Coinbase Adds VeChain (VET) to its Roadmap
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Coinbase lists VeChain (VET), which uses a proof-of-authority mechanism meant to revolutionize the tracking of goods and data, alongside VeThor (VTHO).
Through its official Twitter page, crypto exchange Coinbase today disclosed that it has added two new digital assets, namely VeChain and VeThor.
VeChain has two native tokens, namely, VET Coin, used for undertaking transactions on smart contracts, and VeThor, which serves as a gas token utilized when carrying out VeChain settlements.
From its official website, VeChain seeks to redefine value, offer interconnected ecosystems, render collective action, enhance trust, and revamp businesses for sustainability purposes. This is because its blockchain network primarily focuses on the enterprise side.
Tackling Counterfeits Using VeChain
VeChain is geared towards offering supply chain and logistics solutions by providing actionable and transparent information through its proof-of-authority framework. As a result, eliminating counterfeits is top of mind as it intends to boost product traceability and sustainability.
For instance, VeChain played an instrumental role in the seizure of counterfeit products worth € 33 million, nearly $3 6.2 million in Europe.
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