With the onset era of Bitcoin and its clones which is taking over all the basic aspects of our lives is growing at a very fast pace.
It has been already being adopted by the most of the crowd in the field of banking, business, gaming, technology and now in the field of industries to solve their basic problems.
Now, you can keep all the records of goods and services you are consuming along with the on-time tracking of the product lifecycle with the authenticity simultaneously.
Yes, you heard it right.
For all those crypto enthusiasts who are related to industrial background can use this digital currency platform which is known by the name of VeChain.
We here, at coinscage has come up with a guide on how to buy VeChain to serve for your process of decision making.
So without any further ado, let us get started.
- 1 What is VeChain?
- 1.1 How to buy VeChain?
- 1.2 VeChain Wallets:
- 1.3 What is VeChain Thor?
- 1.4 What is Ven?
- 1.5 What is VeChain Foundation?
- 1.6 How does it work?
- 1.7 Why VeChain?
- 1.8 VeChain on a Global Map:
- 1.9 How is VeChain is helpful to the real-world industry?
- 1.10 The team behind VeChain:
- 1.11 Future of VeChain:
- 1.12 My take on Vechain :
What is VeChain?
VeChain is a blockchain-based platform that has been created to enhance and modify supply chain management process. This means it is revolutionizing the way of how product travel through the supply chain.
VeChain makes it easy and safe for goods or product manufacturers to gather, manage and share important data related to the products with vendors and consumers throughout the lifecycle of a product.
The objective is to generate wider market transparency and provide consumers with access to more detailed information about the goods and services they buy, sell and interact with. By analyzing the supply chain from all dimension all the data are securely recorded and stored in tamper- proof distributed ledger.
It provides retailers and manufacturers the relief and surety of their product authenticity while providing a guarantee to the customers simultaneously.
It is a Chinese cryptocurrency that was developed in 2015 but was established in Singapore.
How to buy VeChain?
VeChain tokens are basically called Ven tokens. Now, its time to give you a detailed review on how you can buy Ven tokens.
To buy VeChain you need to follow following steps:
Buy BTC from Coinbase:
Coinbase is a platform for cryptocurrency exchange that currently operates in 32 countries. If your country is not included in the list then you can go for other alternatives to buy BTC.
For now, we will go for a detailed step of how you can buy BTC from Coinbase.
- Sign up with Coinbase.
- After, you fill up the necessary information you will be asked to verify your account.
- For verification process to be completed, you need to provide your contact number, with some ID proof i.e., passport or driving license.
- Now, you will be directed towards the page for payment method. You can select Debit Card/ Credit Card.
- Now its time to select Bitcoin and the amount you want to invest.
- After this, confirm your purchase and finally, you own your share of Bitcoin.
Now its time to buy VeChain in exchange for BTC.
Kucoin is a platform for exchanging digital coins which are being operated on a global basis. But Kucoin does not accept fiat currency so we need to exchange BTC to buy VeChain.
To start using Kucoin you just need to follow the following steps:
- SignUp with Kucoin and verify your account by providing your contact number and necessary information.
- Now go to your wallet address of Bitcoin.
- To go to your Bitcoin address, Click on “Deposit” and select Bitcoin.
- Now keep this window open and open Coinbase.
After all this its time to send your BTC to Kucoin. For this, you need to follow these steps:
- Under account section, Click ‘Send’ on BTC wallet.
- Now, you need to copy your wallet address to the recipient. Generally, it takes 20-40 minutes to show the available coins.
- Now go to the market and search for VeChain.
- Now, Enter the amount of VeChain you wish to buy and click on ‘Buy‘
- Finally, your order has been placed. Your VeChain will soon appear under ‘available’ option.
It is also a platform for cryptocurrency exchange. You can get all the detailed information and the guide that we have already given on a review of Binance.
Unlike another platform, HitBTC is also an exchange platform for digital coins. It includes 150 total assets in the pair which have cryptocurrencies, tokens etc.
To buy your share of Vechain tokens follow this detailed guide and review which we have done earlier.
Now, not everyone prefers to trade coins on a daily basis. Some of us buy cryptocurrencies to hold it for a long period of time. So, in order to hold it for a long-term, you need to have a wallet to store it.
VeChain is built on Ethereum Wallet support system. So basically, if you want to store your Ven tokens then you can use any wallet which supports ether tokens.
Some of the hand-picked and recommended wallets are:
My Ether Wallet:
It is a web wallet with moderate security. You can store your Ven tokens in My Ether wallet. To get all the information on Ethereum Wallets click here.
Ledger Nano S:
Ledger Nano S is one of the most popular and trustworthy hardware wallets. it supports BTC/ETH and other altcoins. It keeps all your funds, coins, and other data safe and secure.
To store your Vechain tokens follow this guide which I have already written on Ledger Nano S.
