About VeChain

VeChain Review: Mining Guide, Price & amp; Analysis of the VeChain Cryptocurrency

VeChain is a blockchain project that focuses on powering supply chains. The blockchain derives value from the activities of users. Further, the developers provide VeChain blockchain as a service. We are continuing to see more and more blockchains adopt this system.

VeChain is one of the easiest blockchains to deploy. Users from several sectors can launch decentralized applications on this network. Moreover, VeChain has immutable and tamper-proof features. This improves service delivery to users. The businesses using it can easily manage and track operations on the network.

The mission of VeChain is to allow businesses to solve real-world problems quickly. Therefore, the developers provide a system that complies with regulatory requirements. Additionally, it allows businesses to work together on-chain.

VeChain faces competition from blockchains such as AION. However, it is the better-established of the two. It is performing better in the market and has better adoption. On the other hand, users can choose to deploy their applications on Ethereum. It is only that VeChain focuses on the supply chain sector.

How VeChain Operates

The developers built this blockchain specifically to solve real-world economic problems. Consequently, they built a network with meta-transaction features. This allows the network to have multi-party payment and multi-task transactions. Moreover, they made a blockchain with a user-friendly development process.

Additionally, the blockchain has controllable transaction lifecycles. Hence, developers can set a time for transaction processing. They can also set transactions to expire when it takes too long to add to a block. These features make the blockchain adaptable for enterprise use.

Further, developers can also delegate fees on their applications. Charges on DApps are very customizable for developers. This is ideal for businesses looking to operate in their own environment.

Even better, the blockchain can perform multi-task transactions. Developers can batch payments and process transactions together. This gives the network high scalability. This is an essential feature in blockchain projects.

Further, the network operates built-in smart contracts. These contracts are ideal for real-world use cases. They facilitate transactions and hence removing the need for central institutions. The users can always trust the code of the contracts. They are immutable and operate autonomously.

Can Investors Mine on VeChain

No, it is not possible to mine on this blockchain. This is because it runs on the Proof of Authority consensus that does not support mining. So then you might ask yourself how validation works on this blockchain.

In this blockchain, a small number of trusted masternodes validate transactions. These master nodes keep a complete copy of the blockchain. There are smart contracts on the blockchain that keep a list of the masternodes. Additionally, they ensure masternodes operate within set rules.

As such, not everyone can run a masternode on the network. To become a masternode, you have to apply through the VeChain Foundation. Then you have to perform a KYC process for consideration.

This results in a committee endorsing consensus algorithm. Hence, no one can misuse their rights on the blockchain. Therefore, the network prevents 51% attacks and double spends. Moreover, it has block-finality and requires little computational power.

The Team behind VeChain

VeChain has a great team of professionals behind it. They are very open about who they are and the experience they have. The CEO of VeChain is Sunny Lu. Sunny is a blockchain enthusiast with immense experience in leading companies. Previously, he worked for Louis Vuitton China. Here, he served as the CIO, IS&T Director. Therefore, he has immense experience in supply chain management.

He is in charge of leading the project to success. He has in the team experts with vast experience in their area of expertise. It is safe to say that VeChain is in safe hands. Moreover, VeChain has great advisors on the team.

One of the key advisors is Ning Nan. He is the CEO of OceanEx. OceanEx is an exchange that powers the trade of digital assets within the VeChainThor ecosystem. Therefore, the team shows commitment to supporting the users on all levels.

Dual Tokens

The VeChain blockchain operates a dual token system. The developers do this to solve one of the biggest hindrances to blockchain adoption. This hindrance is the unpredictability of the cost of using blockchains. The two tokens that the blockchain uses include the VeChain token and the VeThor Token.

The VeChain Token, VET, is the payment token on the network. Users can use this token to pay for goods and services from merchants across the world. On the other hand, the VeThor Token, VTHO, pays for the charges of running the blockchain.  Users generate the VTHO token by holding the VET token. The developers burn any VTHO tokens used in transactions.

Privacy and Security

The VeChain blockchain is very secure. The developers have in place excellent security features. For starters, there is no central database to attack. This is because the network consists of distributed nodes. They work together to ensure the network stays secure.

Additionally, the network uses one of the most secure consensus mechanisms. The Proof of Authority consensus ensures that validators do not misuse their power in the network. Therefore, it is reasonably immune to 51% attacks and double spends.

Further, the smart contracts on the network are inbuilt. This ensures that there are no vulnerabilities when developers are coding their contracts. This is not all. The network also contains 2factor authentication and multi-signature features.

Our Take on VeChain

VeChain has a fascinating value proposition behind it. The blockchain hosts the launch of decentralized applications, much like Ethereum. However, this blockchain focuses on powering supply chains. This focus means that the network maximizes on the value it provides to this sector.

Therefore, it has excellent potential to grow and perfect this area. This would mean more adoption and more success. This is not to say that the blockchain does not have great success in the market. The VET cryptocurrency currently ranks 21st in market cap share.

Advantages

• VeChain is very secure and fast.
• VeChain is robust and reliable.
• It is also highly scalable.

Disadvantages

• Operations on VeChain are highly centralized.
• VeChain faces stiff competition from Ethereum.

How to Buy and Store VeChain Tokens

If you would like to add VeChain tokens to your portfolio, then you are in luck. The easiest way to do this is to buy the tokens. There are several cryptocurrency exchanges that support VET trading. These include Bitfinex, Binance, VCC Exchange, and Huobi Global. The current price of VET tokens is $0.023602.

You will need a crypto wallet to store your tokens. The best wallet to use is the VeChain wallet. It is a product of the VeChain group. It is safe and easy to use. Moreover, it allows you to earn VTHO tokens easily by holding VET tokens.

Final Verdict

This project has a great vision and mission behind it. It is a great tool to improve the supply chain of a business. Moreover, it focuses on one area. This means that the developers can concentrate on perfecting this sector.

However, Ethereum is still a big competitor to this blockchain. Many companies would opt to use Ethereum. Nonetheless, VeChain is still one of the best cryptocurrencies in the market. It ranks in the top 30 coins in market cap share.