How to Buy VeChain (VET)
Beginner’s Guide
What Is VeChain (VET)?
VeChain (VET) is a versatile enterprise-grade L1 smart contract platform.
VeChain began in 2015 as a private consoritium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants.
The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and acts as the store of value and value transfer medium. VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This has the additional benefit of ensuring costs of using the network can be kept stable by tweaking certain variables such as the amount of VTHO required to service a transaction, or by increasing the VTHO geneation rate. Such actions first require all-stakeholder community votes.
VeChain has been able to demonstrate massively boosted efficiency, traceability and transparency across data trails, supply chains and within novel kinds of ecosystems, such as those in San Marino targeting UN SDGs, among others.
How to Buy VeChain Summary
- Get a VeChain wallet (e.g. Ledger, Trezor ,Guardia, Exodus , AtomicWallet)
- Find an exchange that sells VeChain (e.g. Binance, Kucoin, Crypto, GATE, MEXC)
- Deposit money and make the trade
- Withdraw the VeChain to your wallet
Buying VeChain in 3 Simple Steps
Step 1 – Get a VET wallet
Ledger
Hardware Wallet
supported :
Desctop & Mobile
VeChain Hardware Wallets
VeChain (VET) is a cryptocurrency that is designed to enable supply chain management through the use of blockchain technology. Hardware wallets are considered one of the most secure ways to store cryptocurrencies, as they store your private keys offline, away from the internet, making it difficult for hackers to access your funds.
Here are some of the hardware wallets that support VeChain:
Ledger Nano S: The Ledger Nano S is a popular hardware wallet that supports VeChain. It allows you to store VET and other cryptocurrencies securely, and it also includes a screen to confirm transactions and a PIN code for added security.
Ledger Nano X: The Ledger Nano X is the latest hardware wallet from Ledger that also supports VeChain. It has Bluetooth connectivity, which allows you to manage your cryptocurrencies from your smartphone through the Ledger Live app.
Trezor Model T: The Trezor Model T is another popular hardware wallet that supports VeChain. It has a touch screen display, and it allows you to store VET and other cryptocurrencies securely.
Ellipal Titan: The Ellipal Titan is a cold wallet that supports VeChain. It has a large touch screen display, and it is designed to be durable and tamper-proof.
SafePal S1: The SafePal S1 is a cold wallet that also supports VeChain. It has a large touch screen display and allows you to store VET and other cryptocurrencies securely.
It’s important to note that the availability of VeChain support may vary from one hardware wallet to another, so it’s important to research and compare different wallets before making a purchase. Additionally, it’s important to always store your private keys in a safe and secure location and to follow the manufacturer’s instructions for setting up and using your hardware wallet.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
VeChain Software Wallets
VeChain (VET) is a popular cryptocurrency that is designed for supply chain management and is gaining significant traction in the blockchain space. Software wallets, also known as hot wallets, are applications that can be installed on your computer or mobile device and allow you to store and manage your cryptocurrencies. Here are some software wallets that support VeChain:
VeChainThor Wallet: The VeChainThor Wallet is the official wallet for VET and allows you to store, manage, and transfer your VET tokens. It is available for download on both iOS and Android devices and is highly secure.
Atomic Wallet: The Atomic Wallet is a multi-currency software wallet that supports VET and several other cryptocurrencies. It is available for download on both desktop and mobile devices and offers high-level security features such as two-factor authentication.
Exodus Wallet: The Exodus Wallet is another popular software wallet that supports VET. It is available for download on both desktop and mobile devices and allows you to manage your VET and other cryptocurrencies securely.
Trust Wallet: The Trust Wallet is a popular mobile wallet that supports VET and several other cryptocurrencies. It is highly secure, offers easy-to-use features, and is available for download on both iOS and Android devices.
Ledger Live: The Ledger Live software also supports VET, allowing you to manage your VET holdings alongside other cryptocurrencies supported by the Ledger hardware wallets.
