VeChain is a blockchain-powered platform, which is designed to optimize the supply chain management processes. By leveraging tamper-proof technology along with distributed ledger technology, it offers retailers and consumers the potential to identify the quality and authenticity of a particular product.
Starting from the source materials to service history, and replacement of spare parts, every single aspect of information with regards to the product’s supply chain moment can be recorded and authenticated. The platform envisions to make supply chain management a secure ecosystem for all users.
This article is the perfect guide for you to understand what is VeChain, VeChain price, how to buy VeChain in the USA, and VeChain 2020 prediction.
VeChain -What is it?
VeChain, as we discussed above, is a popular blockchain platform, which is designed to improve the efficiency and security of supply chain management as well as business processes. Its primary objective is to streamline the processes and the flow of information in supply chains by harnessing distributed ledger technology (DLT).
The VeChain platform has two tokens that include VeChain Token (VET) and vecCHain Thor Energy (VTHO). While the formed transfer value across the VeChain network, the latter is used as energy to facilitate transactions.
Blockchain technology holds the potential of eliminating the issues with regard to asymmetric information and enables the data ownership to retain back to its owner.
And, the VeChain platforms hold the capability of providing an all-encompassing view of vital information associated with product and business processes. The data include storage, transportation, supply, etc. can be shared with authorized stakeholders, thereby generating higher market transparency.
VeChain — Where it All Started?
VeChain was founded in the year 2015 and is among the oldest platforms in the blockchain industry. The company presently has its offices in China, Japan, Singapore, and Frame. But initially, it started out as a subsidiary of China’s well-reckoned blockchain company, BitSe.
The company is run by CEO Sunny Lu, who holds over a decade of experience as an IT executive in Fortune 500 organization. Additionally, Jay Zhang, the CFO, has around 14 years of experience in working as a senior manager in renowned companies like Deloitte and PwC. This project is supported by the VeChain Foundation, which was set-up in 2017 as a non-profit organization.
How Does VeChain Work?
VeChain is a unique blockchain project that offers its users control over the authenticity of a particular product. Let us understand VeChain’s functionality by taking an example of a bag. From the moment it is produced till the time it is delivered to the customers, the bag goes through multiple parties.
The existing systems need to ensure that the parties handling the product are genuine, and there is tampering or switching of product between the supply chain. VeChain is the platform that envisions to ensure optimum authenticity in the supply chain.
It allows your product to be embedded with a smart chip, then you can track the process of the product, and all the information will be stored in the immutable ledger. This way, you can make sure that the authenticity of the product is maintained at every stage of the supply chain.
The core focus of this platform is to offer retailers as well as consumers access to genuine and reliable information about the products they buy and sell. The operation of this platform aims to –
- Prevent counterfeiting but make sure the quality and authenticity of the product.
- It tracks products throughout the supply chain to make the management more streamlined and efficient.
- It provides more information to the buyers with regards to the manufacturing, designing, and delivery of the process.
Proof of Authority
The VeChain platform leverages Proof of Authority as the consensus protocol. According to it, votes are distributed on the basis of VET holdings as well as disclosure. VET holders who possess 1 million tokens and without KYC are accorded with 20% of the votes, whereas VET holders with KYC and 1 million tokens are given 30% of the votes.
Moreover, there are also 101 Masternodes that are responsible for maintaining consensus on the platform’s transactions. In order to become an authority masternode, identity disclosure is an imperative pre-requisite. As per the company’s claim, this method uses less power and does not need a minimum number of validators to accomplish consensus.
There is another type of masternode in the platform known as economic masternodes that do not generate ledger records or blocks. They are leveraged to check on the power by allocating a specific number of votes to each masternode depending on the VET holding.
When an economic masternode possesses 10,000 VET, it gets one vote. Within the decentralized ecosystem of VeChain, masternode centralized the voting rights. However, in the coming types, we can witness a more balanced approach between centralization and decentralization within the platform.
Where to Buy VeChain?
Buying VeChain coin should not be a problem as it is available in a majority of popular cryptocurrency exchanges that include –
ChangeNOW — A Reliable Source to Buy VeChain Coin
ChangeNOW is one of the reliable platforms to buy VeChain coins. The overall interface of this platform is quite straightforward. All you have to do is pick the VeChain coin, the platform, all the aspects associated with the exchange, and you will receive your fun in a quick and safe manner. Moreover, throughout the process, the platform does not control your crypto assets, which means the authority remains in your hands from the outset.
What is the Best VET wallet?
Below we have listed some of the best VET wallets out there-
- VeChain Thor Wallet
The first wallet is the platform’s own VeChain Thor Wallet, which is designed specifically for two cryptocurrencies, including VET and VTHO.
VET is basically a utility token, which can be spent on services provided by the VeChain platform or within its ecosystem. Additionally, you cannot mine VET, so you have to buy it from an exchange.
VTHO, on the other hand, is generated by collecting VETs. The wallet is available for both Android and iOS users, and it is free to download. Presently, there is no desktop version available; however, the company plans to launch it in the near future.
- Ledger Nano S
Ledger Nano S is basically a cryptocurrency hardware wallet similar to the size of USD and is ideal for VeChain transactions. Moreover, it is also multi-asset hardware and can store VeChain, Bitcoins, Ethereum, Ethereum tokens, along with 30 other digital currencies.
Similar to USB, it can be connected to your device when you need to confirm any transactions. It is affordable, unhackable, inexpensive, and can run on different apps. Currently, it is the only hardware wallet available in the markets.
- Atomic Wallet
One of the popular desktop wallets, Atomic, is available for Mac, Windows, Ubuntu, Fedora, and Debian. It enables atomic swaps for up to 200 coins simultaneously. The wallet is able to store, send, and receive VET coins.
As for security, all private keys are encrypted and stored on the user’s PC. This wallet does not require any accounts, verification, or KYC features and ensures that nobody can block the funds. Additionally, you get round the clock support from the team through live chat or email.
- Guarda Wallet
Guarda Wallet supports more than 45 coins and over 10,000 tokens. This multi-currency wallet was found in the year 2017 and offers staking for limited coins. It allows users to purchase, sell, and exchange cryptocurrency within the wallet.
The wallet is completely private and anonymous, accompanied by a straightforward user interface. Additionally, it does not store users’ funds and also does not have access to their private keys.
- Trust Wallet
Trust is a mobile-based wallet, which is available for both Android and iOS users. The private keys of the users are only stored locally and guarded with multiple security layers. The wallet supports a wide range of popular cryptocurrencies and crypto protocols. Moreover, the operations of this wallet are completely anonymous, and it does not access any personal information of the users and maintain the utmost privacy.
Ever since its inception in the year 2015, VeChain has appeared as a promising blockchain platform. Above is a comprehensive review of this platform that will help you understand its potential and future capabilities. While there are some uncertainties associated with this platform, we can expect to see the platform improving in the coming times.
To learn more about VET price prediction, please visit the following VeChain post in our blog.