VeChain (VET)
About VeChain (VET)
VeChain is a blockchain platform. The platform has been used for supply chain management and other business purposes. VeChain utilizes distributed ledger technology to improve the processes and flow of information for various complicated supply chains.
It has two types of tokens: VeChainThor Energy (VTHO) and VeChain (VET). VeChain (VET) transfers the values across the network of VeChain, and VeChainThor Energy is used as energy to power up the smart contract transactions.
This system ensures the transparent flow of information, efficient collaboration, and speedy value transfers. Presently, the supply chain data of different business processes has been categorized in silos between different stakeholders. It greatly impacts the flow of information, which is divided among stakeholders.
Per the VET white paper, this problem can be easily resolved with the help of blockchain technology. Also, the platform claims a 360-degree view of the needed information about the product and the related business processes, including the storage, supply, and transportation to the stakeholders. Resultantly, greater market transparency will be created.
How Does VeChain Work?
VeChain gives a chance to every company to launch new types of dapps. With the help of VeChain ToolChain, a software development kit, the platform helps you create the dapps.
Proof of the Authority (PoA)
VeChain uses the consensus mechanism you may also know as proof of authority to regulate the process. In this process, the verification of the transactions between the users occurs, and later on, these transactions are added to the public ledger of VeChain.
The user who verifies and adds the transaction to the blockchain is known as the Authority Masternodes. To become Masternodes, a user should stake 25 million VET at least and provide the identifying information to the VeChain Foundation.
The poof of authority or PoA mechanism facilitates the large transaction and assures quick processing. The only downside of using this system is that it depends on the central authority for checking and authorization of the users who take part in processing the transactions.
But, the good part is that the platform is working to improve PoA. The users will get a more randomized and distributed block-creating system or mechanism.
The Two Token Design
As discussed above, the platform uses two native tokens. The VET (for storage and transfer of value) and VTHO (used for processing transactions on the blockchain). Both of these assure the efficient working of their software. VET is used for storage and transfer of value, and VTHO is for processing transactions on the blockchain.
VeChain separates the price volatility of the VET coin and the cost of computations on the network through this design. Consequently, the applications on VeChain are charged a stable fee.
In Ethereum, blockchain uses gas and ETH. In the same way, you can mine and earn VTHO fees for the computations which are processed by the network. So, as the complexity of the VTHO rises, more VTHO will be needed for a program.
The nodes which stake the VET coins can vote on the network upgrade. As a result, they are awarded VTHO on every block.
VeChain Price Today
The price history shows that the crypto market is volatile because when you purchase or buy the VET, keep on checking the live price. The analysis helps you in making a better decision.
The current VeChain price USD can be followed by different softwares and resources that track the prices live, where you can compare the current VeChain price and the VeChain price today to higher time frames.
The price of vechain predicted by the professional shows very optimistic features, and it seems that it will be at an all time high in the future. So, per the expert’s opinion, the VeChain price now will rise, which sounds soothing to all the sellers. Besides that, the VET has also shown massive growth over the last few years. So, overall it seems a good sign for all the investors.
There are Different factors that affect the price of the VET, including social buzz, usability, network growth, community growth, and trading volumes.
Where is VeChain Used Now?
Due to the incredible features of VeChain, the currency can be used by electronic manufacturers for tracking everything. For example, with the help of this platform, you can analyze or track everything from processing to distribution.
To make it clearer, let’s take an example of the marijuana industry. The industry can use VeChain for their processing, including plants, sellable products, seeds, sales, and all the other things. In a nutshell, VeChain is capable of meeting. Besides that, you can also track if the company needs to buy something or if you can sell more marijuana.
In addition to the marijuana industry, the pharmaceutical and food industries can also use the VeChain. Individuals can use this platform to check the place from where the products have been sourced.
It is a way to ensure you get the products from safe sources. Moreover, individuals can also check where the products are stored. If you think VeChain would be useful for digital vehicle passports and tracking financial transactions, it would be useful for you in this regard.
Who Created VeChain?
Sunny Lu invented VeChain 2015, the former CI O (chief information officer) of Louis Vuitton China. It started as a subsidiary of Bitse, the largest blockchain company in China. It is among those blockchains with a substantial customer base between the established companies.
In the early days, the VET token used to function on the Ethereum blockchain, but recently, it was transitioned to its blockchain. So, VET rebranded itself in 2018, and with the rebranding, the VET blockchain became the VeChainThor (VET) blockchain.
The aim of VET has been outlined in the whitepaper very clearly. They make the data transparent and actionable to disrupt the supply chain industry. Also, they want to become the leaders in dApps, IoT (internet of things), and ICOs (initial coin offerings)
Also, Vet has partnerships with other companies to achieve its goals. They are also in partnership with Renault and creating the digital car maintenance book in conjugation with Microsoft.
How to Buy VeChain (VET)?
Well, you can buy the VET from multiple exchanges, including:
- Crypto.com
- Bitfinex
- Binance
All of these exchanges support VET, and you will get multiple wallet options there. You can sign up using any of these platforms and start dealing with VET. When buying the coins, don’t forget to convert VeChain to USD and find out how much is needed to get the required number of tokens.
Remember that for successful VET transactions, you must have enough currency in your wallet to pay the transaction charges. The transaction could vary from $0.25 to $7. Most importantly, hold the coins in a secure wallet.
The currency has not yet had much popularity like the other cryptocurrencies. Therefore, it is undervalued when considering its application in the real world. If you are the one who is looking for alternatives to cryptocurrencies, then you must think about VeChain.
Is VeChain Using Mining?
Mining is a process where new crypto coins enter the mainstream. It occurs as a reward whenever a user confirms the transactions. It would be best to have computer hardware instead of open fields and heavy machinery for this entire process.
Unfortunately, mining is not possible for the VET. The currency runs on proof-of-authority (PoA), where the network validators are the major contributors. Only a few systems are used for the operation and validation of the network.
The participants with a better reputation get elected by the network participants and become the validators. The validators are elected by those with a major stake in the system; this feature is similar to the proof-of-stake.