It is important to remember that software wallets are considered less secure than hardware wallets since they are connected to the internet. Therefore, it’s important to ensure that you follow the best practices in securing your software wallet, such as enabling two-factor authentication, using strong passwords, and keeping your operating system and software wallet up to date.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest THORChain software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an VeChain Exchange
Buy VeChain through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy VeChain through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Buy VeChain through Crypto.com
- Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos.The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.
Buy VeChain through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy VeChain through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Step 3 – Withdraw Your VeChain (VET)
Once you decide on an exchange, open an account and buy your VeChain. Make sure to withdraw the VeChainfrom the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
OVERVIEW
Who Are the Founders of VeChain (VET)?
VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China.
Lu has since become a well-known name within the cryptocurrency industry. He has drawn attention to the ability of blockchain technology to solve transparency in particular, arguing that it can create “trust-free” enterprise/business structures that do not suffer from information corruption thanks to close working collaborations with key auditing/certification consultants such as PriceWaterhouseCoopers and DNV who verify data quality and certify industrial processes.
Fellow co-founder Jay Zhang, who directs VeChain’s global corporate structure, governance, and financial management, previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.
Having originally begun life in 2015, VeChain is one of the oldest dedicated smart contract platforms on the market, with reflected prestige among enterprise clients.
What Makes VeChain (VET) Unique?
VeChain (VET) is a blockchain platform that is designed to enable businesses to track and manage their supply chain processes more efficiently and transparently. What makes VeChain unique is its focus on real-world applications and its ability to solve real-world problems.
Here are some of the unique features and characteristics of VeChain:
Dual-Token System: VeChain has a dual-token system, which includes VET and VeThor (VTHO). VET is used to generate VTHO, which is used to pay for transaction fees and other services on the VeChain blockchain.
Focus on Supply Chain Management: VeChain is designed to be a blockchain platform for supply chain management. It allows businesses to track and manage their products and services more efficiently and transparently, improving accountability and reducing costs.
Partnership with Major Companies: VeChain has formed partnerships with several major companies, including Walmart China, PwC, and BMW, among others. This has helped to increase its credibility and adoption among businesses and institutions.
Built-In Governance System: VeChain has a built-in governance system that allows VET holders to vote on important decisions, such as network upgrades and changes to the token economics.
Integration with IoT Devices: VeChain is designed to integrate with internet of things (IoT) devices, which can help to improve the efficiency and transparency of supply chain processes. This allows businesses to track their products in real-time and monitor the conditions in which they are stored and transported.
Overall, VeChain’s unique focus on supply chain management, its dual-token system, partnerships with major companies, built-in governance system, and integration with IoT devices make it a promising blockchain platform with real-world applications.
VeChain Ecosystem
The VeChain ecosystem has its own optimized blockchain called Thor. VeChainThor is a business platform with support for smart contracts and data auditing. It is built on an altered version of the Ethereum codebase where each transaction can perform multiple tasks. Cryptocurrency is not required to complete transactions. In addition, it’s a public blockchain that allows business users to implement the technology on a global scale. VeChainThor is a sustainable and scalable business blockchain ecosystem that ensures companies with a framework to make their dApps according to requirements. Its main tool is VeChain ToolChain which is for software development.
VeChain’s blockchain was designed to simplify supply chain management processes by making inventory tracking more transparent. The platform itself is based on distributed ledger technology to streamline operations and process a flow of information for complex supply chains.
To track transactions and regulate workflows, VeChainThor chooses a proof-of-authority (PoA) consensus mechanism that relies on masternodes and promotes openness, transparency and accountability. Some of the advantages are fast processing of vast amounts of transactions. The disadvantage is that a central authority is a key element of this approach, performing verification and authorization of users who take part in transaction processing.
According to the VeChain team, their goal is to improve digital collaboration by offering tools for stable and efficient data transfer between enterprises, supply-chain management, mitigation of problems, and facilitating the entire process. VeChain uses distributed ledger technology to streamline operations and handle information flows.
The ecosystem is fueled by two native cryptocurrencies, VET and VTHO. VET is a payment in VeChain’s system. The token is tradeable and gives its holders a right to vote for changes in the protocol. VET is involved in the creation of VTHO. The main role of VTHO is to finance transactions on the network. The two-token design is intended to isolate the price volatility of VET from the cost of computations on the network, allowing VeChain to charge consistent and stable fees. Consequently, one token finances projects, and the other supports the blockchain.
