VeChain (VEN): What you need to Know
VeChain (VEN) is a blockchain-based crypto company that operates as a BaaS (Blockchain-as-a-Service) platform. At its core objective is the need to transform the world’s business supply and management chain through a fast, transparent and distributed trust-free platform.
The VeChain team envisions a business ecosystem where products remain authentic from the production line to the end user’s purchase point. The main concern driving a concerted effort to do this stems from the global problem of counterfeit goods.
It is estimated that the world is affected by a $ 2 trillion problem brought about by counterfeit of luxury goods, food, medicine, and agriculture.
At the center of VeChain’s technology is the ability to track items as they move along the supply chain, ensuring there’s no tampering with their quality or authenticity.
How does the VeChain (VEN) technology work?
To help achieve its goal, VeChain gives every item in its database a unique VeChain Identity (VID). These tags that keep the platform connected to each item can be in the form of a QR Code, an NFC chip or Radio Frequency Identification tag.
With this tags in place, the company or the consumer is able to remotely track the item in question. It is thus easy to detect any attempts to interfere with products when in transit.
A consumer can also scan a product after purchasing it to determine whether it is authentic or not.
The VeChain (VEN) Token
VEN is not a mineable coin. However, you can use your VEN coin to obtain goods and services from stores online or on the VeChain platform.
The VEN token functions as a store of value on the VeChain network. It is used as “Gas” to fuel the smart contracts between various parties on the blockchain, ensuring agreements are executed accordingly.
Apart from this, the network gives out VEN as a reward to nodes who help run it by verifying and executing smart contracts.
This is how the VEN token performs in the market today.
- Market cap- $2,150,648,281
- Maximum supply- 873378637 VEN
- Circulating supply-466086354 VEN
- Trading volume-$ 76085300
- Price – $ 4.61
The above statistics were true as of today, 10 February 2018.
Why should you look into VEN?
VeChain is already proving to be a successful company despite being in operation for just two years. If you combine this with the real world use cases, you find that VeChain is one company that has the potential to become very influential.
The other reason I vouch for VeChain is that it already has a widespread user base around the world. The company has been able to sign partnerships with several multinationals like DIG, Renault, and PwC. These partnerships will have a positive impact on VEN coin’s value.
Finally, VeChain is going to rebrand by the end of February, which is always a time for the value of coins to start on a wild ride.
How to get VeChain (VEN)
We mentioned earlier that you cannot mine VEN. That leaves buying as the easiest way to get VEN.
VeChain’s coin is not available for purchase with fiat directly at an exchange site. However, that does not mean that you can’t have it.
To get VEN, you’ll need to buy BTC or ETH at one of the reputable coin markets. For instance, you can go to Coinbase, register for an account and proceed to buy either bitcoin or Ethereum.
Once you have BTC or ETH, you can then go to an exchange that offers BTC/VEN or ETH/VEN pairs. You can get VEN for BTC or ETH at Binance.
The next step is to transfer your VEN coins to your wallet and secure them using your private keys.
VEN Future – Is VeChain going to rebrand?
The VeChain developers released a statement in December 2017, indicating that the company would be rebranding.
VeChain (VEN) will rebrand to VeChain Thor with its token splitting to become VET and THOR. The intended date for the rebrand is February 26, 2018. This announcement has excited VEN investors who expect the price to appreciate considerably.
By rebranding, VeChain hopes to revamp its services to encompass more than just about the supply chain management. VeChain will now offer businesses with an opportunity to build their own Dapps.
VeChain is one among just a handful of blockchain-based companies that have a product on the market that is working, a few short months after it launched. Its market charts are also quite impressive, even in such a bearish season when prices have tumbled.
What remains to be seen is what the proposed rebranding will bring to the company’s crypto token. If you are looking to invest, VeChain (VEN) is one crypto-based project you can add to your portfolio.