The blockchain project called VeChain was started in 2015. Its goal is to bridge the gap between blockchain technology and the real world by offering businesses blockchain-enabled solutions to manage supply chain management and other business activities. It is a pioneer in real-world blockchain applications. Learn how to buy VeChain in a few easy steps by reading our guide to the VeChain Thor network.

The “VeChainThor” blockchain is the name of the VeChainlet-developed blockchain. The enterprise’s traceability features, data production, logistics, payment options, and other commercial operations are supported by the VeChain Thor blockchain technology. VeChain leverages its technology to address actual business issues to add further value. The VeChain token (VET) and the VeThor token are operated by the VeChainThor blockchain (VTHO).

On CoinStats, one of the greatest cryptocurrency sites available, you can view the VeChain VET current price, market capitalization, trading volume, and other live statistics, in addition to detailed information on some of the biggest and fastest-growing cryptocurrencies.

Let’s get going!

Describe VeChain

A blockchain technology called VeChain (VET) was created to assist companies with supply chain management tasks. VeChain uses blockchain technology to address issues with the supply chain and difficulties that many business owners have during the transaction process. To increase global trade transparency, fairness, and efficiency, the initiative strives to streamline, enhance, and support these vital operations.

VeChain was first made public as a component of BitSE, a Shanghai-based BaaS (Blockchain-as-a-Service) startup. VeChain’s mission is to link blockchain technology to the real world while creating a scalable and resilient commercial blockchain ecosystem.

The three components of VeChain are bitcoin, real-time supply chain technology, and the VeChain platform. The creators of VeChain have also streamlined company data and information to enhance supply chains and business operations using distributed ledger technology (DLT). VeChain ToolChainTM, a low-code blockchain SaaS platform, is provided by the project. In essence, the initiative will employ smart chips to store crucial data on the blockchain, which can then be tracked and used to enhance procedures (VeChain Whitepaper).

Businesses have the chance to track a lot of data thanks to VeChain. The VeChain blockchain has a ton of use cases and wants businesses to use it widely. The main use case for blockchain technology is to increase transparency by giving all stakeholders a comprehensive picture of supply chain data.

VeChain affects several global businesses, including carbon emissions, transportation and safety of food, cars, logistics, and healthcare. Performance has increased for companies that have adopted VeChain technology.

The VeChain network uses a dual token system and consists of two passes: the value layer VeChain token (VET) and the smart contract layer VeChain Thor Energy (VTHO).

The general public can invest in VET tokens, which are utilized as payment transaction tokens on the network.

Transactions are funded by VTHO tokens (comparable to gas on the Ethereum network). The owner can produce VTHO thanks to VET ownership.

Blockchain VeChain

The VeChainThor Blockchain, which forked from the Ethereum core and is tailored for supply chain applications, is an improved version of Ethereum’s blockchain technology. The VechainThor Blockchain also can carry out smart contracts.

The proof of authority consensus mechanism is used by the VeChainThor blockchain (PoA). Blocks on VeChainThor are decided by masternodes that possess a minimum quantity of VET. The VeChain Foundation, a charity supporting the VeChain ecosystem, must verify your identity before you may operate a masternode.

One hundred one authority masternodes that have been approved by the VeChain foundation process and verify transactions on the VeChain network now.

VeChain also intends to grow up to 10,000 transactions per second. Given that Bitcoin only processes 4.6 transactions per second, VeChain is more scalable than other crypto assets.

Features of Vechain

Utilizing cryptocurrencies and smart contracts, the VeChain blockchain network streamlines the information flow for intricate supply chains. In order to effectively transfer currency and carry out smart contracts, it makes use of the VeChain Token (VET) and VeChainThor Energy (VTHO). Users may track ownership and control of virtually any type of asset, including data, using the VeChain smart contract capabilities. VeChain might be used by companies that need a confirmed chain of ownership from production to transportation, etc.

By making information about a product’s safe sourcing and storage across numerous owners and facilities visible, VeChain offers possible use cases in the food and pharmaceutical sectors. VeChain is also helpful for open financial transactions, digital vehicle passports, and counterfeit prevention.

New currencies and other smart contracts can be supported by VeChainThor as well. Similar to ERC-20 tokens on the Ethereum blockchain, the currencies on this blockchain adhere to the VIP180 standard, which was specifically created for VeChain.

The multi-party payment, multi-task transaction, configurable transaction lifecycle, and transaction dependence aspects of the VeChain Thor blockchain make the development more suited for corporate adoption.

How VeChain Operates

The dual token mechanism underlies the operation of the VeChain network. The VeChain network uses the VeChain Token (VET token) to store value. While the smart contract transactions are powered by VeChain Thor Energy (VTHO).

We’ll walk you through the steps of buying the VET token in the section below.

