As blockchain is a future technology, many businesses are already using it to tackle a variety of real-world challenges. VeChain is one such leader in its field. With an ever-growing list of technological advancements and commercial relationships on a global scale, VeChain is the leading force reshaping how businesses approach supply chain management. Discover what it is and how to purchase it in this article.
What Is VeChain (VET)?
VeChain is a blockchain-based platform that offers real-world businesses more transparency, traceability, and blockchain functionalities. VeChain, in its simplest version, integrates distributed ledger technology with the Internet of Things (IoT) to automate the complicated procedures and information flow in supply chains.
Vechain’s platform consists of two separate tokens: VeChain Token (VET) and VeChainThor Energy Token (VTHO). The former transmitsis used to transmit value throughout VeChain’s network, while the latter serves as the energy or “gas” for smart contract transactions.
The Missions of VeChain
VeChain’s mission is to create a trust-free and distributed business ecosystem platform that facilitates transparent information flow, effective cooperation, and rapid value transfers.
Currently, supply chain data for business operations is compartmentalised in silos across various stakeholders. This impacts information flow, which is once again asymmetric amongst stakeholders.
According to VeChain’s white paper, blockchain technology resolves this unequal information issue and enables data ownership to return to and authorise its owner. The VeChain platform promises to give authorised stakeholders a 360-degree view of essential information related to a product and its business processes such as storage, transit, and supply and to increase market transparency.
Typical use cases of VeChain
Let’s look at some of the most typical applications of VeChain’s technology. However, this is not an exhaustive list. You can find more in the VechainWorld library.
Food safety
Blockchain-based solutions can pave the way for a more transparent global food economy. Internet of Things (IoT) devices powered by VeChain can be put everywhere throughout the supply chain, including on goods, vehicles, and warehouses.
Afterwards, environmental and location-based data collected by these devices can be transferred to the VeChainThor blockchain, where it is validated and stored in a tamper-proof, decentralised way. Numerous businesses, notably Shenzhen Yuhongtai Foods, have previously implemented solutions like this.
Anti-counterfeiting
Counterfeiting is a serious issue in the luxury goods business. Owners can ensure authenticity by attaching an encrypted chip and then utilising the chip to track and record shipping, storage, maintenance, and resale. This has been used to trace expensive wines for Shanghai Waigaoqiao Direct Imported Goods, as well as to test for Renault’sRenault luxury automobile components.
Health records
Healthcare record-keeping systems are known for being antiquated. Rather than storing test results on inefficient and insecure record systems, hospitals and healthcare centres can store this essential data on the blockchain, with access restricted to patients and other authorised parties. Starting from Since 2021, patients of the Mediterranean Hospital of Cyprus and Aretaeio Hospital were have been able to use an E-HCert App powered by VeChain.
Carbon emissions tracking
The VeChain solution enables customers to participate in a carbon-saving scheme by driving carbon reduction via the monitoring of carbon-emitting activities. When consumers’ smart devices, such as automobiles or appliances, demonstrate that they are creating less carbon, they can earn credits used on energy services. BYD is a Chinese electric vehicle manufacturer that has been using a Vechain system.
How to buy Vechain (VET) in Australia?
1. Compare crypto exchanges
The simplest method of purchasing VeChain is via a cryptocurrency exchange. You can read our detailed reviews of the best crypto exchanges in Australia to select the one that offers the qualities you want, such as affordable prices, the convenience of use, or 24-hour customer support.
We highly recommend buying/selling Vechain (VET) on CoinSpot – the best Australia-based crypto exchange platform. Ever since it opened its doors in 2013, CoinSpot has affirmed its position as the dominating player in the field. You can read our CoinSpot review to know more about how this exchange works and what it offers.
The platform supports over 350 cryptocurrencies, several deposit methods, and competitive trading fees for immediate traders, OTC traders, and SMSF investors. It also offers timely 24/7 customer support, staking services, an in-platform NFT marketplace, and ISO information security certification.
2. Create an account
To register for an exchange, you must validate your email address and identity. Prepare some picture identification and your phone.
If you want to create a CoinSpot account, you need to follow some simple steps by filling out your credentials, email, phone number, and other personal document details. Then You are then required to, wait for the verification team to validate your account before you can make transactions on the platform.
Provide Account Holder Details to create a CoinSpot account. Source: CoinSpot
3. Make your deposit
Once your account has been fully verified, you can deposit funds using the payment method that is most convenient for you — bank transfer, BPAY, cash, and cryptocurrency payments. CoinSpot supports a wide range of deposit methods, with the most popular options being completely free and instant.
