What is VeChain (VET)

VeChain or VET (VET/USDT – Trade it here) is a cryptocurrency and software that runs on the VeChainThor blockchain and supports two distinct coins as well as smart contracts. It is well recognized for their enterprise supply chain solution, which tracks the whereabouts of transported products. This provides application to real world companies in the shipping, retail, manufacturing, warehousing, supermarket, and other industries. Its native crypto coin, VET, is now within the top 40 in terms of market capitalization.

Vechain Logo sourced from: PRNewsfoto

The History and Concept of VeChain

Sunny Lu, the former CIO at Louis Vuitton China, co-founded VeChain with Jay Zhang in 2015. They began as a cryptocurrency token built on the Ethereum network. In February 2018, they relaunched it as its own blockchain, VeChainThor (VET). Ethereum VEN tokens were exchanged 1:100 for VET tokens in June 2018, and the VeChainThor blockchain network became live.

VeChain is a blockchain designed to make supply chain management easier. Instead of being a blockchain for all things, VeChain is developed in a highly specialized manner. Its structure is intended for the transfer of products and services across the supply chain, resulting in the VET, a utility token. It was originally designed to assess a real-life product’s authenticity, hence eliminating fraud and knock-offs. Since then, prominent firms have used it to track everything from wine production to automobile manufacture.

What Is Their Specialty and How Does It Work?

The uniqueness that distinguishes VeChain are its use cases for tracking things and data. Businesses that require a verified chain of ownership for production, shipping, or other procedures can utilize VeChain. Thanks to the usage of blockchain technology, the recorded data cannot be altered. This allows an accurate record of the situation across the supply chain. In the events where something went wrong, the blockchain record will identify exactly where the error occurred. Furthermore, the receiver is also able to check the authenticity or the quality of the goods. Here are a few examples of companies applying their features:

  • LVMH (Moet Hennessy Louis Vuitton) – Use blockchain technology as an anti-counterfeiting measure.
  • BMW – Store vehicle data on the blockchain and prevent odometer fraud in automobile sales.
  • Groupe Renault – Partnership with VeChain to create a digital car maintenance book.
  • Walmart China – Partnership with VeChain to track its packaged meat, vegetables, and seafood.

Is VeChain Good for Investment?

VeChain has a proven track record of delivering on promises. With their real world utility, they have pulled themselves away from vague blockchain projects that had only theoretical utility. Additionally, their partnership with corporate giants stabilized their standings for trustworthiness and future prospects. Who knows what other collaborations will show up on their doorstep.

At the moment, many investors are positive on VeChain as an investment. They have no negative news or scandals that could potentially impact their performances. Furthermore, their real world utility has proven to be impactful towards the current market. Many see it as an untapped potential towards a higher number of appliances across different sectors. Hopefully, we will be able to witness more of VeChain’s projects with big corporations soon.

How to buy VeChain Token (VET)?

You can buy VeChain Token (VET) on MEXC by the following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “VET” using the search bar to see the available trading pairs. Take VET/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of VET you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy VET] to confirm your order. You will find the purchased VET in your Spot Wallet.

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