What is VeChain?
If you have been around long enough in the crypto sphere, I am pretty sure you would’ve heard about the VeChain coin. In this review, I will cover both the blockchain project and the native coin in detail. So, what is VeChain and its goal? It is a network that uses advanced technology aimed at providing solutions and innovation to data management and Internet of Things. Issues like counterfeit, fraud, data manipulation, fake assurance, and other barriers are something VeChain works towards rectifying. Except the VET coin, in the network you can use the VTHO (VeChain Thor) tokens, which are used to cover the transaction fees.
Advantages
The first think that I noticed about VeChain that stands out as a great strength is the clear roadmap and direction of development for the project. Other noteworthy advantages that I consider should be mentioned:
- Quality Control – with an increased focus on quality, companies can reliably maintain high product standards in their supply chain
- Hybrid Governance – it uses a semi-decentralized model with a decentralized system and centralized channels. This is to make sure that it is as efficient as possible
Disadvantages
Of course, I would like to also talk about the shortcomings of the project. One of them is the centralized governance. There is a Board of Steering committee that actually makes the network more centralized and private than others like Ethereum. Here are some other disadvantages that you should take into consideration:
- Fast growth – while not considered a real disadvantage, it can become one without proper guidance and a clear goal
- Lack of complete decentralization – while yes, the system is efficient, it is not completely severed from third-party influence. The network relies on Proof of Authority and 101 nodes to do the heavy lifting
History and Evolution
The concept for VeChain was created by Sunny Lu, the founder of the project. VeChain’s development started back in 2015 and the team worked on it for 2 years before doing an ICO. Initially it was launched as an ERC20 token and later on, it was moved to the native coin after the release of the mainnet.
With the help of the dedicated team comprised of financial, technology and blockchain experts like Jay Zhang, Kevin Feng and Jianliang Gu, VeChain has come a long way. The explosive growth of the project has pushed development to its peak and currently, Crosschain technology is being worked on for the network.
VeChain’s Future
The future of the project is very bright. With the recent development of Thor and goal for supporting dApps on the network, new and improved features are just piling up. The team is currently working on cross-chain transactions and expanding the Thor ecosystem to provide even more flexibility to the users. The official roadmap is being updated regularly, you can find the link at the end of this article.
VeChain Blockchain
VeChain is a semi-decentralized blockchain network that operates and confirms transaction through the Proof of Authority consensus method which is abided by 101 Authority nodes. It is similar to a Delegated Proof оf Stake (dPoS) network, but the nodes are being voted on by a set group of individuals who are in charge of keeping them in check and monitor their performance.
The hash function that VeChain uses is SHA-256 and has a block time of about 10 seconds between blocks. The block size is not limited or a pre-set value. Also, there is no difficulty adjustment in the network as the validator nodes don’t actually have any competition.
VeChain Nodes
Nodes are an integral part of any network as they support it and can validate transactions. There are two different classes of nodes. The validator/authority nodes are called Thrudheim and the rest are Economic nodes. Authority nodes are the ones that create and validate blocks on the blockchain network, while the other nodes are there to stabilize the price.
There are 3 different types of Economic nodes:
- Strength Node – which requires between 1 million and 5 million VET (VeChain coins)
- Thunder Node – which requires between 5 million and 15 million VET coins
- Mjolnir Node – requires 15 million or more VET coins
How to Get VeChain
The only way to get a hold of some VET coins is through an exchange that supports the coin. Depending on the platform you will have two choices – buy it with fiat money, or by exchanging other cryptocurrencies for VeChain coins.
Where to Buy VeChain?
| Exchange | Cryptocurrencies | Fiat Money | |
|---|---|---|---|
|
Binance
|
Bitcoin + 3 more | – | Trade now |
|
Bitfinex
|
Bitcoin + 2 more | EUR, USD, GBP, JPY | Trade now |
|
Huobi
|
Bitcoin + 2 more | – | Trade now |
If you would like to buy some VeChain coins you have a few options from which to take your pick. I personally would recommend Bitfinex as it supports fiat money purchases, Binance and Huobi. On the other hand, you may be wondering why should you get VET coins and trade them? Well, I would like to talk a bit on that topic and give you some points that I consider would give you the incentive to become a part of the network.
The project has partnerships with many organizations that have a great reputation such as PWC, China Unicom, DVN GL and even with the Chinese Government with a national partnership. The team behind the project are also very dedicated and experienced in the blockchain technology field. VeChain is and older project and as you can tell by the official roadmap mentioned earlier, development pace is great. They also noted that the technology behind VeChain can be applicable to other sectors and systems, not only with cryptocurrency. Finally, the project is backed by the VeChain Foundation, which is a non-profit organization that is responsible for the development goals, partnerships, and network.
Wallets for VeChain
To be able to hold VET coins and carry out transactions on the network, you will need a wallet. There is an official one for VeChain called VeChainThor Wallet which is backed by the development team. It is compatible with both Android and iOS systems.
The installation is a very easy process as you just need to add it to your phone from your app store and wait for it to finish installing on your device. Using it is just as easy and it offers additional security measures like back up, deleting traces of seed creation when you are first setting up your wallet, two-factor authentication and also fingerprint scanner support.
Alternative Wallets
Of course, except the official wallet, there are other options that are commonly known as alternative wallets. They are created and supported by third-party entities that usually specialize in that type of technology. What alt wallets can offer in terms of features can vary widely from an improved user interface to a multiple crypto coin support. The options you have that support VeChain coins are Trust wallet, Atomic Wallet, Cobo wallet, Arkane and also Ledger Nano S.
Desktop Wallets
Mobile Wallets
Hardware Wallets
Network Security
From the start of the project until now, there have been no major security breaches or issues.
News and Useful Links
If you have decided to become a part of the VeChain cryptocurrency network after reading this review or you already hold VET coins and want to always be notified regarding any news or updates with the project, you can start by following the News section on the official website. Alternatively, you can follow their social media accounts mentioned below.