Since the time, Bitcoin had tremendous growth after the 2nd Bitcoin halving in late 2016, the crypto market got shaken and people from all over the world went mad in cryptocurrency investments…
Due to this crowd, Revolutionization occurred in Cryptography and Blockchain technologies. Therefore, a large number of new cryptocurrencies came into existence along with a lot of new and advanced technologies behind them.
Moreover, this led to the development of a different type of crypto breed focused on the use of Distributed Ledger Technology (DLT) and the Internet of Things (IoT).
In short, VeChain (VET) is one of the most innovative and impressive projects in this breed. Also, it is one of the most promising altcoins in the crypto market.
This article will deal with everything about VeChain (VET) from the basics to the most advanced. In other words, this article is your one-stop guide to know all about $VET.
Introduction: VeChain (VET)
VeChain is a next-generation smart-contract blockchain platform. It is often called the Ethereum for Business because of its focus on supply chain management, product tracking, and other business aspects related to inventory.
Above all, it combines smart contracts and blockchain technology with RFID (Radio Frequency Identification), NFC (Near-Field Contact), and other IoT (Internet of Things) devices and sensors to create a platform designed for decentralized enterprise applications.
VeChain has two tokens — VeChain token (VET) and VeChain Thor Energy (VTHO). VeChain (VET) is used to carry value from smart contracts on its blockchain while VeChain Thor Energy (VTHO) is the underlying energy or gas used to power transactions.
Background: VeChain (VET)
Firstly, The VeChain project started in early June 2015 by Sunny Lu, former CIO of Louis Vuitton China, focusing on building a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transfer.
Initially, they created a VEN token that functioned on the Ethereum blockchain. Further, VeChain transitioned onto its own blockchain and rebranded itself in 2018. After that, as part of the rebrand, the VEN blockchain became the VeChainThor (VET) blockchain in 2018.
The initial target of VeChain was to disrupt the supply chain industry by making data actionable and transparent. Similarly, In the future, its blockchain plans to have dApps and initial coin offerings (ICOs) on VeChain and the Internet of Things (IoT) platform.
The team behind VeChain consists of over 90+ employees, most of them being developers. Chief Technology Officer, Gu Jianliang, has over 18 years of experience in areas such as mobile devices and the IoT field and has created over 100 patents in several technological fields.
Kevin Feng serves as the Chief Operations Officer of the VeChain Foundation. In addition, Feng has been actively involved in many technology projects in his 12 years working for VeChain’s partner, PWC, as a consultant and assurance advisor. Lastly, there is their CFO Jay Zhang, who has vast IT expertise, as well as experience in a large variety of technological domains.
VeChain Coin Supply & Market Cap
At present, it has a circulating supply of 55.4 billion $VET and a total supply of 86.7 Billion $VET.
Furthermore, its market capitalization is 570 Million USD with a rank of 26. Also, It has a 24hr trading volume of 423 Million USD…
The VeChain Technology
VeChain offers a decentralized platform on which businesses can easily interact and transact with each other without any involvement of third parties. Furthermore, The VeChain company aims to create an operating platform dedicated to business solutions that can ensure up to 10,000 transactions per second.
It has two tokens:
- Vechain Token (VET): It serves as a reserve for economic staking and value transfer on the platform. In addition, VET can be “staked” in various economic nodes and generate VTHO which powers transactions on the network.
- VeThor Token (VTHO): It is the “gas” required to perform transactions and interact with smart contracts. For instance, Each time a transaction is made, VTHO is consumed and destroyed.
The VeChain Foundation is responsible for building the network along with handling the technological research and development. Likewise, it also encourages and backs up partnerships with enterprises and businesses that want to use blockchain technology as a service.
VeChain is currently involved in partnerships with the following enterprises and companies:
- China Unicorn
- Directed Imported Goods
- DNV GL
- eGrid Consulting Co.
- Healthcare Co Ltd
- Jiangsu Printed Electronics Co Ltd
- Kuehne & Nagel
- PwC (Singapore and China)
- Xiamen Innov Information Technology Co Ltd
- China State Tobacco Monopoly Administration
- China National Tobacco Corporation
Key Features of VeChain
- Public blockchain: Anyone can read, write, and deploy decentralized applications and smart contracts onto the VeChainThor blockchain.
- In-house IoT and supply chain management technology: Proven blockchain implementation experiences in industries such as luxury goods, liquor, and agriculture.
- Native Fee Delegation: The blockchain supports the implementation of native fee delegation, which means dApp users do not need to hold VET or VTHO to write transactions if associated gas costs are specified by the developers to be sponsored.
- Masternodes: Nodes are traceable wallets (such as the VeChainThor wallet – iOS/Android) that have a specified minimum amount of VeChain stored inside.
How to buy VeChain?
So, if you learned enough about VeChain and want to invest in it, here is a brief guide on how to buy $VET.
1st Method: Exchange Bitcoin to VET
One of the easiest, most secure, and the best way to buy $VET is by using ChangeNOW. Just you need is follow the link, type the amount you wanna buy, deposit the funds and you’re done. You can use widget below to convert Bitcoin into VET.
2nd Method: Using VET supported Exchanges
Another method is by using different crypto exchanges:
So, What are you waiting for? Go and grab your First $VET!
Words of Advice: Please don’t keep your funds in exchanges because they don’t give you your private keys and you don’t have access to your funds!
Best Wallets to Store $VET
Now that you have bought your $VET, you probably must be searching for a place to store it safely. So, here is the list of some of the best choices:
1). Hardware Wallets: Probably, the most secure and efficient way to store your $VET is a hardware wallet. So, you can buy Ledger wallet.
2). Paper Wallets: It is one of the cheapest and very secure ways to cold store your $VET. Thus, you can create a paper wallet that will contain all of your public and private keys. Moreover, you can refer to this Guide, if your want to setup aVeChain Paper Wallet.
3). Software Wallets: It is the most convenient and secure way to store your coins. But, there is a risk of loss of your funds since your keys are online. However, they are suitable for day-to-day purposes. I recommend you to use TrustWallet.I
Meanwhile, These resources will help you stay updated about VeChain’s latest news:
Furthermore, the crypto market is going to be the FUTURE of the world. So, Stay Tuned with Us and get updated on everything about Cryptocurrency…
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Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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