VET is converted from VEN at a ratio of 1 VEN: 100 VET.
The VeChain platform is a cloud-based information exchange and collaboration platform that operates on blockchain technology. Through API integration with the application layer, it digitizes people, events, and objects in the real world, enabling seamless information sharing. By leveraging smart contracts tailored to practical industry applications, it facilitates collaboration and value transfer across different scenarios, effectively mapping the real-world business environment onto the blockchain. Through cross-platform, cross-enterprise, cross-industry, and cross-border collaborations, it fosters innovative business models, offering "trust services" to all participants. The VeChain project was launched in Shanghai in June 2015 and has undergone three significant upgrades since then.

As a leading enterprise-friendly public blockchain platform, VeChain’s self-developed Thor blockchain infrastructure features a robust economic model and governance structure, ensuring the practical implementation of blockchain technology while providing straightforward, secure, and reliable blockchain solutions for both businesses and individuals.

The vision of VeChain and the VeChain Thor blockchain is to create a transparent, efficient, and highly interconnected trust-based distributed business environment.

I. VeChain Token (VET)

If we liken the entire distributed business ecosystem to a living organism, the underlying blockchain architecture serves as its skeleton, while the various applications built on top act as muscles and organs. Just as a living organism needs blood, so does the VeChain Thor blockchain, which relies on the VeChain token (VET) and VeThor Power (VTHO). These tokens facilitate value transmission and transaction execution within the VeChain Thor blockchain network. VET acts as “smart currency” or “smart value” within the ecosystem, programmable and executable within smart contracts to drive commercial activities on the VeChain Thor blockchain, thereby enabling value transmission. Additionally, VET serves as a critical element linking various points within the ecosystem. The VeChain Foundation has already distributed over 60% of the VeChain tokens to the community through private placements, public sales, promotional activities, business partnerships, marketing efforts, and research and development projects. A portion of these (a total of 132,837,655.34 ERC20 VEN tokens) were destroyed during the token swap process. Over the coming years, the VeChain Foundation will continue to distribute VeChain tokens to the community gradually through various initiatives. Meanwhile, VTHO, generated over time from VET, serves as the energy or fee required for executing transactions and smart contracts.

II. Project Applications

VeChain is a global information transformation platform based on blockchain technology. It digitizes people, events, and objects in the real world, enabling seamless information sharing and mapping the real-world business environment onto the blockchain. In the form of BaaS (Blockchain as a Service), it provides enterprise-level users with services such as asset management, traceability, anti-counterfeiting verification, and innovative supply chain management.