On CoinSpot, you are charged no fees if you make instant deposits by POLi, PayID, or Direct Deposit (via OSKO). Deposits made through BPAY incur a 0.9% cost (charged by the service provider, not CoinSpot), while physical cash deposits made at Blueshyft newsagents incur a 2.5% fee.
4. Buy/Sell/Swap VeChain
You can now buy, sell or swap VeChain. This is as simple as inputting the amount you want to purchase and hitting “buy” on a user-friendly exchange like CoinSpot. You can also withdraw your VeChain to a personal wallet if you like.
Buy VET on CoinSpot. Source: CoinCulture
To sell VET, create a sell order by selecting the quantity of VET you want to sell. Afterwards, confirm the sales price and fees for VeChain and complete the transaction.
Sell VET on CoinSpot. Source: CoinSpot
You can also swap your VET for cash at the same exchange where you purchased it. On CoinSpot, choose the coins/tokens you want to swap VET for, and then click on the “Swap” button.
Other information about Vechain
History of VeChain
Sunny Lu, the co-founder and CEO of Louis Vuitton China, established VeChain in 2015. It was founded as a subsidiary of Bitse, one of China’s major blockchain enterprises, and is one of the few blockchains with a sizable client base among established businesses.
The VEN token was initially based on the Ethereum platform. In 2018, VeChain migrated to its own blockchain and rebranded itself. The VEN blockchain was then known as the VeChainThor (VET) blockchain as part of the rebranding effort.
The diagram below illustrates the whole roadmap of VeChain.
The VeChain blockchain platform’s white paper details its objectives. Its primary goal is to better real-world supply chain management and business processes by enabling actionable and transparent data. Additionally, it intends to be a pioneer in decentralised applications (dApps), and initial coin offerings (ICOs) built on VeChain, as well as an Internet of Things (IoT) intermediate.
Currently, VeChain has formed strategic collaborations with a number of organisations over the years to assist in achieving this aim. A partnership with PricewaterhouseCoopers (PwC) is among them to leverage VeChain’s blockchain-based solutions to enhance product verification and traceability for the accountancy firm’s clients.
VeChain has also collaborated with Renault, developing a secure digital automobile maintenance book in collaboration with Microsoft and Viseo, and is the government technology partner for Gui’an, the Central Chinese Government’s economic development zone.
VeChain’s Blockchain Platform
VeChainThor is a public blockchain platform aimed at “mass business adoption.” It has two tokens: VET and VTHO.
VET is the VeChain token that serves as the medium of exchange for value or “smart money” in smart contracts. In other words, VET will be used in transactions on dApps VeChain’s blockchain. It is open to the general public for investment.
The VTHO token, also known as VeThor Energy, is used to power transactions on VeChain.
According to VeChain’s white paper, the two-token system was created to provide effective governance and a predictable economic model for developers of dApps.
In its current form, Ethereum requires developers to budget for a specific amount of tokens to execute transactions for their dApps. If their estimate proves to be inaccurate, the transaction will fail. VeChain’s white paper details many technological upgrades that have been made to its platform to address this issue.
For instance, the VET blockchain enables Proof of Work (PoW) for each transaction. This implies that people making transactions can mine more VTHO if their first estimation is incorrect.
Governance Protocol
Proof of Authority is used as the consensus protocol on the VeChainThor blockchain. Votes are distributed per this protocol based on VET holdings and disclosure. VET holders who do not have know-your-customer (KYC) credentials and have 1 million tokens in their account are allocated 20% of all votes, whereas those with KYC and the same amount in their account are assigned 30%.
There are 101 master nodes in VeChain’s blockchain responsible for obtaining consensus on transactions. This differs from Bitcoin, which needs all nodes to vote on a transaction before consensus is reached.
Anonymous nodes are not permitted, and revealing one’s identity is a necessary precondition for becoming an authority master node. According to the white paper of VeChain, this system consumes less energy and does not need a minimum number of validators to reach a consensus.
The other sort of master node in VeChain, economic master node, does not generate blocks or ledger records and is intended to keep power in control. This is accomplished by distributing a fixed number of votes to each economic master node according to their VET holdings. Each 10,000 VET that an economic master node has entitles it to one vote.
In a decentralised system, the master node mechanism centralises voting rights. However, VeChain founders have said that the protocol’s goal is to strike a balance between centralisation and decentralisation.
The Future of VeChain
VeChain has effectively developed enterprise-level blockchain solutions, resulting in the widespread use of blockchain technology globally. Major corporations are integrating their networks for data storage and other blockchain-related functions. The future seems to be bright, as an increasing number of corporations have already signed arrangements with the platform.
Additionally, the platform just unveiled VeCarbon, which intends to assist governments and businesses in achieving carbon neutrality. You should stay tuned for many exciting VeChain projects in the years to come!