This is another Hardware(HD) wallet which is widely used around the world. In fact, Trezor is considered to be the first hardware wallet to store Bitcoin. However, later it started supporting Ethereum as well and became the preferred choice to store the latter too.
You can buy you Trezor Wallet on its official website.
What is VeChain Thor?
Currently, Vechain is in rebranding process to VeChain Thor. The official launch will be announced 26 February 2018.
VeChain Thor is going to revolutionize the company beyond the supply chain into Enterprise DApp solutions unlike, Ethereum. The new platform will use two different tokens:
- VeChain Tokens (VET)
- Thor Power (VET)
Note: VET token will be issued to new investors after its official launch.
What is Ven?
Ven is an official token of Vechain Cryptocurrency. Out of total tokens of Ven tokens following are the distribution pattern of ICO.
- 41% were sold at the time of crowd sale.
- 9% were given to private investors,
- 23% of private investors.
- Other remaining tokens were held back for the further development of Ven platform.
What is VeChain Foundation?
It is non- profit organization implemented in July 2017 in Singapore. It will perform or act as sponsor entity for the development, construction, and governance, transparency, advocacy. Also, along with the work of promotion and for the steady development of open source network.
How does it work?
To achieve the goal, the VeChain platform provides manufacturer to assign products with unique identities, which allow all the parties related to the product to access the information of that particular product. It helps in tracking the product through its lifecycle.
The security is ensured by the blockchain technology while all the participants hold their private keys within the blockchain.
A product on VeChain platform is assigned with NFC chip, RFID tag or QR code. At every stage of the procedure, you can scan the smart chip on each item to guarantee you’re receiving the authentic product you wanted to receive.
Because the blockchain is an immutable ledger, you can trust that you’re receiving accurate information. It also envisages a broad range of applications, including brand protection, anti-counterfeit, and food safety.
Integrating with IoT devices, VeChain also helps with quality control. This is especially useful in the food and agriculture items of industry where even a small variation in temperature can destroy the bulk of goods stored.
- It gives you symmetric and transparent information.
- Increase the potential trust of the interested parties.
- Global operation.
- Free-trial available for each sector.
- Successful implementation of blockchain on luxurious goods.
- It is one of the earliest blockchain technology with notch and experienced team members.
VeChain on a Global Map:
Apart from office at differetn locations, VeChain is being operated in 5 countries and it has 111 nodes in total. This makes it more efficient across the world.
How is VeChain is helpful to the real-world industry?
In the real world, this technology has potential applications across a wide range of industries, including luxury goods, the automotive sector, agriculture, logistics, and retail.
One of the major concern of these days on a global level is food safety. For this reason, VeChain has created a tracking and authenticity platform for wine bottles. It allows all the relevant parties to store or record data before it reaches its destination. Along with all this, consumer rights are also been protected by scanning QR code.
With the unique digital identity and an automated smart contract, a product is traced throughout its lifecycle along with the authentic products of the brand and its quality.
The feature which is enabled to tell about the condition of soil and other climate change factors are supported by VeChai blockchain network. Data collection can help agriculture companies make better decisions. They can improve on the planting method, improve the quantity and quality of the crops and increase their product margins.
to know about other industrial applications of VeChain visit their site for other use cases.
The team behind VeChain:
The team members behind the project of VeChain are:
- Sunny Lu – Project Leader.
- Richard Fu – Marketing Director
- Jay Zhang – Finance Director
- Bin Qian – Blockchain Developer
- Jerome – Director Business
- Jian Gu – technical Director
Future of VeChain:
VeChain provides the solution to all the common problems of Industry-based operations and its undertakings. If you own a Ven then it gives you the right to use the public infrastructure of VeChain, as each token acts as a unit of exchange.
VeChain also holds the partnership with the giant companies like PwC and the Chinese government. But some of the issues are rising regarding their shift into the DApps. on the other hand, it looks to be beneficial for customers who are looking for a more robust blockchain solution to their specific business needs.
If VeChain continues at their current pace, it wouldn’t be a surprise to see VET as one of the top performers of 2018.
My take on Vechain :
While I am writing this buying guide cum review, one issue worth noting is the extensive rebranding process that will see VEN tokens converted to VeChain Thor (VET). You’ll need to research the technological developments associated with VeChain Thor, as well as any associated problems or issues, before deciding whether VET tokens are worth your money.
The expertise group of blockchain team members, it is no surprise that VeChain continues to grow. Its current set of nodes across various countries is a very good start, and as the set grows, VeChain can prove even more useful.
If I talk about my view on the current prospects of VeChain then I would say the real- world application of this coin has attracted a large number of investors and crypto enthusiasts. However, the crypto world is highly dynamic. So make your correct decision according to your analytical view.
So what do you think about VeChain? Do give us your feedback in a comment section down below.
Till then keep exploring these amazing articles: