VeChain (VET): transparency and reliability
eChain (VET) was started in 2017, but in the first period the short name for it not VET, but VEN. This is still causing confusion for the cryptocurrency fanatics at the moment. Often you’ll see the names VeChain (VEN), but that’s not how it is called now. VeChain (VET) is the brainchild of Sunny Lu, a visionary who wants to make sure that the blockchain is transparent, reliable and clear. This has ensured that investors, developers and companies have found their way to this blockchain technology. But how strong is this technology?
From VEN to VeChain (VET)
In February 2018, VeChain was rebuilt. It was decided to continue as VeChain Thor, that is where the T in VET comes from. And here it gets a bit complicated. The VET-tokens are coins with a certain value and are the means of payment on the chain. However, the transaction costs are not paid with VET tokens but with the THOR-Power tokens. This solution ensures that the transaction costs on the VeChain network do not increase when the value of VET tokens increases.
In simple terms: if you want to invest in VeChain, you should buy VET. If you are a developer and you want to make transactions within applications or develop on the blockchain itself, then you need the THOR-Power tokens.
Stability and security
When it comes to the blockchain, there are a number of key concepts that are of enormous value. These are reliability, stability and scalability. VeChain ticks all requirements one by one. It is stable and reliable by using “Authoritynodes” that approve the transactions and these nodes also ensure that the blockchain remains scalable.
At the same time, this has made it a technical and difficult story. Fortunately, VET is completely transparent in this and as an investor you don’t need any technical knowledge. Developers do need this, but for them this blockchain is literally an open book.
Why VeChain will be of importance in the long run
VeChain is a BaaS solution (Blockchain as a Service). It is a technology that is already being used by companies without the need for specific knowledge of blockchain. What does it do? It is used to verify products throughout the entire chain from production to sales. Do you have a Rolex lying around and do you want to know if it is real? Then you can do that via VeChain. Do you want to make sure that all parts of your car are made in a fair way? That is also possible via VET. And do you want to know where your food comes from? That’s right, VeChain.
This is very relevant in today’s market, where critical consumers demand fair trade and transparency, and this isn’t always possible. Until now, because with VET everything will be traceable, even in the era of the Internet of Things.
Although VeChain has enough direct competitors, there are few players who are as big as VeChain. There are even fewer projects who already have partnerships with governments in Asia, because they want to use the transparency that VET offers to conquer the global market. With a community that is so large and active, things can’t go wrong anymore for the technology behind this blockchain. The many collaborations and applications in the real world make VeChain a currency to keep an eye on. You can easily add these coins to your portfolio via Triaconta so you don’t miss any future value developments of this coin!