The Ultimate Guide for VeChain Blockchain Platform
VeChain is a part of Blockchain family built with the mission of Trust-Free and distributed business eco-system to enable the transparent information flow, efficient collab, and high-speed value. Since its establishment, the coin has earned a good value over the years and is now being used by several industries including- luxury goods, agriculture, logistics, etc. The VeChain Blockchain technology is the best thing happened in the crypto industry. Presently, it is also expanding its wings in IoT and supply chain industry with the creation of the VeChain Thor network.
VeChain Thor aims to be an enterprise-focused blockchain ecosystem focused largely on the governance and ease of use. It further plans to operate native blockchain enabling the business to use smart contract applications. The rate at which VeChain cryptocoin is growing, it is expected to reach in billion in coming years.
What makes VeChain Worth?
One of the reasons why VeChain is the best among all cryptocoin is its effective collaboration. Enterprises can have a high level of transparency and value flows. Since 2015, this cryptocoin has amassed significant industrial experience. Further, it intends to model these successful implementation cases as industry templates, plus the raised funds from ICO is used for achieving rapid scalability.
There is a VeChain Foundation in Singapore, established in July 2017 that act as VeChain sponsor entity and is largely committed towards the development of VeChain.
How does this CryptoCoin Works?
Initially started as the blockchain supply chain company, VeChain has evolved into full-fledged DApp Platform. There are two things to know about how VeChain works-
Supply Chain Trust-
In Supply Chain Trust, VeChain uses a mix of blockchain technology and in-house built smart chip to track items throughout the lifecycle. This smart chip is later implemented in different IoT items like NFC Chips, RFID, QR Codes, etc. The best thing about this is it serves an important role in ensuring product quality across industries. One such example is the luxury goods sector. The luxury goods sector has the market size of $450 billion and brands like Louis Vuitton offering varies product undergo different stages during production and distribution. However, here trust and transparency matter the most. In VeChain removes the need for this trust in the supply chain. In every step, the user can scan the smart chip on every item flowing in the distribution level, guaranteeing the receiver receives what he should receive.
Supply Chain Logistics-
VeChain also helps in improving logistics systems through simplified product tracking. Logistics consists of several steps separated in different forms varying across businesses. This certainly leads to a multitasking job which can be a huge pain running the system. With the use of VeChain, you can scan the items using smart chip and get the required data. This provides businesses with information which is a current and accurate account of each them.
Getting Started with VeChain-
Since there are thousands of blockchain and cryptocurrencies in the industry, VeChain is the most important projects which emerged from nowhere. Currently, it ranks 25th in the market cap. According to the official website, VeChain is the current leading Blockchain platform for products and information. However, this cannot be entirely true as there are many more products falling under it.
There are a total of three products developed using VeChain blockchain. The very first is the API gateway service used by a Chinese company in connection with importing goods. This, in fact, is the right example showing the use of blockchain in the supply chain industry. Then there is PriceWaterHouseCoopers which uses VeChain for third-party services.
VeChain also plays a major role in the Liaoning Academy of Agricultural Science distributed data storage. These projects are really important in their own way and define how important VeChain is in the industry.
In February 2018, VeChain rebranded itself with VeChain Thor. This new avatar helped the product to expand its wings in more industry and into more general enterprise Dapp solutions, quite similar to Ethereum. There are two different tokens under this rebrand- VeChain Tokens (VET) and VeThor Tokens (VTHO).
Before the implementation of well-known VeChain Mainnet, VEN was the only token on the network, which is also an ERC20 substitute. Once the makers moved away from Ethereum to their own blockchain, they swapped VEN tokens for VET. Currently, VET is used by companies as smart payment currency for running business activities on the blockchain. Business with VET gets more priority in the blockchain market.
If you are already holding VET, then VTHO you can use for performing smart contracts and run applications on the blockchain. The base generation rate for VET holder is 0.000432 VTHO per VET per day.
How to get VeChain Wallet?
Since VeChain Wallet is the most promising ICO platform in the market, getting the wallet isn't that hard. One of the greatest achievements is taking the scalability level to 10,000 TX/s. Due to its promising future, a number of top companies have established a partnership with the company. These include- MICROSOFT, DNV GL, HYPERLEDGER, RENAULT, and others. However, one should know that VeChain is an ERC20 token. So it is based on the Ethereum smart contracts mechanism. Therefore, there are certain rules that which companies need to follow. So to invest in VeChain, you need to first get the place where you can buy VeChain and definitely have trusted wallet to store VeChain coins.
