VeChain focuses on control within the supply chain, in order to guarantee the authenticity of a product in this way. They therefore offer supply management solutions for businesses and individuals. The platform was developed in 2015 by Sunny Lu. He was CIO of Louis Vuitton in China. He faced a common problem, namely that the fashion industry was struggling with a lot of counterfeit products. Hence, VeChain was developed in 2015 and focuses on facilitating supply management solutions to track the authenticity of products.
VeChain was developed in 2015 by the former CIO of Louis Vuitton China, Sunny Lu.
By owning VeChain (VET), you can earn VeChainThor Energy (VTHO) Tokens.
VeChain uses the consensus Proof-of-Authority (PoA) algorithm.
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VeChain statistics from the last 24 hours
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VeChain reached its all-time high on 17 April 2021. Back then, VET reached a price of $0.27 per VET token. Since then, the coin has fallen by over 90% and at the time of writing (5 December 2022) is worth 'only' $0.0194 per coin.
Like VET, VTHO managed to peak on 17 April. Back then, the token used to pay transaction fees had reached a price of $0.023. Currently, the token is worth $0.001 per VTHO.
A crowdsale took place in September 2017. 410 million VEN tokens were made available for investors to buy at a value of $0.072 per VEN token. This is equivalent to $0.000722 per VET token. Looking at the all-time high reached in the 2021 bullrun, investors who participated in the crowdsale could have potentially realised a profit of more than 38,000% if they had sold their coins at the peak.
During the crowdsale, 277 million VEN tokens were sold, the remaining 133 million were burnt. In total, the sale generated $20 million.
VeChain created a total of 1 billion VEN tokens. 410 million tokens were made available for crowdsale. This is 41% of the total supply. 9% (90 million VEN tokens) of the tokens were sold through a private sale. Companies that had invested in VeChain development received 14% of the tokens, amounting to 140.8 million tokens. VeChain developers themselves received 5% of the offering, amounting to 50 million tokens. The remaining 12% of the tokens were reserved for ongoing operations.
After the token sale, 133 million tokens had not been sold through the crowdsale. These tokens were then burnt, leaving a total inventory of only 867 million tokens. In 2018, VeChain did a rebranding. During the rebrand, VeChain introduced its own blockchain called VeChainThor and the token makes a move to the network. The token became a coin with the abbreviation VET. All VEN tokens were converted to VET. For every VEN token, you got 100 VET coins. The total market supply was increased a hundredfold, so the distribution of coins remained proportionally the same.