What Is VeChain (VET)?

VeChain is a blockchain platform that aims to improve supply chain management and business processes by using distributed ledger technology (DLT). It was one of the first blockchains made exclusively to satisfy the needs of enterprise-level customers. 

When the logistic sector suffers from asymmetric information problems, all data collected cannot communicate optimally. VeChain offers businesses the capacity to track an enormous amount of data. It claims to provide a 360-degree view of the necessary information connected to products and their business processes, such as transportation, storage, and supply, to permit stakeholders to create market transparency.

How Does VeChain Works?

VeChain uses a range of technologies to fulfill its goal of streamlining the supply chain sector. For example, the platform can track a water bottle right from the manufacturing facility to the final delivery to the customer. It can do this thanks to different types of Radio Frequency Identification (RFID), tags, and sensors that broadcast its information onto the blockchain network. 

It allows stakeholders to monitor the products in real-time to verify the state and authenticity of the product. VeChain is perfect for these large and complex supply chains; it can monitor these vast networks and allow businesses to keep up to date with their developments.

VeChain Token (VET)

When investing in an exchange, the VeChain token (or VET) is the one cryptocurrency you need. It works as an increment of value within the VeChain blockchain; you can transfer value and trigger smart contracts across the blockchain with this token. 

VeChain currently has 55,454,734,800 tokens in circulation, and the platform’s system is set up to issue an amount of 86,712,634,466 VeChain tokens. 

But how can you buy VeChain tokens? First, you have to create an account on a cryptocurrency exchange that allows you to trade VeChain tokens. Depending on the exchange platform you choose, you could trade VeChain with US dollars, Bitcoin, or Ethereum. After that, you need to deposit funds into your account. However, not all cryptocurrency exchanges allow the direct deposit of fiat currency, so you must own Bitcoin or Ethereum first. Lastly, trade your chosen cryptocurrency for VeChain on the exchange.

Are There Other Tokens In VeChain?

There is another currency available in VeChain, and its name is VeChain Thor Energy (VTHO). It is the second token used in the VeChain system. Its function is to serve as gas to power smart contract transactions. However, these tokens are not publicly available, and only developers can use VTHO to cover their contract execution costs. 

Is VeChain A Good Investment?

Following the price predictions from many trading experts, VeChain is on its path to grow in the years to come. While having great predictions for its future, VeChain tokens claim to be an excellent long-term investment. Its team has been able to achieve great results since the project launched. A proof of their significant advantage is their improvement in technologies and the development of sensors and microchips to perform the tasks. However, it is fair to say that this token’s price is rising over time.