Sunny Lu founded VeChain in 2015. Lu is also the CEO of the VeChain Foundation, which was founded in 2017. VeChain is a blockchain platform designed to improve supply chain management and business processes. Using Distributed Ledger Technology (DLT), it aims to streamline these processes and the flow of information for complex supply chains. There are two native tokens of the VeChain platform, VeChain Token (VET) and VeChainThor Energy (VTHO). The former is used to transfer value over the network and the latter is used as energy or gas to power transactions.
In February 2018, VeChain rebranded to VeChainThor (VET), which is its own blockchain. In June 2018, Ethereum VEN tokens were exchanged for VET tokens at a ratio of 1:100 and the VeChainThor blockchain network was launched. VeChain is based on Proof of Authority. A fixed number of nodes, known as Authority Masternodes, are responsible for validating transactions.
VET is up 18.12% in the last 24 hours. A global crypto asset platform has recently added VET in its roadmap to list. This development may have had a positive effect on the price of VET.
