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All you need to know about VeChain (VET)

All you need to know about VeChain (VET)

 Article contents:

  • What is VeChain (VET)?
  • Do you have VeChain NFT?
  • How does VeChain work?
  • Is investing in VeChain a good idea?
  • How to buy VeChain?
  • VeChain price history
  • How to use VeChain?

Supply chain management plays a key role in ensuring efficient, reliable and transparent business operations. However, issues such as counterfeiting, inefficient processes and lack of transparency continue to plague supply chains around the world. To overcome these challenges, the blockchain platform VeChain (VET) has become a complex solution. Through integration with blockchain technology, smart contracts, the Internet of Things, and tamper-proof RFID tags, VeChain enables companies to track and verify the entire product lifecycle, bringing unprecedented visibility and trust into supply chain management.

What is VeChain (VET)?

VeChain is a blockchain platform developed in 2015 to simplify supply chain management using distributed ledger technology (DIT). VeChain is aiming for mass adoption by businesses and hopes its technology will become the future standard for supply chain management. One of the platform's tokens is VET, which is used to cancel smart contracts across the VeChain network. The price of the currency peaked in spring 2021 at €0.19.

VeChain was co-founded by Sunny Lu, former CEO of Louis Vuitton China, and Jay Zhang. They first launched the VEN coin on the Ethereum blockchain and raised $20 million through the sale of the coin. VEN was later replaced by VET when VeChain launched its own blockchain.

Solving problems in the supply chain and making it easier for companies to manage information is the main goal of the VeChain platform. The key to VeChain's mission lies in the smart chips that track all points in the supply chain flow.It is linked to a Distributed Ledger (DIT) for maximum security, transparency and reliability. For example, VeChain has partnered with Renault to create a tamper-proof digital automotive service record that protects potentially sensitive repair data.

VeChain's secondary goals are to become a leader in Decentralized Applications (DApps) and Initial Coin Offerings (ICOs) and to become an Internet-of-Things (IoT) broker. VeChain has two currencies, VET and VTHO. VET is a VeChain token used to cancel smart contracts on the VeChain network, functioning as "smart money".Anyone can buy and invest in vocational training. The VeChainThor or VTHO energy token is used for transactions on the VeChain blockchain.

Do you have VeChain NFT?

In addition to the VeChain supply chain use cases, the non-fungible token (NFT) ecosystem is also booming. To create and trade VIP-181 tokens hosted on the VeChain blockchain, there is a decentralized NFT marketplace called VeSea. The VeChain Foundation has introduced the VIP-181 standard, which enables basic token functionality in smart contracts.

users need a VeChain compatible wallet to buy, sell and store NFTs on VeSea, which is compatible with VeChain Sync2 and VeChainThor wallet. In addition, there are no additional costs with VeSea thanks to the efficiency of the underlying blockchain.However, users have to pay a transaction fee of 2.5%.

VeChain offers two series of VeKings: NFT and Paper Project. 8,147 artifacts are available in the VeKings NFT series, representing Vikings and Valkyries, symbols of the great VeChain empire. A total of 11,880 uniquely generated NFTs make up the Interactive NFT Paper Project, developed and maintained by Southern California artist Emmet Ahlstrom.

How does VeChain work?

VeChain is one of the most popular adopters of the Proof of Authority (PoA) consensus protocol. With PoA, identity is used to validate transactions and generate new blocks. Accountants gain their position through their reputation and are therefore motivated to maintain the transaction process in order to protect their reputation as well. Anonymity is not an option and disclosure of identity is a requirement for VET holders wishing to become validators. Unlike consensus mechanisms (consensus mechanisms) such as Proof of Work (PoW), PoA does not consume much power and does not require a minimum number of validators to achieve consensus, which contributes to the relative speed of transactions.

Is investing in VeChain a good idea?

VeChain aims to accelerate the mass adoption of blockchain technology by solving problems like the high cost of maintaining an Ethereum-based DApp. Despite the potential uses of VeChain in supply chain management and other industries, investment decisions depend on your financial goals and risk-reward profile.

However, investing in a cryptocurrency that you feel you need more confidence in can be very risky and you could lose your hard-earned money. So base your asset allocation decisions on the return you expect from your investment. But is the VeChain network secure?VeChain works with a number of security companies including Secureware, SlowMist and HackenProof to detect potential vulnerabilities and proactively block cyber threats.

How to buy VeChain?

You can buy VeChain through cryptocurrency exchanges like Coinbase, Binance, and Bitpanda using fiat currencies like dollars, euros, or British pounds. It is best to first check the VET coin price history and the current exchange rate. After purchase, you can view and access your VeChain investment in a digital wallet, similar to a bank account. You then have the option of keeping the VET or reselling it if the price increases.

VeChain price history

Like other digital currencies, VeChain is an extremely volatile asset. There is no reliable way to predict the price of VET. As always, it is important that you do your research before investing in cryptocurrencies.

From the launch of VET on the VeChainThor blockchain in 2018 to the first months of 2021, the coin's price has fluctuated around €0.005.Since January 2021, the price first reached an all-time high of €0.19 in April 2021 and then again in May 2021. The price has fallen significantly again and has not reached its previous high.

How to use VeChain?

Companies use the VeChain blockchain to better track and maintain information flows and processes. Many big brands are already using this technology, including PwC, UFC, Bayer and Walmart. Luxury fashion conglomerate LVMH uses it to track leather goods, and BMW uses it to prevent counterfeit odometers when selling cars.

As supply chains become more complex, the need for transparency, efficiency and trust becomes more important. With its innovative integration of blockchain, smart contracts, IoT and tamper-proof RFID tags, VeChain offers an unparalleled solution to supply chain management challenges.By providing trust, accountability and real-time intelligence, VeChain is poised to usher in a new era of supply chain efficiency and reliability and revolutionize industries around the world.

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