What is VET coin? How does VET coin work?

VET Coin: Blockchain-Based IoT Ecosystem

VeChainThor (VET) is a platform based on blockchain technology that aims to secure data by enhance the credibility and secure transfer of value to improve supply chain management and business processes in the Internet of Things (IoT) field.

VET coin is the native token of the VeChainThor blockchain and has the following functions:

• Pay transaction fees: VET coins are used to pay transaction fees on the VeChainThor network, including data storage, Smart contract execution and identity verification.
• Governance: VET token holders can participate in the governance of VeChainThor, including voting on platform upgrades and proposals.
• Incentives: VET coins are used to incentivize validators in the network to ensure the security and reliability of the network.

VeChainThor blockchain works as follows:

• Decentralization: VeChainThor is a decentralized blockchain, which means it does not rely on any Central authority or server.
• Consensus mechanism: VeChainThor uses a consensus mechanism called Proof of Authority (PoA) to verify transactions and maintain network security.
• Smart Contracts: VeChainThor supports smart contracts, allowing developers to create automatically executed programs to manage supply chains and business processes.
• Data is tamper-proof: The data stored on VeChainThor is tamper-proof, which means that once recorded on the blockchain, it cannot be changed or deleted.

VeChainThor Blockchain provides the following advantages for IoT:

• Trusted Data: VeChainThor provides a secure and trustworthy source of data that can help enterprises Track and verify products and assets across the supply chain.
• Improve efficiency: VeChainThor can automate supply chain processes, increase efficiency and reduce costs.
• Enhanced Transparency: VeChainThor increases supply chain transparency, allowing businesses and consumers to track the origin and authenticity of products.
• Foster collaboration: VeChainThor provides a platform for businesses to collaborate and share information and resources about their supply chain.

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