VeChain was founded in 2015 by Sunny Lu, the former chief information officer (CIO) of Louis Vuitton China.
VeChain is an enterprise blockchain platform that aims to provide a comprehensive view of an organization by removing information silos. VeChain also intends to establish itself as a leading platform for initial coin offerings (ICOs) and transactions between Internet of Things (IoT)-connected devices.
To “create a trust-free and distributed business ecosystem platform that enables transparent information flow, efficient collaboration, and high-speed value transfers.”
How Vechain works?
VeChain works by assigning a unique identity to physical products, typically via (radio frequency identification), QR Codes, or NFC (near-field communication). Sensors collect data at each stage of the supply chain, which is then recorded and linked to the product’s identity.
Is Vechain a good investment?
In 2021, VeChain followed the path of many other cryptocurrencies, starting the year at $0.02 before rapidly rising to and above $0.25 by April. It hit its all-time high of $0.2782 on 17 April 2021.
According to Coinmarketcap VeChain price in 24 January 2022 is $0.049911 USD with a 24-hour trading volume of $283,842,180 USD. VeChain is down 1.80% in the last 24 hours.
Vechain ranks 33rd in the list of cryptocurrencies by market capitalisation at $4.71bn. There are more than 64.32bn VET coins in circulation from a total supply of 86bn.
According to CoinCodex’s technical analysis, short-term sentiment on VET has shifted bearish, with two indicators displaying bullish signals compared to 24 bearish.