• February 11, 2021
  • CryptoAstronaut

What is VeChain (VET)?

VeChain (VET) was one of the first blockchains developed only to oblige the requirements of big corporation level customers. The developers of this project are improving supply chain and product lifecycle management with distributed ledger technology or DLT. Mainly, the project offers users a variety of new functionalities that make it ideal for businesses looking to streamline supply chain conventions and business flows.

They collect data such as temperature, humidity, and acceleration by the use of Internet of Things or IoT sensors. Anyone can scan a product’s QR code and get the desired product’s details from manufacturing to packaging, by using their platform.

VeChain makes it simple and secure for product manufacturers to collect, manage and share important product data with vendors and consumers throughout the lifecycle of a product.

Nowadays, the logistics sector suffers from an asymmetric information problem. While the systems in place do collect a large amount of data, this data is not communicated in an optimal manner. In most instances, severe compartmentalization leaves entire supply chains to rely on centralized data sources. This lack of unity results in a lack of transparency and delayed data transmission.

VeChain’s vision is to create greater market transparency and provide consumers with access to more detailed information about the products they buy, sell and interact with. By having a full 360 degree view of the supply chain, with all components securely recorded and stored in a tamper-proof distributed ledger, retailers and manufacturers can be certain of the quality and authenticity of their products, guaranteeing consumers that what they are buying is really what they think it is. VeChain provides businesses the ability to track an enormous amount of data. These indicators can include items such as quality, authenticity, storage temperature, and transportation status. Impressively, VeChain provides all of these features via a trust-free and distributed business ecosystem. In this way, VeChain reduces overhead and improves accountability.

VeChain Token (VET)

VET is the cryptocurrency that you would invest in on an exchange. It serves as an increment of value within the VeChain blockchain. This token can transfer value across the blockchain and trigger smart contracts. It is also how users pay for transactions on decentralized applications or Dapps that function on the VeChain blockchain.

Currently, there are 64,315,576,989 VET in circulation. VeChain’s system is set up to issue a total amount of 86,712,634,466 VET. VET ranks in the top 35 cryptocurrencies globally based on market capitalization.

So why buy VeChain (VET)? Here are 10 reasons why

  1. VeChain tracks enormous amounts of data from different fields to streamline the business. They collect data such as temperature, humidity, and acceleration by the use of IoT sensors. Anyone can scan a product’s QR code and get the desired product’s details from manufacturing to packaging, by using their platform.
  2. On December 22, 2020, TÜV Saarland (a modern service provider for technical verification and assessments, counseling, vocational training and certification) rated Vechain as a 5-Star Blockchain Service Provider.
  3. The digital vehicle solution from VeChain stores vital data from motorcars on its blockchain. It secures the details of production, service details, insurance data, and banking details. This technology is being embraced by the world's top vehicle manufacturers.
  4. A thriving NFT ecosystem makes the VET Superior Platform. Anyone on VeChainThor can migrate and develop their own project. One of the pioneers of linking NFTs with the real world is VeChain. VeChain puts together both the fields of DeFi (decentralized finance) and CeFi (centralized finance). This method produces a balanced network and transfers of high-speed value.
  5. To collect essential data during shipping, VeChain uses different types of radio frequency tags and sensors. This gives the organization a healthy and sustainable ecosystem.
  6. Their Mobile Wallet: In order to gain some passive income, users should share their VET. The longer you get involved with VET, the more you win. Thor Wallet can be downloaded from Android and IOS applications by anyone. By using reliable 2-factor authentication, it ensures the mobile wallet (2FA). It has a quick interface and users can track transactions outside their cellular wallets.
  7. Blockchain is now more than just a crypto-currency because of projects like Vechain. VeChain is one of the blockchains that is most powerful and stable with an increasing trend on a 52 week period.
  8. With the VeVote framework (an open forum where votes can be cast by stakeholders) launched by VeChain, any stakeholder can cast their vote for the platform.
  9. The VeChain Team: VeChain's CEO is Sunny Lu, one of VeChain's founding members, worked at Louis Vuitton China as a CIO and has outstanding experience working with Fortune 500 firms.
  10. VET Economics

    • -- VET fits the model of proof-of-authority (PoA). Such a system of consensus improves the number of transactions per second and the network's scalability. To prevent an increase in the cost of transactions as the token price increases, it uses a dual token model.
    • -- The VET token is used for exchange trading and is also used to stake and produce VTHO tokens.
    • -- VeChainThor Energy (VTHO) which helps improve transactions with smart contracts. To cover their contract execution costs, only developers can use these tokens.
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