Crypto Library

VeChain (VET)


Official webpage

VeChain is based in Singapore with CEO Sunny Lu. The project started in 2015 to fix the shortcomings in logistics and traceability in terms of transport and product quality. RFID and NFC chips are used to measure the surrounding environment and product quality and track this on the blockchain.

The consensus model is Proof of Authority (PoA), and there are 101 whitelisted nodes in the network that are responsible for transactions and measured values ​​being logged and saved on the blockchain. This creates a centralized system, but which is said to handle up to 10,000 transactions per second. Today, however, it has been throttled to 50 TPS, and no good reason has ever been given for this.

It is a platform that handles smart contracts and decentralized applications (DAPPs). It already has several working applications and a long list of solid partnerships - such as Walmart China, BMW and Renault.

They have a side chain called VechainThor which is used for transaction fees, as well as a way of passive income as everyone who keeps VET automatically gets Thor, which creates a strong community.


  • Good solution for tracking quality and packages. Walmart China, for example, uses it to track meat, from farmers to stores.
  • Good partnerships.


  • Centralized organization and whitelisted nodes.
  • Competition is intensifying from, for example, WaltonChain and WaBi. There is really no obstacle to using another blockchain that does not have this as its main purpose, so the purpose of VeChain tokens can be questioned.


You can buy BNB (Binance Coin) with a credit card at Binance and then buy VeChain for these.

Current price (CoinGecko)