VeChain is the most well-acclaimed product management platform based on blockchain technology, which has completely changed the face of products moving in the supply chain. Vechain has made it incredibly easy and simple for manufacturers to manage, to keep track of products, and to communicate product information to their consumers in an organized way.
What is VeChain?
By making use of a distributed ledger technology which cannot be tampered, it offers manufacturers and consumers to figure out the quality of the products up to a reasonable point. Vechain can be used to record each and every little bit of information ranging from service history and the source materials used, to the spare parts replaced. This allows in the formation of a secure supply chain management system, which can be used by both the consumers and the retailers.
VeChain was developed in Singapore, born primarily out of the need of creating market transparency and to give customers access to the information related to the products that they buy or sell. Currently, the CEO of Vechain is Sunny Lu who was also the co-founder of BITSe (a Chinese internet company) and one of the masterminds behind the cryptocurrency QTUM.
The unique features of VeChain:
- Vechain is one of the first blockchain companies formed in the world and is being developed further by a highly qualified team of blockchain experts.
- It has practically applied the blockchain technology to various industries including agriculture, liquor, and luxury goods.
- It has been delivering blockchain projects all over the globe and has its branches set all in various countries including Japan, France, and Singapore.
- Provides great transparency to information in an organized way.
- It has minimalized the potential of trust problems between parties on both ends in its blockchain supply technology.
- Based on what a person can contribute, everyone linked to Vechain enjoys his/her own unique place and value.
- It is constantly expanding in relation to the fast development of businesses and commercial expansion of various industries.
What makes VeChain so special?
Being one of the oldest blockchain companies in the world, VeChain has gained a significant level of experience in the field of blockchain supply technology which remains unmatchable. This is because it has had the most time as compared to other companies, so as to improve the technology that it has to offer so as to satisfy the needs of all the consumers out there.
Apart from having its branches established all over the globe, Vechain hosts 111 nodes spread over five countries. This is what results in greater efficiency and decentralization.
One of the basic aims of VeChain is to fully secure the supply-chain management system through asset digitization. In simpler terms, manufacturers can assign a unique identity to a product using which they can keep full track of that product’s movement in the supply-chain. The plans of VeChain include the achievement of that management ecosystem secure supply chain through asset digitization.
The following two aspects of VeChain differentiates it from its competitors:
- Use of Vechain Identity (VID) Technology: The VID (Vechain Identity) Technology can be used to track a product’s movement in the supply-chain by marking it with a unique identity. The SHA2566 hash function which is the creator of random hash values, also formes the Vechain Identity. This VID is then stamped into an NFC (Near field communication tag, and a QR (Quick Response) code, with respect to every product in the supply chain.
- Use of smart contracts: Another thing that Vechain has to offer to the public is the management of the digital ownership. Through this feature, ownership of the products in the platform can be visible in the supply chain. To do this, Vechain makes use of the smart contract technology.
The VeChain foundation is an entity that takes responsibility for all the technological research, technological development, and all the network construction-related tasks. Apart from that, the Vechain Foundation also contributes a lot in the overall business development by encouraging support, forming good relations, and initiating partnerships with various companies that might benefit from the block-chain technology as a service.
Currently, VeChain is in partnership with the following enterprises:
- China Unicorn
- DNV GL
- Directed Imported Goods
- Xiamen Innov Information Technology Co Ltd
- Healthcare Co Ltd
- Kuehne & Nagel
- Jiangsu Printed Electronics Co Ltd
As I mentioned earlier, Vechain makes use of the blockchain technology to provide services to a wide range of industries each of which having a specific problem. For instance, the safety of the foods is of prime concern in the liquor industry. Liquor companies and various food chains usually feel the need to keep a track of the food products so as to avoid counterfeiting. By making use of the blockchain technology, Vechain provides a solution for monitoring every wine bottle starting from its production to its transportation, followed by its distribution to vendors. This helps wine companies in saving more profit, as counterfeiting could be avoided. Similarly, customers can also stay satisfied with the quality of the product by having access to all the manufacturing and distribution information.
Similarly, Vechain also provides solutions to the automotive industry. However, it does so in a totally different manner. In the automotive industry, there is always a need to store car maintenance records and other information digitally rather than in a printed format. This digitization of records is something that Vechain provides to the automotive industry.
By now, you must have a good idea that the product applications of VeChain are not limited to any specific industry. Taking a look at the agriculture industry, one can observe another of VeChain’s applications. There are many different challenges that China’s agriculture industry faces. These include a decentralized and limited production, unreasonable safety, unreasonable use of fertilizers and pesticides, and poor labor. VeChain makes use of the blockchain technology to solve many of these issues by keeping a record of all agricultural activity.
VeChain value and growth
Currently, VeChain token VEN is being traded at an average value $7.9 per coin as of 25th January 2018. This price keeps on fluctuating, and there has been a generally linear increase in this price in the small period of time. With the passage of time, this price is expected to increase significantly as VeChain has formed a national partnership with China’s government along with many international partnerships with various billion dollar enterprises. Since its applications are constantly expanding over a range of different industries, the price of one VeChain coin is expected to reach $100 over another year.
Currently, Market Cap Ranking lists Vechain at the 19th rank with a market capitalization of $1,670,170,943 and an average trading volume of $159,879,000, along with a circulating supply of 277,162,633 VEN coins.
