What is VeChain (VET) and how can I buy it?

   

Price and capitalization of VeChain

 Below you will find the main information about VET cryptocurrency including:

  • the price: in dollars and bitcoin, as well that the price variation over the last 24 hours
  • the rank: world ranking of the VET compared to other crypto-currencies (the ranking is carried out according to the market cap of each crypto)
  • the market cap: it represents the capitalization of VeChain in dollars, that is to say the total value of all the coins in circulation.
  • the volume: which corresponds to the total amount of VET coins exchanged over the last 24 hours (in dollars)

History of VeChain

VeChain is a project launched by the VeChain foundation based in Singapore in August 2017. When it was created , Vechain was based on the Ethereum blockchain, but sincemid-2018, the project has its own blockchain named Vechain Thor. A rebranding that we will  detail in this article.

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At the head of the Vechain Foundation, we find Sunny Lu, former CIO and CTO of Louis Vuitton China, where he left in 2015 to co-found Vechain. At his side, works Leon Shang, previously Senior Product Manager for eBay, as Director of Operations. The team also has in its ranks, many former employees of IBM or Alibaba.

What is VeChain?

Based on blockchain technology, the company VeChain wishes to digitize assets to allow better interactions between the digital and physical world. To do this, VeChain offers its users the ability to track any product and ensure its traceability . This makes it possible to promote transparency and to know where the product comes from, what are its characteristics, if it is authentic.

VeChain makes it possible to record all the steps, information, raw materials, etc. that are used in the manufacture of a product.

This would allow the tracking of many products such as food products, in particular to ensure that the cold chain has not been broken. VeChain could also prove to be an interesting tool in the fight against counterfeiting. This scourge costs each year, mainly to big brands, colossal sums and the International Chamber of Commerce estimates that by 2022, the counterfeit market could reach 2.3 trillion dollars.

Thanks to VeChain, a product can be traced throughout its life cycle, from production to marketing. Companies or consumers will be able to consult the data of a good stored on the blockchain and this, in complete transparency, with the certainty that this data has at no time been falsified.

VeChain attacks 4 “markets”:

  • The fight against counterfeiting.
  • Track products in the supply chain.
  • To manage a wide range of assets around the world.
  • Provide more product information to consumers

How does VeChain work?

Product traceability is carried out thanks to a labeling system with a chip or a code which gives a specific identity to each product exchanged (NFC chips, RFID chips and QR codes) . For example, this process allows users to scan product information via their smartphone at any time and learn all the details (manufacture, materials used, storage, etc.). VeChain could even integrate the different buyers and consumers who have owned the product over time.

On a daily basis, VeChain could therefore fulfill a multitude of functions helping consumers and producers. A customer could easily check the history of a piece of meat and find out about its origin, its breeding conditions or its transport conditions. In the luxury goods market, it would become easy toverify the authenticity of the article using a code that certifies the quality of the product and that it would be impossible to remove without damaging it.

VeChain could also prove to be very useful in the automotive or art market. These control possibilities are of great interest to large companies and it is only natural that VeChain has already entered into numerous partnerships, particularly in the wine sector or with regulators of the tobacco industry in China.

Several large, world-famous groups have already joined the system and signed partnerships. This digital gateway between brands and consumers represents real added value for brands, manufacturers and consumers. VeChain primarily targets luxury goods but in reality the system can adapt to any type of industry such as food or agriculture.

What is VeChain Thor?

Vechain Thor is a particularly efficient blockchain capable in particular of receiving large volumes of data (temperature, pressure, location, etc.) thanks to the innovative sensors developed by VeChain and its partners, of running algorithms causing chain reactions or even carrying out transactions and calculations involving several players at the same time.

For its operation, Vechain has, since July 2018 and its handbook , two tokens: VET and VTHO.

During the exchange, the Erc-20 token VEN has been transformed into  VET coin. For each VEN held, users received 100 VETs.

  • The VET is the main crypto-asset of the VeChainThor chain, it generates the production of VTHO (1 VET produces 0.000432 VTHO per day).
  • The Thor (VTHO) will be used to operate the blockchain. It is with this token that companies will have to pay to use VechainThor’s services and applications. To do this, they will have the choice between holding VET in order to produce VTHO or buying VTHO directly from VET owners.

Vechain Thor also acts as a platform that can accommodate new projects or decentralized applications (dApps) . This is the case, for example, with the decentralized exchange OceanEX, certain security mechanisms of which are based on deep learning , and which operates on the Vechain Thor network.

