Blockchain technology has been making waves in finance and business, but it can also be used for other industries. One such industry is the supply chain management industry.
The VeChain cryptocurrency is a blockchain-based platform that aims to improve supply chain management.
In this article, we’ll explore what VeChain does and how it works so you can make an informed decision about whether or not to invest in this cryptocurrency.
How does VeChain work?
VeChain is a blockchain-based platform that focuses on the supply chain management industry. It works by providing companies with chips, which can be installed on objects and items, to track where they come from, where they go to, and their entire history.
The system uses these chips to create a unique digital ledger of transactions for each object/item so companies can determine the authenticity of their products.
They also have a system implemented to create transparency and trust throughout the supply chain by sharing information between enterprises. This open-source platform allows all participants to easily access this information while using consensus mechanisms like proof-of-authority and proof-of-existence to secure transactions. The entire process helps companies ensure that the goods they are buying are safe, authentic, and meet quality standards.
How to buy VET tokens
Now that you know what VeChain does, it’s time to find out how you can buy some VET tokens. The first thing you’ll need to do is purchase a VeChain wallet. You can do so directly through the VeChain website. Once you’ve done that, you’ll need to purchase Bitcoin or Ethereum.
You can’t buy VET coins with fiat currency (USD, EUR, GBP), so you’ll have to buy it using another cryptocurrency first on a platform like GDAX or Binance. Once you’ve got your Bitcoin or Ethereum, you can use another platform like bitinka to purchase VET coins and transfer them to your wallet.
Where to store VET Coins Safely
Once you have the VeChain wallet and some VET tokens in it, you’ll need to know how they’re stored securely so you can be confident in your purchase. As with any cryptocurrency, you’ll need to choose a cold wallet, which means you store it offline. You wouldn’t want someone to hack your computer and steal all of the coins you’ve invested in!
Cold wallets are stored on hard disks or USB sticks that are not connected to the internet. This prevents anyone from being able to access your coins without the physical item in their possession.
History of VeChain (VET)
VeChain was founded in 2015 by Sunny Lu and is headquartered in Singapore. The platform’s main purpose is to ensure the authenticity and quality of products throughout the supply chain. It also allows companies to create and manage their own tokenized ecosystems using smart contracts on the blockchain.
In 2016, VeChain partnered with PwC to address how blockchain technology can improve supply chains. They also launched an incubator program called the VeChain Foundation X that focuses on incubating other companies related to the blockchain industry.
In 2017, VeChain announced several new business partnerships, including with BYD Auto. They also received over 10 million dollars in funding through the ICO that year.
VeChain’s mainnet went live on June 30, 2018. The price of VET tokens increased steadily after the launch.
Features and Benefits of VeChain Tokens (VET)
Several features make VET tokens unique, interesting, and valuable to investors. They include the following:
• Proof-of-Authority is not a common consensus algorithm for blockchains. It allows for verification through authorized nodes that are pre-approved by the VeChain Foundation.
• VET tokens can be used to verify transactions on the blockchain. They are consumed when transactions occur, making them more like a utility token than digital currency.
• You can use smart contracts to create your own individualized token economy using VET tokens. This makes it easy for enterprises of any size to incorporate the VeChain blockchain into their business model.
• The VeChain platform has a unique ID for each product, called a “VeChain Identity” (VID). This VID acts as an ID tag for all products throughout the supply chain. VID information is stored on-chain, while product information can be stored off-chain or on VeChain’s decentralized cloud.
VeChain is a unique cryptocurrency with many features and benefits that differentiate it from other cryptocurrencies. It has an excellent team, strong partnerships, and real-world integration opportunities for businesses across the globe. With this in mind, there are several reasons why investing in VeChain might be worth your time. First of all, the platform offers enterprise solutions to companies of any size. Secondly, you can use VET tokens as utility coins or even create your own tokenized economy using smart contracts on the blockchain through their dApp ecosystem. Finally, if you’re looking for more stability than volatility when investing in cryptocurrencies, then VeChain should be one to consider!
VeChain (VET) FAQ
What is the VeChainThor (VET) Wallet?
The VeChainThor Wallet is a universal wallet and dApp browser that was built for all iOS and Android users. It allows you to make instant transactions, manage your ID information, track shipments, share data with vendors, and use other dApps on the blockchain. This makes it the ideal wallet for companies looking to use the blockchain in their business model.
What are VeChain Tokens?
VeChain tokens, called VET for short, are the cryptocurrency used on the VeChain blockchain platform.
Will Amazon use VeChain?
Amazon has already started to experiment with blockchain technology in their supply chain. However, there is no indication that they are using VeChain or any other platform for this matter.
Can I mine VeChain?
Yes, you can use proof-of-work mining to mine VET tokens. However, the VeChain Foundation recommends using a decentralized mining method by joining a pool from a third party. This way, you will contribute to decentralization more largely while still being able to gain rewards for your efforts in the form of VET.
Who can use VeChain?
VeChain provides enterprise solutions for all kinds of industries. They offer customized solutions for companies that want to use the blockchain in their business model.