VeChain (VET) traded up 1.6% against the dollar during the 1 day period ending at 8:00 AM Eastern on August 8th. VeChain ProfileVeChain (VET) is a Proof of Authority coin that uses the VeChainThor Authority hashing algorithm. Get VeChain alerts:According to CryptoCompare, “VeChain (VET) is a versatile enterprise-grade L1 smart contract platform which began in 2015 as a private consoritium chain, working with a host of enterprises to explore applications of blockchain. VeChain (VET) is a Proof of Authority (PoA) token, requiring relatively low computing power to achieve network security versus a protocol such as Bitcoin. Investors can then use their newly-acquired Bitcoin or Ethereum to buy VeChain using one of the aforementioned exchanges.