What Is VeChain?
VeChain is a decentralized platform based on blockchain technology. It allows real things to be represented digitally. For example, any information about people or goods is digitized and entered into a blockchain. The developers plan that in the future, the platform will become a business ecosystem that can expand without any intervention.
What Is VET Coin?
The unit of VeChain is the VET token. The overall issuance of VET is 1 billion.
Today VeChain Price
Current price of VeChain is 0.086 USD.
The project was launched in 2015 by Sonny Lu, who previously worked in the information departments of major brands, in particular the Chinese branch of Louis Vuitton. At first, this platform was focused only on small devices operating within the IoT. These were various sensors, gadgets, and electronics.
In 2016, the developers' strategy changed, then the project was positioned as a platform for reliable and functional storage of information about any goods and luxury items.
On exchanges, the VEN token first appeared on August 19, 2017. In the media, information about VeChain's cooperation with major corporations was published. These were world-famous companies from automobile concern Renault to the internationally renowned consulting company DNV GL.
A massive rebranding happened in 2018. The blockchain was renamed as VeChain Thor and the new token was called VET. The concept was also significantly updated.
The main purpose of VeChain is to simplify and at the same time improve the system of the trading process, where each side of the transaction will be able to get trusted service and objective information.
VeChain coin is digitized by assigning a unique identifier to goods, personalities, which in turn is placed on the product using an NFC chip, RFID tag or QR code, and is entered into the main blockchain chain.
At any moment, every network user will be able to check information about a product or manufacturer using a unique identifier, which is stored in an immutable blockchain.
Proof Of Authority
VeChain operates on the Proof of Authority consensus model, which requires nodes to be authorized to take part in blockchain consensus. Once authorized, a node joins the pool of other authorized nodes, and each has the same chance of publishing new blocks and receiving rewards. In this system, rich nodes have no advantage, and nodes do not need to compete with each other using huge amounts of resources.
The PoA system is also bandwidth-efficient, resulting in higher network bandwidth. This results in more transactions per second and improves network scalability.
Not so much time ago, PoA 2.0 was deployed on TestNet. This version is aimed to make transactions faster, provide faster security and transaction finality.
Coins can be stored on the official VeChainThor wallet for Android and iOS. It provides full security and allows users to get access to X Node transfer and recent VET coin news.
The VET coin price is increasing because its developers are doing their best to bring the currency into everyday use.
VeChain is one of Ethereum's main competitors. The Ethereum network certainly has an advantage in reach but has many problems with scalability and high fees. VeChain is faster and cheaper compared to Ethereum. This is partly why major international companies and conglomerates do not refuse to partner and use the VeChain network.
VEN cryptocurrency is successfully used in logistics. Customers are conveniently and securely informed about deliveries. All participants in the process (manufacturers, shipping companies, large dealers and retailers) easily and securely exchange data. A blockchain solution can improve logistics efficiency.
VeChain is constantly improving. Today, it partners with logistics, real estate, automotive companies, financial services and media. Its focus on dApps and other innovations make experts give a positive VeChain price prediction.
Where To Buy VeChain?
There are many exchanges where to buy VeChain, and StealthEx is one of the safest options. This platform offers users to get VET with no extra fees and with the best floating and fixed rates.
How To Buy VeChain?
So if you already have savings in crypto and wish to invest in VET coin, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to VET.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your VET coins.