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Dec 28, 2020

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What is Vechain (VET) | Complete Guide

This article focuses on a popular yet underrated project – touted by many individuals in the crypto space; known as Vechain with the ticker VET. Let’s review its technological advantages and disadvantages, history, and how to store and manage the VET coin.
So what is Vechain? In short, this particular cryptocurrency can be described as an advanced host of innovative technological solutions aimed at data management and the Internet of things (IoT). With that approach, its ecosystems and applications are capable of tackling fake or counterfeit products, bogus insurances, and data manipulation among other issues in the real world.

Brief History 

Vechain has a rich legacy and is arguably one of the oldest projects that are still around today. First and foremost, it is fundamentally a very fascinating project created by the founder - Sunny Lu. In the early days, Lu, Jay Zhang, and Jianliang Gu who are at the core of the team worked on Vechain for two years before emerging it onto the crypto scene in 2015. Vechain’s ICO started at $0.0008 during 2015 and spiked to an all-time high of $1.75 in January 2018, about a month after the 2017 bull run. However, things have changed significantly due to changes in the tokenomics.

On that side of the spectrum, Sunny Lu and his team decided to slightly re-brand the token to VechainThor and changed its original ticker from VEN to VET. They also increased the token supply to about 87 billion tokens and allowed users to convert from VEN to VET. Over the years Vechain has been able to secure some of the biggest partnerships in the cryptocurrency industry; from the likes of BMW, Renault, Microsoft, and Global Assurance Provider DV-VGL just to name a few.

Important facts in Vechain’s History

  • The mainnet launched on June 30th , 2018
  • The team has never sold VET/VEN on the open markets 
  • Vechain was originally an ERC-20 token on the Ethereum Network

Vechain Technology and Advantages 

From a technological standpoint, Vechain is highly innovative and essential based on its ‘real world’ use case model. Product verification and authenticity are certainly part of the future and that is one of the core features of Vechain’s technology. Moreover, Vechain is a block-chain that allows developers to build other applications on top of it known as Decentralized Applications (Dapps).

Advantages:

  • Its technology is very future proof – RFIDs, data manipulation, and counterfeit goods prevention will be part of the new world which could be huge for Vechain.
  • There is a real-world use case to ensure the longevity of the project
  • The project develops on time thus prioritizing quality above all other things.

Disadvantages:

  • Its use case is slowly gaining adoption - With great technology, comes some sort of draw-back until it is made in full flight. In the same breath, Vechain is at a disadvantage when it comes to widespread usability in the current era. It could be said that it is a little ahead of its time since RFID and product authentication on the block-chain is not that widespread as yet. This is true because there are thousands of fake products and goods circulating among us daily, which means that this technology is not been fully utilized as yet.
  • Even though nodes play a huge role in the network, this brings about the question of Vechain’s level of decentralization. Primarily because the network is dependent on Proof of Authority Nodes for heavy workloads or processes.

Perspectives and Takeaways

Vechain is a project built on a strong foundation with the vision of creating a world where businesses and customers can have peace of mind knowing that they are delivering/acquiring authentic products, goods or services. Since Vechain’s team recently updated their road map, things are beginning to look very interesting with a bright future ahead.

Sunny Lu and the team are aiming to take this innovative technology way beyond the block-chain. As a result the road-map now reflects the Application and Services Layer and Infrastructure Layer on top of the Thor Block-chain and the IoT Layer at the very bottom. While this is the way forward, there is a lot more coming from this project based on recent tweets, new partnerships, and Ask Me Anything (AMA ) sessions. Vechain also has other projects built on its ecosystems such as Safe Haven (SHA) and Plair (PLA) which is a gaming token.

One of the many reasons why it is believed that Vechain will continue to be a success is the constant innovation and progress achieved by the hard-working and passionate team. There is no doubt that businesses will continue to utilize the technologies provided by Vechain, whether it be product life-cycle management, supply chain process control, data deposit, data certification, and process certification from their Blockchain-as-a-service (Baas) platform solution known as Toolchain.

Vechain (Website, Twitter, and other social media).

Vechain’s Official Website

To learn more about Vechain please visit:https://www.vechain.com

Vechain’s Blockchain Explorer:

Keep track of all your Vechain transactions on the block-chain at:https://explore.vechain.org

Vechain’s Official Twitter:https://twitter.com/vechainofficial

Interact with other users who are interested in Vechain and also get the latest updates about the project

How to store and manage VET (in Atomic wallet, you can manage, exchange, and stake VET anonymously and securely)

Currently, VET sits at $0.016 at the time of writing, and you might be wondering how is it possible to acquire some VET right? Well, that’s not difficult at all when using the Atomic wallet. You can easily store and manage your VET by either sending it directly to your wallet address or exchanging other tokens that you already hold for VET. This can be done within a few clicks right within the Atomic Wallet.

Should you want to stake your VET, there’s no input needed on your end. As long as you hold VET you’ll automatically generate VTHO, which is the gas for the network. With the Atomic wallet, your assets are safe since our wallet is protected using Private Keys with a mnemonic seed. This means that you are in total control of your assets and your private keys will never leave your device at any given time!

Conclusion

Without any doubt whatsoever, Vechain has proven to be a top contender in the crypto space. While many might argue that it is one of the most hyped projects today based on partnerships; it can be said that the hype is well deserved! For instance, their recent partnership with the Chinese Government to use the ecosystem to help fight against the corona-virus is a big leap for the project.

Vechain also demonstrated a healthy growth cycle but is still considered a sleeping giant awaiting the perfect time to be fully awoken. A huge advantage of Vechain is the sleuth of high-quality partners and investors that are onboard this solid ship. Moreover, the ecosystem is a working product with real-world use cases! If you’re thinking about getting some VET, download Atomic Wallet now on your Android or iPhone. If you’re a PC, Mac, or Linux user there is a version available for your device as well!

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