How Does VeChain Work?
VeChain (VET) is a blockchain platform that is designed to enable businesses to track and manage their supply chain processes more efficiently and transparently. Here’s how it works:
Dual-Token System: VeChain has a dual-token system, which includes VET and VeThor (VTHO). VET is used to generate VTHO, which is used to pay for transaction fees and other services on the VeChain blockchain.
VeChainThor Blockchain: VeChain uses its own blockchain, called the VeChainThor blockchain, which is based on a Proof-of-Authority (PoA) consensus mechanism. This allows for faster transaction speeds and lower transaction fees than other blockchain platforms.
IoT Integration: VeChain is designed to integrate with internet of things (IoT) devices, which can help to improve the efficiency and transparency of supply chain processes. This allows businesses to track their products in real-time and monitor the conditions in which they are stored and transported.
Smart Contracts: VeChain uses smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This allows for more efficient and transparent supply chain processes, as well as the automation of certain tasks.
DApps: VeChain supports the development of decentralized applications (DApps) on its platform, which can help to improve the efficiency and transparency of supply chain processes. These DApps can be developed by businesses or third-party developers.
Overall, VeChain’s dual-token system, VeChainThor blockchain, integration with IoT devices, smart contracts, and support for DApps make it a promising blockchain platform for supply chain management with real-world applications.
How Many VeChain (VET) Coins Are There In Circulation?
VeChain has two in-house tokens: VeChain (VET) and VeThor (VTHO). Described as a unique offering for such a platform, the dual-token system is designed to avoid fee fluctuations and network congestion.
VET is the token used for transactions and other activities, while VTHO provides fee payments and thus functions as a “gas token,” similar to how gas functions for Ethereum (ETH) transactions.
VET holders automatically generate a small amount of passive income in VTHO, while 70% of the VTHO used in a VET payment is destroyed.
VTHO is generated based on VET holdings, while VET itself has a maximum fixed supply of 86,712,634,466 tokens.
At the time of writing (07/12/2021) – there are 66,760,741,299 tokens in circulation according to VeChainStats
How Is the VeChain (VET) Network Secured?
VeChain (VET) is a Proof of Authority (PoA) token, requiring relatively low computing power to achieve network security versus a protocol such as Bitcoin. A recent CTI report showed that VeChain’s annual carbon footprint is incredibly small at just 2.4% of the emissions of mining a single Bitcoin, thus making PoA an incredibly efficient consensus mechanism for securing the network.
Proof-of-authority, is a process wherein authority masternode operators are selected by an independent Steering Committee, thus giving them ‘authority’ to run a masternode. This model is particularly attractive for enterprises who want assurances about the integrity and quality of validators running the network, and assurances bad actors can be ejected if needed.
Where Can You Buy VeChain ?
VeChain (VET) can be purchased on various cryptocurrency exchanges. Here are some popular exchanges where you can buy VeChain:
Binance: Binance is one of the largest cryptocurrency exchanges and offers a wide range of trading pairs, including VET/BTC, VET/ETH, VET/USDT, and more.
KuCoin: KuCoin is a popular cryptocurrency exchange that offers trading pairs for VET/BTC, VET/ETH, VET/USDT, and more.
BitMax: BitMax is a global digital asset trading platform that offers trading pairs for VET/BTC, VET/ETH, and VET/USDT.
Bitfinex: Bitfinex is a cryptocurrency exchange that offers trading pairs for VET/USD, VET/BTC, and VET/ETH.
Huobi: Huobi is a cryptocurrency exchange that offers trading pairs for VET/BTC, VET/ETH, VET/USDT, and more.
OKEx: OKEx is a cryptocurrency exchange that offers trading pairs for VET/BTC, VET/ETH, VET/USDT, and more.
Before purchasing VeChain on any exchange, make sure to do your research on the exchange’s reputation, security, and fees. Additionally, it’s important to store your VET in a secure wallet, such as a hardware wallet or a reputable software wallet.