ICO of VeChain

The ICO of VeChain ran from August 17, 2017 to September 17, 2017 and managed to raise almost $ 20 million. The tokens initially available were VEN were distributed as follows:

  • 9% for private investors.
  • 41% for the general public.
  • 23% for investors being companies.
  • 12% for operations and technology development.
  • 5% for the founders and the development team.
  • 10% for the implementation of the technology within certain businesses.

Team and partners

VeChain’s main team consists of 14 people:

  • Sunny Lu – CEO: Sunny has a degree in Electronics and Communications Engineering. He was IT manager for a big company and former CIO of LV China.
  • Jay Zhang – CFO: Jay worked as a senior manager at Deloitte and PwC for 14 years.
  • Kevin Feng – COO: Kevin has 12 years of experience in cyber security consulting and insurance, privacy and emerging technologies at PwC.
  • Jianliang Gu – CTO: Jianliang has a Master’s degree in Cybernetics with 16 years of EXPERIENCE in the IT field.
  • Richard Fu – VP-Marketing:. Richard has 20 years of experience in marketing and sales in companies like LVHM or Shangri-la-Group.
  • Chian Qian – VP-Sales and Channel: Chin worked for HP for 12 years and has accumulated good experience in marketing and management.
  • Bian Qian – Chief Blockchain Dev: Bin has spent 10 years working in mobile application development and one is a P2P expert.
  • Peter Zhou – Chief Scientist: Peter was involved in projects funded by the European Commission while working as a postdoctoral researcher at the University of Kent.
  • Jérôme Grilleres – VeChain Europe GM: Jerome has an MBA from the London Business School and a degree in computer science. He has 8 years of experience in corporate strategy at Barclays France and 6 years of experience in real-time trading application development.
  • Sarah Nabaa – VeChain Singapore GM: Sarah has developed and sold her own e-commerce business and has been a consultant for SMEs for their digital strategies.
  • Scott Brisbin – General Counsel:. Scott has experience as a lawyer for celebrities like the Rolling Stones, Disney, MGM, etc.
  • Noah Huo – Chief Marketing Officer: Noah has 5 years of experience consulting for FinTech companies, cybersecurity and blockchain technology.
  • Flora Wang – Chief Human Resources Officer: Flora has 8 years of experience in human resources management and has worked at Louis Vuitton North Asia and Maserati APAC.
  • Mike Zhuang – Chief Strategy Officer: Mike has experience as a business leader for many Fortune 500 companies.

Partners:

Here are some of the partnerships VeChain has forged:

  • INPI ASIA: a company that secures the links between physical and digital data.
  • The Renault Group.
  • Oxford University.
  • EGring consulting.
  • DB Schenker: a company specializing in logistics solutions.

 

 

Benefits

  • Many Apps work on its platform.
  • Many partnerships have been established with reputable companies.
  • The development team is probably one of the most qualified in the blockchain universe.
  • The platform has its own blockchain.

 

Disadvantages

  • Unlike many other blockchain projects, VeChain has a centralized part.
  • Many other competitors are already running dApps and other projects are already trying to improve the logistics sector via the blockchain.
 

How do I buy VeChain (VET)?

To buy VET, you have to go to Binance. It is also possible to buy VET on  KuCoin.

Other exchange sites also allow the purchase of VET parts, but for security reasons, we advise you to buy them on one of these 2 exchange sites.


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Coinbase

Before you can buy VET on Binance, you’ll have to start by buying Bitcoin on Coinbase. It is a reputable, secure and easy-to-use platform. Once your bitcoins are in your pocket, you can send them to Binance and use them to buy VeChain.

 

Binance – Discover VeChain on the market’s number one platform

It is possible to acquire VETs on the most popular platform of the moment: Binance.


Conclusion

In the world of cryptocurrencies, the main criticism frequently made to many projects is the lack of clarity and the difficulty in visualizing the possible use of the product in everyday life. With VeChain, this problem does not arise and the multitude of possibilities that the project could offer in improving daily life is glaring.

We have already mentioned the progress that this project could bring for food, the automotive market or even textile products, but we could extend the scope of VeChain to a multitude of other areas such as medical (vaccine traceability, organ transport, etc.) or the agricultural sector (weather data, pesticides, etc.). This obvious usefulness of the project has already allowed him to enter into numerous partnerships with large companies, the most resounding of which is the one linked with DNV GL and new collaborations are constantly mentioned (BMW, H-M, etc.).

But like most crypto projects, the Vechain has had a few minor snags throughout its development. It sometimes encounters some difficulties from the point of view of communication and marketing, difficulties inherent in many Asian projects. Clumsy announcements are sometimes found resulting in confusion and difficulty distinguishing the official from the potential. The most egregious example is the case of the possible partnership with BMW that has been stirring the community for more than a year but whose conditions and veracity have not been formalized today.

 

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