What is Vechain?
Launched in 2015, VeChain project is committed to the idea of “joining for synergy” and uses blockchain + IoT technology to create a trusted distributed business environment with transparent information, efficient synergy and high-speed value transmission. As the world's leading enterprise-friendly blockchain public chain platform, VeChainThor Blockchain, which is independently designed and developed by VeChain, has a sound economic model and a strong governance structure to ensure that the blockchain technology is properly implemented and provides enterprise and individuals with complete, secure and reliable blockchain solution.
What is the useage or value of VET?
Since VET represents the right to use the VeChainThor blockchain, the model is designed in such a way that VTHO is generated automatically via holding VETs. In other words, whoever holds VET gets VTHO and are able to use the VeChainThor blockchain for free as long as the operations performed consume less than the VTHO generated. VTHO can be transferred and traded to allow users to acquire extra VTHO for performing a larger scale of operations such as running a blockchain application.
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