VeChain (VET) Review, Price, Market Cap and more | Coinopsy

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VeChain (VET) - The Godfather

Vechain is one of the goods currencies made, it is currently being used to track agriculture, luxury goods, and liquor.

Market Cap

Name (Ticker)
VeChain (VET) Price, Market Cap and more | Coinopsy
Price (USD)
$0.00401426534046
Rank
31
Active Supply
55.5 billion
Total Supply
86.7 billion
Volume(24H)
33.8 million
Market cap
222.6 million
Fun Name
The Godfather
Social Links
Block Explorer

VeChain (VET) Chart

Pros of VeChain (VET)

  • Old and trusted.
  • Has projects running on it

Cons of VeChain (VET)

  • Shows significant signs of centralization despite claiming otherwise

VeChain (VET) Review | Coinopsy

Counterfeits

The shadowy business of counterfeits has taken over the globe to become a $1.2-plus trillion industry. Pretty much every industry is plagued by them, and some can even be deadly(as the case of fake baby formula in China from about a year ago). 

Stop Scams

Vechain attempts to employ blockchain technology in order to tackle the growing issue of fake products by revolutionizing the supply chain. 

Digital Identification

The digital identification of assets on the blockchain will enable transparent production lines, symmetrical databases, asset traceability and authenticity of goods.

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VeChain (VET) Storage and Digital Ownership

The hashed VID is written into a tag or tags depending on the client’s needs. After the tags are ready, they go through a testing process and are “activated”. Activation is done by using a custom-made software called “V-Operation” which can either run on mobile or desktop operating systems. Upon activation, the ID is then written into blockchain and broadcast to all blockchain nodes.

VeChainThor Blockchain uses a tailor-made smart contract which enables authorization-based digital ownership management. The ownership of objects, represented by VeVID, is linked to an account with a public key and private key for each instance. The public key is known as alias email address which can be recognized and accessed by anyone. The private key is to represent authorization and access, just like a password, to the objects with the corresponding public key.

VeChain (VET) Algorithm and generation

VeChainThor Blockchain uses SHA256 Hash algorithm to generate VIDs. VIDs can be written into the IoT tags and devices such as NFC, RFID and QR code with our proprietary VID generator. For IoT tags, they may vary based on the products. They link the unique blockchain ID with the physical product. The IoT tags are designed based on the user’s needs and feature of the product.

VeChain (VET) Four Layer technology

-TouchingPoints: 

These digitize the physical world. VeChain uses NFC and RFID chips to digitize products and sensors to capture environmental, inertial, gas and location information through sensors. TouchingPoints are VeChainThor’s arms and eyes to connect to the world and collect data feeds.

-Connection: 

The connection stack transmits the data captured through the sensor stack. These two stacks form the IoT technology portfolio in VeChainThor platform.

-Blockchain Core: 

Blockchain Core is responsible for carrying on the transactions and storing the data gathered through the previous stacks. Smart contracts deployed and running on Blockchain enable the collaborative activities among multiple parties.

-Applications and Services:

 Applications and public services built into the Blockchain provide the infrastructure services to simplify and standardize application development along with common protocols and interfaces such as VeVID for KYC, VeVOT for voting, VeSCC for smart contract certification, VeSCL for the Smart Contract Library and other suites of technical protocols like side-chains, cross-chains, data feeds, oracles and so on.

VeChain (VET) Technical Overview

VeChain makes it possible for every part of the lifecycle of a product or service to be captured, recorded and transmitted on the blockchain blockchain. The consensus mechanism is Proof-of-Authority (POA), which means chosen accounts validate transactions and blocks. These specific accounts are called “validators.”

VeChain’s native currency is the token VET, which is currently an ERC20 token but there are plans to migrate to VeChains own blockchain once the main net is launched. It also features a smart chip technology, where the ecosystem can be implemented in QR-codes, RFID- and NFC-chips.

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VeChain (VET) Hardware Wallets

Currently, the Ledger Nano S offers support for VET.

The ledger may seem pricy for some and may isn’t the easiest to set up, but the security it provides, especially when it comes to storing larger amounts of EOS or any other cryptocurrency is priceless. As for using the Nano Ledger S, the first step towards setting up your device is unboxing your device and checking if you have received all the accessories with the device itself. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device. This video does a pretty good job of explaining how the setup works. Once you’re set, you’ll have your EOS stored in probably the most secure wallet on the market. Just remember to always purchase your device from a reputable, trusted site, as there isn’t any lack of malicious fakes out there.

VeChain (VET) Desktop Wallets

The VeChain Thor Sync is one of the only desktop options you have for storing VET at this time. It was created soon after the launch of the mainnet and is available for Windows and OSX. It’s not very polished, but it will give you access to the VeChain blockchain and the ability to send and receive coins.

Note that this wallet remains heavily under development and is considered experimental. Users should use this only at their own risk and it’s recommended you not store much VET in this wallet in the event of some software issue.

However, if you aren't an advanced Vechain holder and you're looking for a more simple, safer alternative there's Atomic Wallet. It is decentralized and it also allows you to purchase the supported currencies with a credit card, just keep in mind that you’ll be charged significant fees for doing so. With Atomic Wallet, you hold your own keys, which are encrypted and kept only on your own device, you control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.

VeChain (VET) Online/Web Wallets

As always, when it comes to ERC-20 tokens, MyEtherWallet(MEW) is our choice. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.

Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.

The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.

VeChain (VET) Buying VET

There aren’t many options for buying Vechain with fiat. Your only choice is to use a middleman service like Coinswitch. We’d recommend ETH through coinbase or coinmama and then exchanging it for VET on one of the more popular exchanges, like Binance, Bitfinex or Houbi, depending on your geographical location

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