Do you want to know how to buy Vechain? Read on to know how you can do it easily. In this age of technological revolution, almost everything is digitized.
We have every piece of information and every kind of product at our disposal and there’s no denying that these technologies are making our lives much better in ways we couldn’t imagine, say, 50 years back from now.
While this new age of technology has ushered in countless innovations, what really is the ulterior motive behind it all?
It can be said that these technologies are being created to address bigger problems and to serve society as a whole.
And with that thought in mind, the idea of cryptocurrency was conceived. It has changed the face of the money exchange system altogether.
Nothing like it has existed before and it is predicted that it might even wipe out physical transactions in the future, owing to the numerous benefits blockchain technology brings to the table.
Not only do they reduce the risk of fraud but they also make e-commerce more powerful and even encourage the development of science.
One such blockchain platform is Vechain.
We will be going over everything in this article starting from what Vechain is, how it works, the cryptocurrencies offered on the platform, and how to buy Vechain.
Keep reading to find out more.
What is Vechain?
Before we dive right into the technical jargon and how to buy Vechain, let us paint a scenario for you which will help you understand better what Vechain is all about.
Imagine you own a legitimate and successful apparel store in the heart of New York City.
The quality and ingenuity of your products not only add value to them but also are your brand’s signature characteristics.
But, what if you saw some guy from across the street selling the same products you do but at a much lower price?
Not only is he stealing away your customers with the lure of reduced prices but is also ripping off your products and defrauding your brand.
What should be your next step in such a situation?
Vechain attempts to solve this very problem. To put it simply, Vechain is nothing but a “supply chain solution on a blockchain”.
However, it is important to understand first what a solution for a supply chain means. A SCS is basically a technology that helps in verifying and tracking products till they reach the customers.
This helps in meeting customer demands effectively and companies in protecting their products better by tackling counterfeiting.
Companies are always on the lookout for solutions like this with which they can track logistics so that they can build a seamless, trouble-free, and effective supply chain.
A solution like Vechain helps in aligning the complex process of procuring, manufacturing, and distributing products or services and in simplifying it.
In fact, companies like BMW and Walmart have started using Vechain to better their supply management and prevent a scam from taking place.
But, the Vechain technology is not being used to its full potential yet. Its technology could be rightfully tapped into if pharmaceutical enterprises started employing it.
Not only will they be able to bridge the gap between their production and the customers but they will also be able to prevent stealing, skimming, or leaking.
But, you could be thinking that all this could have been done without Vechain. There’s the internet and other technologies, of course.
So what does the platform offer that others do not?
Technologies like RFID, NFC, and QR codes are already used by companies to track their supply chains but what Vechain does is- it takes the data gathered using all these technologies and store them on a decentralized blockchain network.
This gives the platform an edge over older supply chain solutions since it prevents data manipulation, erasing, and tampering.
Hence, at its core, the platform is an enterprise-level blockchain solution that assists companies in tracking their products or services from the manufacturing stage to the delivery stage, ensuring quality and assisting companies in narrowing down any discrepancies or issues encountered during that stage.
As mentioned previously, the pharmaceutical industry can use this revolutionary technology in different ways.
Vechain can be used to monitor the grade, legitimacy, storage conditions, and the transport medium employed.
Data like these are gathered by Frequency Identification (RFID) tags which are then saved on the blockchain forever. Permitted users who have the authority can access this information.
In case a medication package is kept outside of a defined range of temperature, producers and consumers are notified, leading to service enhancements and greater quality control.
How Does Vechain Work?
Initially starting as a token on the Ethereum blockchain in 2015, Vechain has since then branched out to become its own blockchain network. The entire network operates on two main mechanisms.
The first is a consensus mechanism called Proof of Authority or PoA. It is a blockchain consensus approach that uses identification as a stake to produce relatively quick and secure transactions.
Under this algorithm, users have the right to validate and verify transactions while upholding the governance policy of the platform.
If that seemed like all mumbo-jumbo to you, let us simplify it.