Not every blockchain/cryptocurrency project experiences growth as rapid as that VeChain has gone through over a short period of time. In a matter of a month, VeChain managed to reach the 20th rank on Coinmarketcap straight from a rank of 90th. This rank is expected to increase further up to the 5th, within a year or so.
The formal name of the coins used in the VeChain system is ‘VEN’. It is the token that consumers use to pay for the services and products. 41 percent of the total VeChain token have been distributed through Vechain token crowdsale and the profits have all been spent on the Vechain foundation for development.
Vechain coin cannot be mined, unlike other traditional cryptocurrencies, although one can buy VEN through an exchange such as Binance by exchanging it with another cryptocurrency such as Ethereum coins and Bitcoin.
Cryptocurrency wallets are currency storing mediums that can be used to send, receive, and manage the funds. Usually, third-party cryptocurrency wallets or those that are not officially designed for a particular cryptocurrency happen to support a range of different currencies.
For the storage of VEN, there is a range of different internet-based and hardware Vechain wallets for you to choose from. Among these, the most popular ones are listed below:
The TREZOR cryptocurrency hardware wallet is one of the most popular choices when it comes to storing VEN. One can use to receive, send, and store VEN. Apart from the VeChain coin, it also supports a range of different cryptocurrencies such as Ethereum, Litecoin, Dogecoin, and Bitcoin.
A 2-step verification feature in Trezor increases the level of security.
- It has a high level of security.
- It is compatible with a range of different cryptocurrencies.
- Portable and lightweight to carry.
- It has an easy to use interface.
- The PIN can be complex and difficult to remember.
- Offers limited transaction options.
- Comparatively expensive.
The Ledger cryptocurrency wallet is a hardware wallet based on the smart card. Like other hardware wallets, this one also provides a good level of security along with many control features.
- It is compatible with multiple currencies.
- It can get integrated with a wallet software.
- Has an OLED display.
- Comparatively affordable.
- Its reputation is not very good as it is new.
- Not cheap.
- Offers a high level of anonymity.
- Easy to use.
- It is an open source wallet.
- Does not contain two-factor authentication.
- No option for multi-signature.
- Not safe.
MetaMask is an Ethereum browser wallet having a very simple interface and it comes with centralized validation. It does not require a login, as your private keys get stored on Chrome rather than on a private server. The private key is password protected.
- It is an open source wallet.
- It is hierarchical deterministic.
- Easy to use.
- It does not have a multi-signature feature.
- Does not have 2-factor authentication.
How to buy VeChain?
Since mining VeChain just unlike many of the other traditional cryptocurrencies. Instead, one can buy it by exchanging it with another cryptocurrency. However, do keep in mind that you cannot buy VEN through FIAT currencies.
The most common through which one can buy VeChain is to exchange it with Bitcoin or Ethereum coins, which themselves can be bought through an exchange like Cex.io by making a bank transfer or a debit/credit card transaction. After once done, you can exchange your Bitcoin or Etherum coins on an exchange such as Binance. Learn more about buying bitcoin.
A list of the most popular exchanges that list VeChain:
Binance >> Binance stands out as one of the most popular and commonly used cryptocurrencies exchange out there. Since it is quite popular, you can easily find a range of tutorials regarding its usage on the internet. Nevertheless, it offers an easy-to-use interface which is simple enough for everyone to figure out. It does not charge a fee for deposit, however, it has a 0.1% trading free. Check out our full Binance review.
HitBTC >> The HitBTC exchange is yet another cryptocurrency exchange which is quite popular. However, users often report glitches due to which the reputation of this exchange could be a little questionable. It has a trading fee of 0.1% for immediate execution, with no fee for deposit.
gate.io Operated by Gate Technologies, Gate io is yet another cryptocurrency exchange that is very commonly used. It offers a good level of security and its interface is free of glitches. It does not charge any fee for deposit, however, there is a trading fee of 0.2%.
How to get Vechain token through Binance?
- Trading on the Binance exchange is quite simple, especially for those who have had some experience trading on crypto exchanges. Nevertheless, beginners are likely to get along pretty well. In order to begin, first, make sure that your funds are successfully deposited.
- After successful deposition, reach out to the top right menu and click Exchange > Basic so as to load the basic trading screen.
- From the right side of the screen, select a tab for BTC, BNB, ETH, or USDT, whichever currency you are trading in.
- Choose the currency of your choice from this list.
- After your currency is finished loading, notice the column on the left-hand This column tells you about the selling prices while the red end reflects the buying prices while the middle number reflects the latest sale price.
- Underneath the graphs, you can see a ‘buy box’ on the right side of the screen. Click on it to place an order.
- After your order is successfully placed, it will appear below the open order section until it gets filled. After that, you will receive your new currency which can be checked from the deposits/withdrawal menu.
- After that, you can withdraw it to the wallet of your choice.
To sum up…
VeChain cryptocurrency is certainly progressing rapidly in the domain of blockchain technologies. It has been providing blockchain solutions to a wide range of different industries, while continuously expanding itself by forming partnerships with enterprises and by constant development in its technology. There is no doubt that VeChain could become one of the big giants in the industry over the next few years or even months.
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