VeChain (VET)

The #19 Ranked Coin on CoinMarketCap.com

By: ThinkAltcoin.com

1. General

According to VeChain’s whitepaper, VeChain wants to build “a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.” In other words, VeChain wants to be the Ethereum for business. Through its technology, VeChain provides businesses and customers with improved transparency, generating greater in depth details on the product and its sales.

VeChain was created by an Sunny Lu, and was the first coin to partner with the Chinese government.

VeChain is currently attempting to find the right balance between centralization and decentralization. Since VeChain is connected to the Chinese government, there will have to be a certain level of centralization, but VeChain will still attempt to increase decentralization.

Let’s say that a U.S. company has an exclusive patent on a brand new product.That product is only created in the United States, so in order to send it to another country, it must be shipped internationally. However, during that process, the product may have to go through specialized handling and transportation in order to prevent item loss, and to get the item safely to the other country.

VeChain solves this issue by providing an identifier tag (RFID Tag) on each package so that the original product can be completely traceable and verifiable until it reaches the consumer.

Although VeChain is in its early stages of mainnet release, VeChain’s potential to provide companies with a wealth a information will definitely be used. Dubbed the “Ethereum for Business”, VeChain has the potential to allow companies to build upon their blockchain and gain accurate and real-time data for their products.

The easiest way to get VeChain is exchanging another coin on an exchange for VeChain. There is no mining associated with VeChain, since VeChain employs Proof of Importance.

VeChain is anonymous in that all the transactions are encrypted, only allowing the actual transaction (not who was in the transaction) in the public ledger.

1 billion VET.

2. Economics

Sending a VeChain payment is similar to sending a Bitcoin payment. With a VeChain wallet, you can send the VET coin to another user’s wallet address.

Big Data has become a problem. Big Data has issues and potential faults with data privacy, security, and even discrimination. VeChain solves a lot of these issues by being decentralized, and by providing a wealth of information for both businesses and governments. Without a third party organization power over your account, it provides safeguards from account shut downs or extra transfer fees. Furthermore, with all of the information VeChain provides companies, and since VeChain has already partnered with companies like BMW, there is much more room to grow.

Furthermore, there are no scams using reverse payments. Once a payment is sent, the currency cannot be returned to the payer unless the receiver agrees to a refund. This means greater security of payments for the seller, increasing Bitcoin’s popularity in commerce. Because the Bitcoin network completely decentralized, any person of any race, culture, or age, can exchange Bitcoin. The hassle of paperwork that banks require are not existent in Bitcoin wallets. Additionally, even with Bitcoin’s pricing fluctuations, in general, Bitcoin is rapidly appreciating, which means that the value of Bitcoin is still going up, making each Bitcoin you receive now more valuable in the future.

The disadvantages of investing in VeChain are similar to investing in any other cryptocurrency. Cryptocurrencies are highly volatile. A coin that is worth $300 today could be worth just $30 tomorrow. Future laws from the SEC or another government could be detrimental to VeChain, and to the entire cryptocurrency industry.

With VeChain already partnered with China, which hosts the second largest economy in the world, VeChain is definitely safe. Although it does have centralization, VeChain already has a product and connection with the second largest country, and has the potential to save lives: something that won’t be easily lost.

3. Use

The VeChain Thor Mobile apps are definitely the best bet for a wallet currently, as they are made directly from the founders with high security in place.

Binance provides the ability to store and exchange Ripple for USD and other coins, and while not as safe from hacks as a Hardware Wallet may be, has easy access for transactions and purchases.

Other Online Exchanges: Bittrex, Binance (These two support more coins than Coinbase)

VeChainThor Mobile: IOS, Google Play: Extremely safe cold storage wallet for VeChain created by the VeChain founders.

The way to lose VeChain is to forget your password to your virtual wallet or to get your account shut down/hacked. If you lose VeChain in these ways, there is unfortunately no way to recover it. Most of the times the VeChain that is lost remains lost and that amount is taken away from the world pot of VeChain. However, because there is a limit on the amount of VeChain to be produced, the value of each remaining VeChain will rise.

4. Future

Yes! In China, there has been issues with vaccinations being transported to wrong locations, and utilized on the wrong individuals. With VeChain’s tracking system and real-time information sources, these mistakes can be easily corrected, possibly saving the lives of millions in the most populous country in the world. Since VeChain can accurately track these vaccine transports, the targeted people can receive their vaccines, preventing deaths from allergies and other risks. Other companies and countries will be able to take this technology as well, cutting costs by reducing shipping mistakes and increasing profits.