VET is converted from VEN according to the ratio of 1 VEN: 100 VET.
The Vechain platform is a global ledger information interaction and collaboration cloud platform based on block technology. Through API and application layer docking, the people, things or things in the real world are digitized to realize the interconnection of information. Through smart contracts based on practical applications in the industry, collaboration and value transfer in different scenarios are realized, thereby mapping the real business world to the blockchain. Through cross-platform, cross-enterprise, cross-industry, and cross-border interconnection and collaboration, create a new business model and provide "trust services" for collaboration participants. The Vechain project was launched in Shanghai in June 2015 and has undergone three major upgrades so far.
As the world's leading enterprise-friendly blockchain public chain platform, the VeChainThor Blockchain independently designed and developed by VeChain has a complete economic model and a strong governance structure to ensure the reasonable implementation of blockchain technology At the same time, it provides a simple, safe and reliable blockchain complete solution for enterprises and individuals.
The vision of VeChain and VeChainThor blockchain is to create a trusted distributed business environment with transparent information, efficient collaboration and high-speed value transmission.

1. VeChain Token (VET)

If the entire distributed business ecosystem is compared to a living body, then the underlying structure of the blockchain is the skeleton, and the various application services on it are muscles and organs; as long as it is a living body, it must have blood, and The blood of the VeChainThor blockchain is VeChain Token (VET) and VeChainThor Power (VTHO), which carry the functions of facilitating value transmission and transaction execution on the VeChainThor blockchain network. VET is the "smart currency" or "smart value" in the VeChainThor ecosystem, which can be programmed and executed in smart contracts to promote commercial activities on the VeChainThor blockchain and complete value transmission. Furthermore, VET can be seen as a key element in establishing connections between points within the ecosystem. The VeChain Foundation has issued more than 60% of the VeChain tokens to the community through private sales, public sales, publicity and promotion, business cooperation, marketing, R&D projects, etc. Some of them (a total of 132,837,655.34 ERC20 VENs) have been released on the Destroyed during the refund process. In the next few years, the VeChain Foundation will continue to gradually distribute VeChain tokens to the community through various activities. At the same time, VTHO is used as energy or fees for executing transfer transactions and smart contract transactions, and is generated by VET over time.

2. Project application

VeChain is a global information conversion platform based on blockchain technology. It digitizes people, things or things in the real world, realizes the interconnection of information, and maps the real business world to the blockchain. In the form of BaaS (Blockchain as a Service), it provides enterprise-level users with services such as commodity asset management, traceability, anti-counterfeiting verification, and new supply chain management.