VeChain is a business-focused blockchain that aims to create “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transfer”.
The VeChain network was established in the year 2016 and aims to encourage the adoption of enterprise applications. VeChain offers blockchain as a service (BaaS) through their Toolchain platform. Toolchain provides solutions for carbon reduction, boosting consumer confidence, improving the efficiency of the automobile supply chain, and many more challenges facing the world today.
What is VeChain?
VeChain is an innovative blockchain technology designed to connect products and consumers. It’s designed to improve the supply chain, as well as various other processes in business.
The VeChain network has 2 distinct coins:
- VeChain Token (VET token) and VeChain Thor Energy (VTHO). The first can be used to store value throughout the VeChain network, while the latter serves to serve as “gas” to power smart contract transactions, similar to the well-known Ethereum cryptocurrency.
- Another feature that is unique to Vihaan’s community is its intends to grow to include 10 million transactions per second. When compared to other crypto assets such as bitcoin’s 4.6 seconds of transactions, VeChain can be considered to be more adaptable.
With more than $9 billion in VET being used, VeChain currently sits 23rd in the rankings of cryptocurrency according to market cap.One of the most compelling reasons to purchase VeChain cryptocurrency is the variety of options it comes with. For instance, it offers the ability to work with smart contracts, Initial coin offerings (ICO’s) and applications that are decentralized.
Furthermore, as it is able to be bought by customers, it’s that difficult to locate a store to purchase VeChain. Websites such as Coin base and Binance have the currency available to trade. Of these, Binance is the best option to purchase VeChain.VeChain connects customers to processes in the business world, such as managing the supply chain.
Why Should You Buy VeChain (VET)?
VeChain offers a unique situation as it utilizes its blockchain technology to aid in logistics and supply chain management for companies.
- One of the primary reasons that explain why VeChain is so well-liked is that it is employed in real life currently by many large companies to keep track of how they manage their inventories. When you consider all meme coins available in the market with no value, it begins to make the VeChain appear very appealing.
- You’re thinking it’s great and all, however, did you also know the retail giant Walmart has teamed up with tech giant IBM to develop a ‘Food Trust Blockchain’. Why? It’s because it’s estimated that $300 billion in food items could be tracked via blockchain by 2027.
- If you’re in search of more value of VeChain you can get it on PuffBar. A vape that made use of VeChain’s technology to inform new customers if the product they purchased was imitating or not.
But I’m not done yet due to the VeChain proof-of-authority system, which means there are two tokens in the ecosystem. The offshoot token they use known as VeThor is paid out to each owner of VET coins. Think that it’s a dividend from a share in the traditional financial system.The VeThor tokens are paid out at the rate of 1.44 per cent. However, the VeThor tokens are paid each day, meaning you can trade them in and then compound them into VeChain should you wish.
How to Buy VeChain (VET)
· Log in to your Online account.
VeChain tokens VET and VTHO cannot be traded through Coin base or Gemini However, they can be traded with Binance. Binance provides a broad range of altcoins, and also allows purchase with debit and credit cards.If you don’t have access to Binance You can create one up using the hyperlink below.
· Get an account (optional)
You’ll require a wallet to store all of your VET as well as VTHO tokens. Binance’s wallet is built-in to hold both tokens. It’s ideal to move all funds not intended for trading into an account that is cold.
The cold wallet does not connect to the internet, which makes your cryptocurrency safe. Exchange wallets as well as other wallets that are software-based, such as met mask are accessible online and pose additional security threats.
· Buy your product
All you have to do now is to buy VET and then transfer it to the wallet you want to keep safe. You can buy VET via the Binance exchange in the same way as you would purchase another stock or cryptocurrency.You can choose to place an order through a market buy or limit purchase.
If you choose to buy a limit purchase you choose the price you’re willing to pay and the order is filled when the price of the token exceeds your limit price. If you’d like to obtain the token fast then you can put in an order for market, in which you will make payment at the present price, and get your order fulfilled almost instantly.
Transact, sell or convert the value of your VeChain coins
If you plan to trade with your VET or VTHO it is necessary to store it in an exchange wallet to have quick access to cash. This is a risk because exchange wallets are not as secure as storage that is cold. Prices for crypto can be extremely volatile especially in the short term. Trading can also put you at risk to risk of price fluctuation.
If you’re looking to trade your VeChain tokens to cash them out, there are various options. Binance.us provides ACH withdrawals that can reach $1000 per day. If you’re looking to transfer more than that in one go the best option is to transfer your tokens to stable coins such as Dai or USDC. After you’ve recouped your gains with a stablecoin, you’ll be able to make the transfer of Dai or USDC to a Coin base account that can handle $25,000 daily limits for accounts that are fully verified.
Since VeChain tokens do not Ethereum-based, the choices for converting them are not ideal. Ethereum-based tokens like Uniswap and Wrapped Bitcoin can be exchanged quickly with an automated market maker like Uniswap and Sushi swap. This isn’t the case for VET or VTHO.