What is VeChain(VET) Coin? - Everything you need to know
Let's start with the basics itself!
What is VeChain Cryptocurrency?
It was founded in 2015 and is a decentralized platform which allows customers and sellers to communicate and interact with each other without the involvement of any intermediary. It is currently the part of the businesses such as Agriculture, Pharmacy, manufacturing, retail, logistics, luxury goods, Wines etc.
VeChain has a team of around 150 employees and their CEO named Sunny Lu is a fluent English speaker with expertise in IT and Information Security across luxury brands.
An Overview of the VeChain Foundation
VeChain Foundation is a non-profitable foundation which is responsible for the construction of the network, research, and development.
It provides support to the businesses who are interested in utilizing blockchain technology as a service which includes payment services, private key management, smart contract development, and wallet development.
What does VeChain support?
VeChain basically supports the supply chain management. Supply chain Management means management of goods and services which involves product creation to deliver it to the real customer.
It uses VeChain identity (VID) to track the product and these identities are produced using the SHA256 hash function.
VeChain provides the support by storing the details about the product on their blockchain which is secure and immutable. Each of the firms who are involved in using this technology has their separate private keys and they can interact with the rest of the organizations who are involved in that network.
How does VeChain work?
VeChain helps to identify Counterfeit by using RFIDs with blockchain. RFID tag is the tag which is attached to the objects to identify and track the product using Electromagnetic fields.
It provides transparency to the customers. It allows manufacturers to assign unique ID like RFID or sensor to the products and that information should be updated at the VeChain blockchain.
Due to this, every party involved in that supply chain will get the details about the products and its handling information.
For e.g: When some drug is issued in one country and is required for usage in another country, the drug needs to be stored at some specific temperature and also it might have some restrictions related to the transport as it can’t be imported via airlines. Thus, to keep a check on all those things, these sensors help the manufacturers to know where the product is an RFID reader is also available through which customer can check if the delivered drug is original or fake.
Current Statistics of VeChain
As we know, VeChain is the part of ledger Vechain blockchain Project and it is grown as fast as it becomes the first digital currency to trade in regulated forex markets. It is ranked 9th as per the CoinTopper in the "Top Viewed Coins" list.
Though BTC and ETH have been showing a bearish trend recently, however, Vechain has been doing good with its current value of $0.015 after a breakdown in August 2018. The reason for their success is their solid development team and their partnerships with the big industry names.
Expanding VeChain Network
VeChain is getting expanded every single day as it is getting involved with the list of partners. In that list, on top is PWC(PriceWaterhouseCoopers) which is offering services along with VeChain to the third party to invest in these decentralized platforms.
Apart from that, other investors are also getting in to do the partnership with VeChain like:
- DNV GL
- DIG (Shanghai-based company)
- Jiangsu Printed Electronics
- French Car Renault
- Healthcare Co Ltd
And many more. It is continuously growing by making new partnerships with other organizations.
Countries Where VeChain is becoming popular...
VeChain is most popular in China though China is not user-friendly for these cryptocurrencies still VeChain is able to maintain the trust which is considered as an advantage due to their world’s second-largest economy.
Apart from China, it’s spread widely across Singapore, France, and Hong Kong. Also, they are holding many other partnerships at the global level.
VeChain also has 111 nodes around the globe which allows for decentralization and efficiency.
How to buy VeChain?
Thus to buy VeChain Coins, these steps need to be followed:
- Sign up to the Coinbase ( To convert USD to BTC or ETH)
- Sign up to KuCoin(Exchange where VeChain can be purchased)
- Transfer the BTC to Kucoin.
- Make the purchase for VEN.
- Store the Vechain coins.
- Coins will be stored in the wallet on the particular exchange.
Exchanges where the VeChain purchase can be done:
- Huobi Pro
The Future of VeChain
VeChain is involved in day-to-day businesses in a variety of sectors and its partnership with PWC and DNV GL are helping those businesses to achieve the improved processing and quality control. It is reshaping the supply chain management view for the businesses and the real-time users.
Also, with the latest VeChain Thor update and mainnet release, VeChain has gained quite a high traction and is certainly one of the prominent cryptocurrencies that have made a huge impact to the crypto world.