There are many exchanges to buy VeChain which includes- Binance, Liqui, QRYPTOS, Huobi.pro, HitBTC, VNBIG, Kucoin, BigOne, Lbank and others.
Some of the VeChain Wallets to store coins are-
- Ethereum Mist DApp
- Ledger Wallet
These are open source Ethereum wallets that can accommodate Dapps. Of all the wallets, MyEtherWallet is the most commonly used one having enough features including ERD2O tokens. Moreover, this ledger wallet also offers hardware wallets for crypto currencies. All these wallets except the Parity wallet offer cold storage. Here, cold storage is where the coins are normally stored in an offline location, which is very important for security.
Proof of Authority-
VeChain implemented Proof of Authority (POA) in which 101 known validators produce blocks. However, the network relies on additional nodes to maintain the blockchain ecosystem. All nodes receive VTHO as reward that can maintain the network. When we talk about nodes, there are four types differentiated by their maturity date-
- Strength Nodes – 10 day maturity period (minimum 1,000,000 VET)
- Thunder Nodes – 20 day maturity period (minimum 5,000,000 VET)
- Mjolnir Masternodes – 30 day maturity period (minimum 15,000,000 VET)
- Thrudheim (Authority) Masternodes – 12/21/17 maturity start date (minimum 25,000,000 VET)
The Team and Progress-
VeChain was established as the Subsidiary of BitSe, China's largest blockchain company. In the year 2018, 3 years after establishment, the team reached the milestone in launching platform's mainnet. With this launch, the network moved off from the Ethereum blockchain. Then the team began swapping VEN for VET.
The VeChain team consists of Sunny Lu the CEO, who carries a strong background in IT industry. Most impressively, he was the Chief Information Officer (CIO) for Louis Vuitton China. Other members include-CFO Jie Zhang who has 17 years’ experience in IT assurance and Advisor Bo Shen, the founder of Fenbushi Capital.
Like other blockchain products, VeChain too started with trading at the end of August 2017 with a base price of $0.25 (~0.00005 BTC). However, till October 2017, the price remained flat. In the middle of December 2017, the price climbed high and hit all-time high.
Where to buy VET?
The place to purchase VET is Binance in exchange of Bitcoin or Ethereum. If you don't pose any of the either, you can purchase them using USD either on GDAX or Gemini.
How to Buy VeChain?
You can purchase VeChain through Coinbase and KuCoin exchange, which are considered to be the best. If you have VeChain Wallet, then you can store it very well. Below are 5 easy steps to buy VeChain coins.
1) Sign up to Coinbase-
Set up a Coinbase account which allows you to convert USD into BTC or ETH. You also need to transfer your BTC to KuCoin exchange where VeChain can be purchased.
2) Sign Up to Kucoin-
Next is to sign up to KuCoin, the exchange which VeChain to purchase. Once the Bitcoin is transferred from Coinbase account KuCoin exchange, you can buy VeChain.
3) Transfer Bitcoin to KuCoin Account-
Transfer Bitcoin into your KuCoin account, log into KuCoin and click on Assets on the top menu. Scroll down the list of coins until you find the BTC and Deposit. Once you go back to Coinbase- click accounts- select BTC Wallet-Click Send-select the amount you want to transfer to KuCoin.
4) Purchase VeChain Coins-
Since the BTC is in your KuCoin account, you can now buy VeChain. Click at Markets on the top header menu then insert VEN in the search field. Insert the amount of VeChain you want to purchase.
5) Store on Secured Wallet-
You can keep the VeChain coins on KuCoin, but the offline wallet is highly recommended so you can purchase large. If you don't have a wallet, then get Trezor and Ledger wallets.
There is no doubt that VeChain is the most established one in the blockchain market. The company is backed by the solid experience team that understands the nature of the changing blockchain scenario. Since the company is having a strong partnership with giant companies like PWC and the Chinese government, the company won't have any issues by growing the clientele. If the VeChain keeps growing at this pace, it wouldn't be surprising to see VET as the top performers over the next five to ten years.