How to Buy VeChain

You must register for an account with one of the well-known cryptocurrency exchanges that supports VeChain VET in order to buy VET tokens. For assistance getting started, refer to the steps below:

Create a Cryptocurrency Exchange Account Online

On several cryptocurrency exchanges, you may trade VET. To decide which one supports VeChain currencies and has the features you need, such as cheap transaction fees, an intuitive interface, and round-the-clock customer care, you’ll need to compare them. Also, consider if you can buy VeChain on the cryptocurrency exchange using fiat money and your chosen payment methods, such as a credit or debit card or a bank transfer.

Always consider your investment’s safety while selecting a trading platform. Ascertain its reliability, regulation, and security.

To buy or sell VET, you must create a trading account after choosing a trustworthy exchange. Depending on the platform you choose, there are different requirements. In most transactions, personal information such as your name, contact information, email address, residential address, social security number, and a copy of your driver’s license, passport, or other official identification may be needed. You must give this data to be verified and begin trading.

Invest in Your Account

After verifying your account, you must deposit money to purchase VET coins and other cryptocurrencies. You may use a credit card, debit card, bank account, or cryptocurrency from a cryptocurrency wallet to purchase VET. The platform, location, and preferences will all impact the payment method you choose.

Order a wallet

It’s optional to purchase a third-party wallet, but doing so will keep your digital assets as safe as possible. It would help if you chose a wallet depending on how many VeChain tokens you have and what you want to do with them. We distinguish between a Hardware Wallet and a Software Wallet (Hot Wallet) (Cold Wallet). The most dependable solutions are hardware wallets, often known as cold wallets, such as Trezor or Ledger, since they provide backup and secure offline storage capabilities. These are better suited for knowledgeable users who have a significant number of VET tokens. Software wallets are simple to use and cost nothing. They are less secure than hardware wallets since they keep your keys online, but because they are so simple, they are perfect for newbies with a few tokens.

Place Your Order

A purchase VET order must first be placed with the broker, followed by a waiting period. Like in stock trading, several different orders can be made. The two most typical orders are as follows:

Market orders: With a market order, you’re telling your broker that you want to buy VET right now at the going rate on the market. Market orders give you little control over the cost of each coin you purchase, and you risk paying a rate different from the one indicated on the exchange.

Limit orders: Limit orders describe your want to buy VeChain at or below a particular price. Once you’ve made an order, your broker will ask you how many coins you want to buy and the highest price you’re willing to pay for each. If your broker completes your order at or below your desired pricing, the coins will show up in your wallet. If the price rises over your limit, the broker may cancel your order at the end of the day.

We strongly advise safely keeping your freshly acquired coins in a hardware wallet if you intend to keep them for a considerable time.

Download a Crypto Portfolio Tracker

Managing your portfolio in the turbulent cryptocurrency market if you have various assets might be challenging. Using a portfolio tracker, you may monitor all of your cryptocurrency assets at any time from one location. You can learn more about one of the top cryptocurrency portfolio monitors available at CoinStats. Using the Swap option from the Coin Page, you can easily buy VeChain on CoinStats.

Trading Platforms for VeChain

The following is a list of the major cryptocurrency exchanges to buy VeChain stock:

Binance

A nice place to buy VeChain is on Binance. It offers more than 600 currencies and is one of the most well-known cryptocurrency exchanges. Compared to rivals, Binance provides cheaper costs and more liquidity, assisting you in maintaining control over your assets in a tumultuous market.

Investors in Australia, Canada, Singapore, the UK, and other countries can use Binance.

KuCoin

Another well-liked and safe network that accepts VeChain cryptocurrency is KuCoin. It frequently launches new coins first and offers competitive trading costs.

More than 300 tokens, including VeChain, are supported by KuCoin, which has an intuitive user interface. If you reside in the USA or Canada, you may use KuCoin.

Coinbase

Due to its user-friendly interface, Coinbase is the second-largest cryptocurrency exchange in the world by volume and the ideal option for newcomers.

Coinbase provides hundreds of recent and well-liked assets and is accessible in more than 100 nations. It provides a user-friendly interface with cutting-edge features that make buy VeChain tokens easier.

Top Vechain Wallet Alternatives

The greatest VeChain wallets you can use are the VeChain Thor Wallet (best for Android and iOS), MyEtherWallet (web wallet), Eidoo (for mobile and desktops), and Ledger Nano S (hardware wallet). These VeChain wallets, which hold a variety of tokens, are extremely dependable and safe.

VeChain Cost

Purchasing VeChain is identical to purchasing any other cryptocurrency asset. The VeChain pricing fluctuates and is influenced by how a market’s supply and demand interact with other market-wide factors. On the CoinStats price tracker, you can view the most recent VeChain price.

Conclusion

VeChain is a blockchain-based platform that aims to give real-world enterprises transparency, traceability, and increased blockchain functions. It enhances business supply chains by integrating blockchain technology into the “Internet of Things” (IoT). Users may create DApps on VeChain to address real-world issues.

Industries including logistics, food chain services, tourism, health, food safety, etc. are examples of VeChain application cases. The main token that powers all platform activities is the VeChain token (VET).