Cryptocurrency Q&A
Is VeChain part of Ethereum?
Is VeChain part of Ethereum?
Valentina
Thu May 23 2024
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6 answers
1845
Could you please clarify for me if VeChain is affiliated with Ethereum in any way? I've heard of both cryptocurrencies and their respective blockchains, but I'm not entirely sure about their relationship. Is VeChain built on the Ethereum platform? Or does it operate independently? Also, how do the two blockchains differ in terms of functionality, scalability, and potential use cases? It would be helpful if you could provide a brief comparison. Thank you for your assistance in clarifying this matter.
6 answers
benjamin_brown_entrepreneur
Sat May 25 2024
Secondly, by moving to its own blockchain, VeChain gained more autonomy and control over its ecosystem. This autonomy enabled VeChain to innovate and iterate faster, without being constrained by the limitations of a shared blockchain platform.
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GwanghwamunPride
Sat May 25 2024
In 2018, VeChainThor Blockchain underwent a significant transformation, marking a pivotal moment in its evolution. This reform was not just a technical upgrade but a strategic shift that positioned VeChain for future growth and scalability.
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SeoulSoul
Sat May 25 2024
A crucial aspect of this reform involved a token swap. VeChain decided to migrate from its original VEN tokens to a new native token, VET. This swap occurred at a ratio of 1:100, meaning that holders of VEN tokens received a hundredfold increase in VET tokens.
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CryptoMaven
Sat May 25 2024
The token swap was not just a numerical exercise; it represented a deeper transition. It signaled VeChain's move away from relying on the Ethereum blockchain and towards establishing its own independent blockchain infrastructure.
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BlockchainMastermind
Sat May 25 2024
This shift was strategic in several ways. Firstly, it allowed VeChain to customize its blockchain to better suit its unique needs and use cases. This customization enhances performance, scalability, and security, crucial factors for any blockchain project.
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