CryptocurrencyLab

What is VeChain?

What is VeChain Cryptocurrency

Where other cryptocurrencies have failed, VeChain has gained mileage. It is the first cryptocurrency to partner with the Chinese government. It aims to create a harmonious environment for business through the use of transparent information, high efficiency and better transmission.

 

What is VeChain?

It is a smart contract based blockchain technology. It pays special attention to financial services and supply chain management. Interestingly, it is the first cryptocurrency to come up with a disaster recovery plan. It runs on Ethereum. Its base token is called the VET.

 

Value of VeChain

There are 867,162,634 VET currently in circulation. In 2007, VeChain foundation launched it. It has been a very reliable cryptocurrency and currently trades at $4.4.

It jumped over 2200% from 2007 till date.

VEN was the original name of the coin. In February 2018, a re-branding exercise renamed it as VeChain Thor. It is expected to reach a high of $19.63 by the end of 2018 and a five year prediction expects to see its value rise to $75.

 

Technology behind it

Mining is common for other cryptocurrencies but VeChain users cannot mine them. Users can only purchase them, as the VeChain Foundation governs them. The authorized nodes validate all transactions. Thus, it is a proof-of-authority methodology. This allows transactions to be of high frequency and of high speed.

They can generate VeChain Thor at 0.00042 Thor power for each token per day. The different nodes under VeChain Thor are strength nodes, thunder nodes, Mjolnir masternodes and Thrudheim masternodes. Each of these nodes have different minimum values of VET and increasing maturity periods.

 

Real World Uses 

VeChain is presenting real world use cases based on specific industries.

In the liquor industry, for instance, it helps in the monitoring the liquor from factory to stores. It prevents counterfeiting. That goes for pretty much all luxury goods. It uses a smart chip to track items through the supply chain and the blockchain ledger ensures trust.  In the automotive industry, it assists in the digitization of records. 

This one, unlike other cryptocurrencies, even has disaster mitigation processes in place. As a matter of fact, the VeChain Foundation holds 41% of all VET. They have put in place a transparent means of storing the cryptocurrency and for regular generation.

 

Buying VET

You can purchase VET through exchange with other cryptocurrencies, and not fiat currencies. The recommended platform to use to purchase VET is Binance by using Bitcoin or Ethereum.

The primary way to store it is through ERC20 technology. There are different wallets that you can use for VET storage. You can consider MyEtherWallet (online) or Ledger Nano S (hardware).   

This one has a lot going for it, especially in terms of its strategic partnerships. By partnering with the Chinese government, BMW and the University of Oxford, VeChain has shown its credibility in the otherwise obscure ICO world.

 

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