As already mentioned, Vechain is a decentralized network, which means it is governed by nodes of computers that look over transactions on that network.
Under the PoA mechanism, Vechain chooses which nodes are the certified “authorities”.
On the offside, this makes the network centralized, to an extent. This compromises the security of the individuals involved in the process.
However, this is not a big issue for companies since they are concerned less about security and more about the speed or efficiency of their products or services.
The nodes required identity information and a minimum of 25 million VET, which, well, is a lot of funds. However, this builds a real interest for the stakeholders.
The other mechanism leveraged by Vechain is its Two-token system. The platform is represented by the VET token, which is its primary native token used to transfer and store value.
But, there is another token used by the platform, namely VTHO. VTHO is the token that is used to facilitate the transactions done with the help of VET.
Let us break it down for you. Imagine the VET token to be the car and the VTHO token to be the gas that runs the car.
The reason why the platform leverages two tokens is that the VTHO, being the gas of the car (the VET token), prevents it from breaking down.
VTHO makes the network stable and ensures that Vechain does not get affected by the extreme volatility which dominates the cryptocurrency world.
Hence, the VET token is the medium of exchange while the VTHO token is the pay for the transactions.
How To Buy Vechain?
VET is the primary cryptocurrency that powers the VeChain network, needed to carry out any kind of transaction. This itself gives the token enough value.
However, holding and staking VET tokens also allows the users to have access to governance policy and vote for any changes on Vechain, such as raising or lowering the VTHO supply.
As a result, there is high demand for VET and investors are looking to purchase them as fast as possible.
In the following section, we will explain how to buy Vechain or VET on Binance. Continue reading to find out more.
Method 1: Buy VET with Fiat Money
Step 1: Set up An Account on Binance.
The first thing you need to do when trying to purchase VET tokens is set up an account on Binance.
Note that the website will be asking you for documents for verification of your identity.
Hence, keep your driver’s license, proof of address, social security number, and other details nearby.
Fill in all the necessary details they ask for and finally, create the account. Done setting up the account? Let’s go on to the next step.
Step 2: Find the “Buy/Sell” Crypto Section
After you’re done entering details and setting up your account on Binance, you need to navigate to the Buy/Sell section.
If you’re a US citizen, then select dollars under the spend section.
Accordingly, search for VET under the receive section and then, enter the amount you’re willing to spend. The site will then show you the amount of VET tokens you’ll get in return.
Step 3: Payment Method Selection
After you have entered the amount of VET tokens, go on with the process. You will then be asked to enter a payment method.
Select a card or any other payment option. Tap on Buy. VET tokens will be deposited into your account right away.
Method 2: Get VET Tokens in Exchange for Some Other Crypto
Step 1: Purchase the Crypto of Your Choice on Binance
The second method for buying VET coins involves exchanging them with some cryptocurrency. In this article, we will be demonstrating with Bitcoin.
You can do one of two things: you can purchase Bitcoin or the crypto of your choice on Binance itself or you can also have it transferred from some other address.
Step 2: Check Out the BTC/VET Pair
Navigate to the BTC/VET pair and you’ll notice the summary of that pair along with charts.
Step 3: Exchange the Cryptos
The last thing you need to do is exchange the crypto of your choice with the VET tokens. Verify the amount of cryptos you are going to spend.
You will then be charged a fee for it. Confirm the transaction and you’ll receive the VET tokens immediately.
Will I be Able To Purchase VET Coins on Coinbase?
The supply of VET coins is limited, much like many other cryptocurrencies, which makes it more rare and valuable.
As a result, several exchange platforms do not list the VET token as one of their currencies.
Coinbase is one such platform. Hence, it is better to search for VET tokens on sites like Binance.
Since its inception in 2015, Vechain has gone on to become a reliable and efficient blockchain technology with numerous established companies under its roster.
If you are someone who is looking to invest in Vechain, namely the VET token, this guide will come in handy for you.
We hope we cleared all your doubts in our discussion about what Vechain is and how to buy Vechain.