In comparison to a system like Bitcoin, VeChain (VET) is a Proof of Authority (PoA) token that requires comparatively little computational power to achieve network security.
PoA is a HotStuff-based Byzantine Fault Tolerant Probabilistic Consensus Mechanism that relies on Authority Masternodes (AM) with verified identities.
Controllable Transaction Lifecycle, Multi-Party Payment (MPP), Multi-Task Transaction (MTT), and Transaction Dependency are all characteristics of the Vechain blockchain's primary protocol.
Solidity is a programming language used to create smart contracts on the VeChain Thor blockchain.
Use of Native tokens in the ecosystem:
The platform manages and creates value using two tokens, VET and VTHO, based on the VeChainThor public blockchain. VET generates VTHO and serves as a value store and transfer medium. VTHO is utilized to cover GAS charges, removing the requirement for VET while writing data. It has the benefit of assuring that network costs may be kept steady by adjusting variables like the amount of VTHO required to service a transaction or increasing the VTHO generation rate.