What is VeChain?
VeChain is a blockchain platform that focuses on financial services and tracing supply chains. The Singapore-based cryptocurrency makes it easier to collect and share crucial product information with retailers, manufacturers as well as consumers. The platform has been implemented successfully by industries like agriculture, luxury goods, and liquor. With the help of an in-house built chip, VeChain tracks items like food, bags, wine throughout their lifecycle. The smart chip can be implemented in an array of items such as wine, luxury bags, food, among others via a technology known as RFID (Radio Frequency Identification). The chip helps in collecting, storing and reviewing details of the products. This technology plays a vital role in ensuring the quality of the product across industries.
Started as a project in 2007, VeChain coin was officially launched in 2015 and it started trading in 2017. It was founded by Sunny Lu who is also the co-founder of China’s largest blockchain technology company, BitSE. VeChain Foundation recently rebranded and renamed the crypto as VeChain Thor. VeChain coins use to trade on the exchanges under VEN. However, post the rebranding in February 2018, the VeChain platform uses two different tokens VeChain Tokens (VET) and Thor Power (THOR).
Features of VeChain
Most of the cryptocurrencies go with either Proof of Work or Proof of Stake to mine or hold the coins. Meanwhile, VeChain takes a different approach and run on Proof of Authority which comprises of a number of masternodes in addition to several categories of lower-rank nodes.
Where to buy VeChain?
The VET tokens are available on exchanges like Binance, Lbank, Huobi and others. As of May 16, 2018, the market capitalisation of VeChain tokens was $2,392,308,783 while the price of one VEN token was $4.55.
VeChain tokens cannot be mined.
VeChain tokens can be stored in any wallet that supports ERC20 like MyEtherWallet.
Risks involved with investing in VeChain
Investing in cryptocurrencies can be risky as it is subject to government regulations. They are also volatile in nature and hence it is not easy to predict the rise and fall in the price. Instead, investing in mutual funds could be a better option as it is more reliable.