Although the VeChain coin might not be as popular as its blockchain, it's steadily making a mark in the cryptocurrency world. As more enterprises rely on the network to verify supply chains, the native coin is gaining more recognition.
VeChain VET was designed to revolutionize blockchain transactions through enhanced sustainability, and it's achieving that. Compared to other popular digital currencies, VET is highly reliable. It also guarantees stability in fees due to its operational design.
If you are looking for an altcoin with standout features, then VeChain (VET) is a practical alternative. It goes beyond the usual functionalities to deliver an unrivalled performance.
A Bit About VeChain
VET creates value on the VeChainThor blockchain. It's an ERC-20 coin that originally ran on the Ethereum ecosystem. At the time, the coin was called VEN. It rebranded to VET after moving to its mainnet - VeChainThor. The native coin is available to use for various transactions. VET has a high divisibility (18 decimal places), which means it can carry out micropayments. As part of a two-coin system, VET enjoys excellent stability.
The coin operates on a Proof of Authority protocol, a mechanism that requires 1010 validators to verify transactions by staking their reputation and funds. For this reason, VET payments are highly scalable and energy efficient.
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As a native coin, it means that VET is tailored for the VeChainThor blockchain as a utility coin and medium of exchange. You can use the coin to access the network's features. The VeChain ecosystem operates on a dual-coin economic model. VET is the store of value, while VeThor VTHO pays the gas fees; the former generates the latter. So, you can't use one without the other. VTHO represents the costs of transacting with VET.
This model prevents market speculation on gas fees, thereby keeping the costs of transactions stable. You can make payments with VeChain (VET) without worrying about the gas charges fluctuating from one day to the next. VET's total supply is just under 86 billion, while its circulating supply is 72.71 billion.
Utility of VeChain?
A crypto coin is only as valuable as its practical applications. If you are going to own VET, you want to know what you can do with it. Below are the chief utilities for the coin.
Transaction on VeChainThor
The primary use case for the VeChain (VET) coin is to transfer value on its network. When you hold VET, you can make payments and remittances within the blockchain. VeChain is growing increasingly dominant, thanks to the various benefits it offers users. So, having the main store of value enables you to carry out different activities.
Passive Income
When you use VET, you generate VTHO, the coin that pays gas fees. About 70% of the VTHO is destroyed when you complete a VET payment. However, you still retain a small amount, allowing you to earn something back.
Staking
Another way to receive passive income from VET ownership is through staking. You can buy coins and hold them for a certain period to help the network structure grow. In exchange, you get VET coins as a reward. Therefore, you end up with a higher coin value than what you started with. Staking is a common use for virtual currencies, especially for those trying to build their systems.
Governance
Owning VeChain (VET) allows you to be part of the community and contribute to the network's growth. As with most crypto coins, VET relies heavily on its community, with members holding the right to vote on the project's direction. If your interest in VeChain VET is more than cursory and you wish to be part of its development, then you can take advantage of your rights as an asset holder. Hold VET coins and contribute to the network's expansion.
VeChain Price details
Advantages of VeChain
+ The network VET runs is already popular with big brands, which speaks to its credibility+ VET's high divisibility makes it suitable for micropayments that conventional fiat currencies might not support
+ Transaction costs for the VeChain coin are lower than with most altcoins
+ It takes 10 seconds or less for a VET payment to be processed
+ The Proof of Authority used for verification ensures coin stability and energy efficiency
Disadvantages
- VET holders who want to become validators for the POA protocol can't be anonymous- The VeChain coin is a volatile asset for investment
- Withdrawal fees can be rather high on some exchanges
- The coin is not very popular as a payment alternative.
- Staking and voting in the community demand a substantial investment
Costs
▪ Rated at 9/10The network's dual-coin model manages to stabilize and reduce transaction costs. So, VET has lower fees than what you will have to pay with a majority of other coins. The average fee generated when using the coin is below $0.01. VeChain (VET) has a unique feature called fee delegation. It means that you don't have to assume transaction costs. When transferring coins, you can delegate the incurred charges to another entity. The option reduces the barrier to entry for coin holders.
Reputation and Buzz
▪ Reputation rated at 8.5/10▪ Buzz rated at 8.5/10
VeChain (VET) is riding high on its blockchain reputation. The coin is quickly catching the attention of crypto enthusiasts and traders as its network becomes an integral aspect of supply chain management. VeChain might not be on the top 10 list of altcoins, but it is making waves as a payment option to watch. The coin's growing popularity is evident from its presence on some of the biggest decentralized and centralized exchanges. VET is a legitimate digital coin with proven utility.
FAQ
Who can buy VET?
Anyone who wants to can own the VeChain smart contract coin. You just have to know where to buy the coin and how to use it effectively.
Can I buy VeChain (VET) at any crypto exchange?
Unfortunately, not every exchange service offers VET, but you can find it on major ones like Binance. The official website lists the cryptocurrency exchanges that carry the coin. Compare their services to find the best one.
Why do VeChain (VET) payments require fees?
The actors involved in maintaining the blockchain that supports the coin need incentives. Charging a fee for every transaction rewards the actors responsible for adding payments to blocks and blocks to the network.
History of VeChain
2015 - Former Loius Vuitton China CIO, Sunny Lu and Jay Chang co-founded the VeChain network and its ERC-20 coin, VEN, to improve supply chain management. Initially operating on the Ethereum blockchain.
2018 - A move of the VEN coin from Ethereum to its own network came with a rebrand. VEN became VeChainThor (VET).
April 2021 - VeChain (VET) attained its highest price yet, at an exchange value of $0.19
Screenshots from VeChain
More sites where to buy/sell/trade VeChain
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin. Click on the logo to read our review.
Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
