One of the several reasons cryptocurrency adoption is widely growing is that it runs an open-source blockchain technology. This means, every transaction carried out on the network is recorded and could be proofed for transparency. Consequently, the Vechain is a blockchain technology that records every transaction carried out in the supply chain. It increases transparency by now only track record of incoming and outgoing transactions and the introduction of a blending between physical tracking and blockchain records to keep an eye on transactions in and out.
What is Vechain?
The Vechain is a blockchain created to facilitate the supply of chain management. Initially, it helps to determine if a real-time product is safe for use or from fraud. It’s the perfect tracker for the supply of any commodity, from physical assets to cryptocurrencies. The Vechain assigns unique codes to every commodity and uses a sensor to monitor every activity in the supply chain at every stop. With this, producers and company can be assured that their product is in safe hands. It is pertinent to note that the Vechain is in three-component and includes the cryptocurrency, the platform and the real-world technology. Our focus, however, is on the Vechain cryptocurrency.
Vechain as a Cryptocurrency
Initially, Vechain issues VEN as its token on the ethereum network (ERC-20) before deploying its network in 2018. After the platform was launched, it came with a new token, VET (Vechain Thor), which serves as a payment used on the Vechain network. One of the importance of holding VET is that the more an investor or an institution hold, the more resources they are opened up to on the Vechain network. So, to enjoy these resources on the Vechain network, it’s advisable to buy Vechain (or rather its token, VET).
Another interesting fun fact about Vechain is that it can be used to generate another second token known as Thor Power or VeThor (VTHO), which could be used to gain access to the supply chain tech. So, if you want to use Vechain tracking services, you’d have to pay with the VTHO token to enable the tracking assistance and add more helpful information on the blockchain. The Vechain as a Cryptocurrency is a complete package used to promote the platform and the main usage of the Vechain itself.
History of Vechain
As mentioned above, Vechain used to be on the ethereum network before it deployed its network in 2018. However, Vechain was developed by Sunny Lu in 2015. A year later, the Vechain 0.1v was launched, and it saw the growth of Vechain across the internet. One of the main occurrences in the history of Vechain was in 2017, when PoW partnered with Vechain as an incubation program. In that same year, 2017, Vechain foundation saw its launch.
Instead of Vechain being a blockchain for all transactions, it adopted some unique features in its development, such as making VET a utility asset that could leverage the adoption rate and usability index of the VET token and the Vechain platform. Also, the Vechain blockchain has two types of token, that is. While one token power the blockchain, the other funds the projects. If you want to buy Vechain, now is the right time to invest, as its usability rate is steadily increasing by the day.
2018 was a determining year for Vechain as VEN rebranded the VET. Mainnet and mobile wallet were also launched in 2018, making the Vechain network fully functional according to the road map.
Vechain uses the proof of authority model in the approval of transactions. No need for puzzle cracking activities approvals to be carried out by validators. Each validator uses computer software that validates every transaction and new adoptions into the system. Thus, the transactions carried out using the proof of authority are faster than those using the proof of stakes or proof of work protocol. This was a challenging attempt to balance the difference between centralization and total decentralization.
Vechain has, over the years, gained the trust of partners and have always delivered on promises. This is a brilliant strategy In pushing the VET token as part of its adoption on the Vechain blockchain. Since it’s somewhat impossible to carry out any transaction on the Vechain without having VET, it’s safe to say that the rate of adoption and usage of the Vechain network will mount pressure on the price of VET, causing it to skyrocket. Hence, it’s essential that as an investor, you buy Vechain and hodl for long-term targeting when the prove skyrockets.