VeChain (VET)
What is VeChain?
VeChain (VET) is a developer platform cryptocurrency that works as a large information digitization platform and is based on the blockchain. This platform is used in politics, logistics and many other areas. The main goal of the project is to obtain verified data about the product from the very start of its production until it reaches the end consumer. Interestingly, the site was originally conceived in the B2B and B2C segments. Product manufacturers are given the opportunity to monitor all sources of sales in real time. This is possible due to the marking of all products with a unique digital code. The end user of the product gets the opportunity to check the quality and authenticity of the product by simply scanning this unique digital code using a special application in his smartphone. For each product, a unique ID is assigned, which is recorded and stored in the blockchain, and the product is marked with a chip, in which all information about the product is recorded. Thus, the problem of the presence of a large number of fake and low-quality goods on the market should be solved.
Work on the creation of the VeChain platform began in 2015 and already in 2016 the first version was implemented. By 2017, several major updates were released and the ICO began. The funds raised in this way were distributed among investors and partially used for the development of the project.
Today, the project operates in 7 offices located in many countries around the world. The project team consists of more than 100 people, of which about 50 people are directly involved in the development of programs for the blockchain. Also, VeChain cooperates with many universities around the world in the development of new technologies. Also, VeChain is actively patenting various blockchain technologies.
Like any project, VeChain has its advantages and disadvantages. Among the advantages of the project, one can single out its huge ability to scale around the world, the project solves a huge social problem with counterfeit products. Also, the project has its own Roadmap, and the developers follow it very strictly. Its strengths inсlude its high degree of security of the token, the use of a large number of decentralized applications. Among the shortcomings of the project, one can single out a long and complicated process of implementing updates, strong competition from other cryptocurrencies in the field of supply chain management.
VeChain Mining
Currently, VeChain cannot be mined. But the project works on such an algorithm that theoretically it is possible to receive coins by installing certain software and setting up a crypto wallet in a certain way.
How do I purchase VeChain?
Buying, exchanging or selling VET is not the easiest thing to do, so it is better to use trusted services such as crypto exchanges or crypto exchange Leoexchanger!.
VeChain price dynamics (USD)
As of October 2022, 1 VET is worth approximately $0.0226. The total market capitalization is $1,642,875,356.
The price movement chart is shown below:
How to store VeChain?
VET can be stored on the official VeChainThor lightweight crypto wallet on iOS or Android. There is also a VeChain Sync desktop wallet that can be used with Ledger for cold wallet storage.
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