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What Is VeChain?

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Nov 22, 2022
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4 min read
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This blog post will cover:

  • About VeChain (VET)
  • Where did VeChain (VET) come from?
  • What are the advantages of VeChain (VET)?
  • What are the disadvantages of VeChain (VET)?
  • How to buy VeChain (VET) on SimpleSwap?

About VeChain (VET)

What is VeChain (VEТ)? VeChain is a global information transformation platform based on blockchain technology. It connects real people, products, or events by associating the API with the application level of the system. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought. From product source materials, to servicing history, and spare part replacements, every single piece of information about the supply chain movement of a product can be recorded and verified to bring about a supply chain management ecosystem that is secure for all participants.

Where did VeChain (VET) come from?

The history of VeChain began more than a decade ago, in 2007 as a project, which launched its coin in 2015.VeChain partnered with various companies which were doing business either in agriculture, luxury goods, food/drugs, or logistics. It also got connected with the state administration. VeChain further established its offices in Paris, Tokyo, Singapore, and Shanghai.VET became the 16th most valuable digital currency in the month of January 2018. In the same year, VeChain launched its own blockchain called VeChainThor.

What are the advantages of VeChain (VET)?

  • Proof of Authority
    
    The VeChainThor blockchain uses PoA to maintain the consensus among all blockchain nodes. 111 nodes already exist in five countries (China, Korea, Japan, United Kingdom and Germany) that are controlled by whitelist.
    
    
  • Support from the Chinese government
    
    VeChain is chosen as the blockchain technology partner of the government of Gui’an. For example, partnership with the state administration on the monopoly on tobacco products and the central state tobacco corporation.
    
  • Cooperation with major well-known companies
    
    VeChain has partnered with many different companies including PwC, one of the world’s Big 4 accounting firms and DNV GL, a $20 billion dollar energy giant. Other partnerships include Microsoft, Viseo, and Renault.
    
  • Roadmap for Commercial use
    
    VeChainThor has been designed to cater to the requirements of enterprises with a hope that more and more financial and business activities will run on it.

What are the disadvantages of VeChain (VET)?

  • Extreme fast growth
    
    VeChain is growing extremely fast which can be a big risk without proper guidance.
    
  • Not completely decentralized
    
    Proof of Authority principle relies on 101 nodes to validate transactions. Therefore, the system is therefore not completely decentralized and can run into issues if a few nodes go corrupt.
    
  • Extremely broad
    
    Since VeChain is working with many different industries, it could very hard for the team to deliver good results for every niche.

How to buy VeChain (VET) on SimpleSwap?

Let’s say you want to buy VeChain. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap BTC for VET. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select VET in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. VET will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to VET exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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