What Is VeChain (VET)?
Supply chain management is the main emphasis of the cryptocurrency and smart contracts platform VeChain. It enables manufacturers to incorporate sensors—like RFID tags—into their products so that the data they collect may be stored on the VeChain network.
VeChain (VET), formerly known as VeChainThor, is a platform that promises to lower entry barriers and make it possible for current enterprises to utilize the benefits of blockchain technology to address real-world issues. VeChainThor's blockchain is carrying an increasing amount of value from enterprise applications. In a word, VeChainThor aims to provide technical features that are specifically tailored to the requirements of users, developers, and businesses.
VeChain was established as a branch of the Chinese blockchain business Bitse. The cryptocurrency was created as a fork of Ethereum with modifications. As a result, the Ethereum blockchain was initially used to run the VeChain (VEN) coin. The VeChain blockchain (VEN), which switched to its own blockchain in 2018, was relaunched as the VeChainThor blockchain (VET).