According to the VeChain network, the objective of its creation is centered around the development of a distributed business platform that allows for a transparent flow of information coupled with speed and efficiency. The VeChain system is a blockchain-based platform whose design is premised on improving supply chain management and business as we know it.
The platform uses a public blockchain operating system that was originally intended for mass business adoption. VeChain principally has two tokens; which are VET and VTHO. VET is generally the more common token because it carries the value of the cryptocurrency, also known as smart money. In essence, all transactions being executed on the decentralized VeChain make use of the VET token. It is also open to investors of all kinds as it holds a transferable value. The other side of the VeChain token coin is the VTHO token which represents VeChainThor Energy. The VTHO token, also known as VeThor Energy is a mechanism underneath VeChain that powers the execution of transactions on the network. This powering of the transactions process also has a cost equal to that of transacting on the VeChain blockchain network. This token concept used here is similar to that of the Ethereum network. Before any transaction on the network can be executed, a certain amount of tokens will be required for the developers for these executions. These tokens are usually applied in the early days of the cryptocurrency and are usually not exposed to the general public.
Who are the Founders of VeChain (VET)?
In 2015, VeChain was founded by a past chief information officer (CIO) of Louis Vuitton china known as Sunny Lu. Initially, the project started as a subservient version of one of the largest blockchain companies in China known as Bites. The company is also one of the few with the largest clientele base in the industry.
In the early days of its discovery, the VEN token was used on the ethereum blockchain. Three years after this, in 2018, VeChain grew into becoming it’s brand and underwent some level of rebranding. A major part of the rebranding process was the VEN blockchain becoming the VeChainThor (VET) blockchain. As a company of its own, the VeChain blockchain has its planned objectives in its white paper. Initially, the target of the company was to interrupt the existing supply chain network by making transparent and actionable data. Although this is still a target for the company, however, it has added some other points to its grand goals. One of these being a plan to become the leading brand in the industry of decentralized apps and Initial coin offerings.
Over the years, VeChain has created a chain of strategic partnerships with different top-tier companies in order for them to achieve its broad goals. In the list of companies partnered with the VeChain is PricewaterhouseCoopers (PwC) which handles a blockchain-powered solution used by the accounting firm to improve its clientele base.
What is VeChain (VET) used for?
VeChain can be applied for a series of uses. For starters, the platform can be used for tracking the supply chain across an entire industry right from the moment of production to the point of reaching the consumer. Parameters like product quality, its authenticity, mode of transportation, and mode of storage. In achieving this goal, the VeChain network makes use of Radio Frequency Identification (RFID) sensors and smart chips. This platform uses a broadcast key system on the blockchain network which is accessible in real-time by the authorized parties. The use of those sensors in the process makes it easy to track all the parameters related to a particular product. In the real-world pharmaceutical application, the manufacturer and the consumer of a particular product are made aware if a product is being kept at a temperature outside the prescription. In a different example, VeChain can also help car owners track their data and usage to get better terms with insurance companies.
What Is the Unique Point of VeChain (VET)?
The principal objective of VeChain is to create an efficient supply chain system that is transparent to all the parties involved. Due to defaults in existing systems of business operations in the world, VeChain brings a new order to the traditional way of doing things. The platform does this by providing a system that is accessible to all parties involved in the production and consumption process. Unlike most of the other parts of the cryptocurrency world, VeChain is not limited to trading and transacting through investment alone, it also provides solutions to existing problems in the world.
How many VeChain (VET) is in circulation?
Ever since VeChain was started back in 2015, it has grown exponentially and has been adopted for both investment and business enhancement purposes. At its start, the cryptocurrency had a total supply of 86.7 billion VET. Currently, VeChain has a total of 67 Billion VET coins in circulation. Based on the market capitalization rate, there have been several predictions of increased circulation of VeChain in the world.
Is the VeChain (VET) Network secured?
Currently, most cryptocurrencies make use of the same type of security system which is either the proof of work system or the proof of stake system. Even though these systems have been proven in time to have a high level of security, VeChain takes its security concerns up a notch. The VeChain system makes use of the proof of authority system. According to the Binance academy, proof of authority is a consensus algorithm that provides an efficient and practicable for blockchain networks. The system does this by leveraging the values of identities which implies that the transaction validators do not have coins at stake but rather their reputation in the case of any mishap. This provides a level of security on the machine and human level that is practically impregnable.
How do I buy VeChain (VET)?
To buy VeChain (VET) tokens is quite easy. The steps below provide the right direction.
* Open an account with any crypto trading platform that offers VET.
* Transfer the specific amount of your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy VET through the trading platform account.
Which Cryptocurrency Wallet Supports VeChain (VET)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as VeChain tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main VeChain wallet as it offers a simple and interactive interface, making it easy to navigate its system.