Bitcoin is not the sole currency in circulation, contrary to popular opinion – there are over 800 currencies. VeChain (Ven) is among them. It is widely popular because of its status as the most stable currency in the world.
What is VeChain (Ven)?
This is a global digital currency, which trades in international financial markets. Its founder is Sunny Lu, and the headquarters of the developer is in Shanghai, China.
The original users were members of HubCulture (a social network service) in order to share knowledge, services and goods. Its launch was in 2017 at a price of $0.20 per token, but this has since increased with the increasing number of users that are taking it up. In fact, it is among the top 40 cryptocurrencies worldwide as of January 2018.
This currency is peculiar among cryptocurrencies because its value is usually determined on financial markets, and it trades against major currencies at floating exchange rates. Its aim is to interrupt financial industries through giving users better traceability of products.
Why is VeChain (Ven) different?
The blockchain technology of Bitcoin acts as a basis of improving VeChain (Ven). It seeks to integrate itself with a wide range of industries, such as logistics, luxury goods and retail agriculture. It plans to achieve this through blockchain technology because it wants to make a business ecosystem that is reliable and decentralized that is also scalable.
Alternative coins to use
VeChain (Ven) has the potential for increasing popularity with time. However, other coins provide viable alternatives, and we have put a list of some of them.
Lisk – founded in 2016, it aims to simplify development of blockchain technology, therefore allowing for faster transactions.
Bitcoin/XBT – the most famous cryptocurrency, from 2009. It is similar to VeChain (Ven) because of blockchain application system.
Ripple/XRP – based on open-source internet protocol currency, and formed in 2012.
Cardano – thought to be an open-source digital currency, and constantly evolves itself from research and scientific philosophies.
Ethereum/ETH – this is a 2015 decentralized software platform allowing smart contracts to operate without interference from third parties.
NEM – this is another blockchain currency from 2015, and utilizes Java script in its coding.
How VeChain (Ven) works
The implementation of blockchain solutions on the platform are in different industries. These are key to understanding the working mechanism of the platform.
Use in logistics
The currency makes use of blockchains to increase information flow between logistics companies, all while keeping the privacy of data in each company.
Use of government agencies
Because municipal government agencies participate in the blockchain network as nodes, blockchain allows for decentralized and immune data ledgers, therefore maintaining transparent exchange of information.
Because VEN embeds custom NFC chips int luxury goods (especially leather), it results in tamper-proof anti-counterfeiting solutions and easy traceability.
Use in agriculture
The blockchains can be useful in optimizing agricultural practices, since it allows accurate collection of data to farms. It also makes it easy for farmers to monitor their crop quality, even while reducing the risk of environmental damage.
Trading in VeChain (Ven) currency
Similar to other foreign exchange investments, VeChain (Ven) investments work in the same way – market forces of demand and supply dictate the prices.
Like all other currencies, getting a wallet is essential (Ethereum blockchain wallets can also work well with it), so here are the steps to follow when setting it up:
Go to the website for myetherwallet.com and enter a password. Click on ‘Create new wallet’.
Download the keystore file – ensure you understand the warnings.
You will receive an encrypted key to your wallet. This is very important, as it allows you to access your coins. Note it and store it somewhere safe.
Click on ‘Save your address’.
Choose the ‘Keystore file’ option, upload the keystore file you saved and then enter your password. You can then scroll down the page to see your opened wallet.
Your personal wallet address will be on the page, so note it down in a safe place.
If you do not have Ethereum coins, purchase some and exchange them for VeChain coins.
VeChain (Ven) prices and trading history
VeChain (Ven) is similar to other cryptocurrencies in price volatility, particularly benefitting from various factors such as easy integration with other systems. It currently has a market price of $4.40 and a total market cap of $1.2 billion.
Is it worth trading in the coin?
This question is complicated, since even experts generally see investing in cryptocurrency as a risky venture with low returns. The reasons given usually cite the highly fickle nature, and the unpredictable rises and falls in value.
The success of investment will depend on the uptake by individuals and businesses. The currency offers you extra security in transactions as well as multiple mining methods, making it cheaper.
The rise of VeChain (Ven) promises to make a difference in the financial world by giving users more possibilities of using the currency to purchase various goods like services. Because of this, it is rising in popularity, even though it has not officially launched yet (it is to launch in June 2018).