VET is one of the two tokens used in the blockchain ecosystem of the distributed and decentralized logistics and supply chain management project using IoT technologies - VeChain. The consensus algorithm used to validate blocks in the VET blockchain is proof-of-stake.
VeChain has provided for the use of two internal tokens, VET and VTHO, which are responsible for managing and creating value in the ecosystem based on VeChainThor public blockchain.
Since June 2016, VeChain has been developing a specialized logistics platform using blockchain technology, which has been a challenge to all traditional logistics management models.
The project's technology improves the efficiency of the logistics chain through easy cargo tracking, secure storage and immutability of the data entered into the blockchain. According to the founders of the project, tokenomics is essential for the efficient operation of the blockchain network and all its participants.
VET coin is available for purchase, exchange, and sale on many cryptocurrency exchanges.