Introduction to VeChain cryptocurrency
VeChain simplifies the supply chain by securely recording in a tamper-proof distributed ledger. It is a blockchain-based platform that helps in tracking the products in their supply chains. It simplifies the processes of collecting, sharing, and managing product information from manufacturers, retailers, and customers. As the entire process is transparent, the quality of the products is maintained throughout.
VeChain is a token introduced by VeChain Foundation, which is a non-profit organization established in 2017. The blockchain-based supply management platform works in the luxury goods industry, municipal government agencies, and pharmaceutical industries. It helps in eliminating the chance of fraud as it improves inventory management, eliminates delays, reduces costs, and increases the trust between partner and consumer.
VeChain uses blockchain technology along with the Internet of Things to track the product’s lifecycle. The company assigns each product with a unique ID, thus digitizing them. Each product has an RFID tag along with the sensors. Anyone, including manufacturers, customers, and retailers, can know more about the product and how it is managed throughout the supply chain.
There are different stages involved in the digitalization of the products, which are:
- ID creation – Using a hash function, a random ID is generated, which is then written in RFID, NFC, or QR code of each product.
- Tags stored on Blockchain – Such tags are then customized according to the clients’ needs and then activated using the ‘V-Operation.’ Once activated, it is written in the blockchain.
- Ownership transfer – VeChain allows ownership management with the help of a Smart contract where VeChain ID is linked to the owner’s account with the combined private key and public key.
Where can you buy VeChain (VET)?
You can use your credit or debit card to buy VeChain, but remember that the transaction would not be direct. You will first need to buy Ethereum or Bitcoin first then you will need to convert it into VeChain. To buy a VET token, you will have to go through the following process:
- Buy Bitcoin or Ethereum on any Exchange – To get your hands on VeChain, you will first need to buy Ethereum or Bitcoin on crypto exchanges like Coinbase. To do so, you will first need to open an account on the platform by submitting your necessary information and setting the password. After verifying your identity, you can buy altcoins using your fiat money. You can directly make deposits and withdrawals. You can make purchases using your credit cards or debit cards, or even a PayPal account.
- Choose the exchange to buy VeChain – Once you have established your account with Coinbase or any other crypto exchange, you will need an exchange to transfer your ETH or BTC from your wallet. Make sure that the exchange you are picking is secure and reputed. Some of the exchanges you can use are – Kucoin, Changelly, CoinMama, Bitfinex, Livecoin, YoBit.net, Binance, Coinswitch, etc. Once you have registered yourself with any exchange given above, search for the trading pair VET/BTC or VET/ETH and then place the order to buy those crypto pairs. Now go back to your account and transfer or exchange the Ethereum or Bitcoin.
- Keeping your VET token safe – To keep your VET token secure, we recommend you store it in the wallet. There are many wallets available, and you can pick anyone you like. There are mobile wallets, desktop wallets, and hardware wallets available. If you want, you can also use an online wallet, but they are not so safe as they keep your holdings online. Hardware wallets like Ledger or Trezor are the safest if you want to store your VeChain token safely.
Projects like VeChain promote blockchain technology further and provide the world with a more efficient solution to the problems arising in business processes. The recent partnership of VeChain with big firms like Renault and BMW showcases its potential for future growth. As per VeChain predictions, it is definitely a good bet for future investment in every sense. With the ambitious vision and the company’s goal, we can predict that the future of VeChain looks bright.