The VeChain cryptocurrency or VET coin is one of the two
native cryptos on VeChainThor blockchain. The other one is VeChainThor Energy
(VTHO), but it is the VET cryptocurrency that is best known among the two.

VET is used to store and transfer value in terms of smart
contracts – computer games that automatically execute once certain conditions
are met, while VTHO is used to pay for transactions.

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VET is tradeable and also gives certain privileges to its
holders, for example, VET holders can vote on changes in the protocol behind
the blockchain. This is common in many blockchains and coins but the difference is that users who have completed ‘Know Your Customer’ checks and have more than one million VET coins will have a greater voting power than those who
do not.

As of February 7, 2022, there were 64,315,576,989 VET
coins in circulation out of a total supply of 86,712,634,466 VET coins.

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VeChain was created by Sunny Lu and Jay Zhang. Sunny Lu
is an IT executive who was formerly CIO of Louis Vuitton China. He has become a
well-known name within the cryptocurrency industry. He has drawn attention
towards the potential of blockchain technology to solve transparency issues, in
particular, arguing that it can create a “trust-free” business structure that
does not suffer from information corruption thanks to close working
collaborations with key auditing/certification consultants such as
PriceWaterhouseCoopers and DNV who verify data quality and certify industrial
processes.

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Jay Zhang is the director of Vechain’s global corporate
structure governance and financial management. He previously worked for
Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.

VeChain originally started operating in 2015. It is one
of the oldest dedicated smart contract platforms on the market, and is held in high regard by enterprise clients.

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VET is best known for its work in the supply chain and
exists to disrupt traditional business models. It provides a decentralized
trust layer for multi party-ecosystems which has been highly successful with
high profile clientele and government bodies.

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VeChain’s platform has a very broad appeal to many
different clients and industries. International logistics, Carbon, incentivized
ecosystems, supply chain, automobile passports and more all greatly benefit
from the digitization of trust and collaboration it enables.