VeChain

What is VeChain (VET)?

VeChain (VET) is an advanced blockchain platform for the real-world application of blockchain technology. It was founded in the year 2015 by Sunny Lu and has now evolved into an enterprise-grade Layer 1 (L1) smart contract platform up to solving challenges like transparency, data efficiency, and traceability across industries as well as making combinations among blockchain, IoT, and such other technologies with NFC to form a compelling ecosystem where businesses can further improve within and have a more sustainable ultimate goal.

Key Features of VeChain

Fee Delegation: A unique feature of VeChainThor allows sponsors or smart contracts to pay transaction fees on behalf of users, lowering entry barriers for businesses.

Proof of Authority (PoA) Consensus: We will use an energy-efficient PoA, which guarantees low carbon footprints and a scalable and secure design.

Scalable and Efficient Transactions: Its high-level transaction models allow data to be packaged efficiently and asynchronous operations to work with lifecycle-dependent management.

What are the Tokens used in VeChain?

Inside its ecosystem, VeChain has two primary tokens:

VET (VeChain Token):

As a utility and governance token in the ecosystem, it enables value transfer and allows token holders to participate in protocol decisions.

VTHO (VeChainThor Energy):

VTHO is the gas token on the platform relating to the transaction fees incurred on every transaction. It is generated from holding VET tokens, allowing users to perform operations on the blockchain.

What is the use of VeChain in real life?

Supply Chain Management:

VeChain aids companies like Walmart China and BMW increase product traceability to ensure credibility and reduce fraud.

Sustainability:

Tracking the carbon footprint by making eco-friendly practices as VeChain efforts toward green initiatives.

Luxury Goods Authentication:

VeChain monitors high-value items like luxury goods and wine to guarantee authenticity and reduce counterfeiting risks.

Healthcare:

Patient data management, tracking of pharmaceuticals, and monitoring clinical trials conducted with the help of the VeChain network are secure and cannot be tampered with.

Digital Ecosystems:

VeChainThor nurtures a decentralized application on Web3 innovation in terms of incentives, DeFi, dApps, and NFT.

Where to Store VeChain (VET) Coins?

With regards to safely storing your VeChain (VET), there are possible wallets that you can use:

Ledger Live: This user-friendly platform supports VET and VTHO, coupled with a combination of security features brought through support from Ledger hardware wallets.

VeWorld: This is the official VeChain wallet for managing crypto securely and supports Ledger.

Trust Wallet: This is a mobile wallet whereby Vechain can be stored and contains security features such as cloud backup.

Hardware Wallets: Devices like the Ledger Nano S, Nano X, and ELLIPAL Titan provide offline cold storage and maximum security.

Desktop Wallets: the VeChain Sync and Guarda Walle have features like HD wallets and passphrase protection.

Always consider security and follow 'best practices' to protect your tokens.

How to Buy VeChain (VET)?

These are the accessibility steps for buying VeChain (VET).

Find a reliable exchange that will allow you to trade VeChain. The most popular include:

KuCoin

Binance

Coinbase

Create an Account:

Open an account on the exchange by registering your email address, mobile number and country of residence. Create a strong password and enable two-factor authentication for added security.

Verify Your Account:

To comply with regulations, submit a photo ID and other necessary documents to verify your account further.

Add Payment Source:

Add a credit/debit card, bank account, or cryptocurrency holdings already owned to create an account on the exchange.

Buy VeChain (VET):

Go to the VeChain trading page on your chosen exchange. Select your preferred mode of payment, either placing an order or spot and confirm your purchase. Once the transaction is complete, transfer the VeChain to your private wallet for additional security.