Crypto Lending feature. This section lets you lend liquidity in VET to BYDFi, letting you earn a daily interest rate over seven days, 14 days, or 28 days.

One of the most significant advantages VET has over several other platforms in the crypto market is that VeChain was designed for real-world use. The high traction of VeChains offerings among mainstream businesses and the uptick in its adoption could send the VET price upwards, making it a valuable investment to consider.

In addition to enterprise applications, the VET price statistics could also enjoy support from the development of more dApps on its platform. As more developers and users flock to the blockchain, the increase in uptick activity could also drive the price of VET upwards.

As one of the largest cryptos by market cap, the VeChain price is heavily influenced by market sentiment. A bullish mood among investors could increase the confidence of buyers to invest in VET and make it trend upward, making it worth adding to your crypto portfolio.

While it is impossible to offer an accurate VeChain price prediction over any duration based on its past performance, the fundamentals look promising for the crypto project in the long run. Backed by prominent partners from mainstream industries, VeChain enjoys significant interest from established brands, including BMW, PwC, and Walmart China. The VET price has several reasons to hear higher whenever the crypto market performs in the green.

As of June 2022, VET/USDT trades well below its all-time high price based on an analysis of its price history. However, a rebound in market sentiment coupled with rising interest among enterprises and developers to build dApps using the blockchains technology could help VeChain price reclaim its former highs.

Positive fundamentals could not only help VET price bounce back to over $0.27 - its ATH, but also drive it further higher in the future. There is hope for the cryptocurrency, given that its price remains well above its all-time low despite bearish market conditions weighing on digital assets as of June 2022.

You can stake VeChain on DeFi platforms or digital wallets that offer this service. You can also stake directly on the VeChain network to run your Masternode and contribute to securing the blockchain, receiving rewards in return for your efforts.

Let's take a look at how to stake VET on VeChain:

1. Create an account on the official VeChain wallets - Sync (for desktop) or VeChainThor wallet (for mobile users). You can store your VET tokens in either of these wallets to stake VET and earn rewards.

2. Purchase VET crypto on BYDFi or any other exchange that supports VeChain trading. Copy your VeChain wallet address and withdraw funds from your exchange into your wallet to add VET to it.

3. Sit back and start earning rewards for staking VET after transferring them into your wallet. By holding VET, you can earn rewards in VTHO tokens directly in your VeChain wallet.

VeChain (VET) is supported on the Ledger Nano X wallet, one of the most secure digital wallets for crypto enthusiasts. Follow the steps given below to transfer and store your VET holdings in your Ledger wallet:

1. Download and install the Ledger Live application on your computer.

2. Open the application and connect your Ledger Nano X via the Manager function. Ensure that your Nano X firmware is up to date for maximum security and efficiency.

3. Look for the VeChain app in the App Catalog within Ledger Live.

4. Install the VeChain app on Ledger Live and into the Nano X wallet.

5. Use the Sync desktop wallet of VeChain to create an account and connect it to the Ledger Live interface.

6. Copy the Sync wallet address and import it into your Ledger VeChain account to store your VET securely on your Ledger Nano X wallet.

7. You can transfer your VET tokens into your Sync account and have them appear in your Ledger VeChain account after establishing the connection.