VET Coin Review


VET Overview

We can easily say that VeChain (VET) is the first official public blockchain that specializes in providing supply chain solutions exclusively for businesses and enterprises. The goal of VeChain is to assist companies by ameliorating the overall supply chain and better LCM(lifecycle management) by using DLT. More specifically, distributed ledger technology. Moreover, the VeChain coin is a product that almost perfectly encapsulates only the most useful features from both DeFi and CeFi(decentralized and centralized finance) departments.

This results in one of the more balanced blockchain platforms which consequently provides its users with ultra-fast transactions. Additionally, you get conveniently efficient collaboration and a real-time information flow with the utmost transparency. What is also unique for VeChain coin is that it uses a great deal of high-tech features in order to efficiently assist the supply chain section. Consequently, making VET a perfect fit for complex supply chains that require lightning-fast updates of the latest developments on the market.

VET History

The reason why VeChain (VET) exists today is thanks to its initial creator, Sunny Lu. Some of the more notable work by Sunny Lo prior to creating VET is his employment as a CIO for Luis Vuitton China. And being able to first-hand witness the troubles that the supply chain can experience, he quickly got the idea to create an enterprise-oriented blockchain platform. With that, the VeChain platform first emerged in July 2015. Albeit, in the beginning, it existed as part of the Ethereum platform, with its original token abbreviation VEN. This was the case until the 30th of June 2018, when it became VeChainThor. As part of this rebranding, VeChain moved its ecosystem to develop its own personal independent blockchain.

Today, VET is known for quite the unique approach and features. For example, the VET unique platform makes it possible for NFT’s(Non-fungible tokens) to operate in a perfectly balanced ecosystem. This is only natural since VeChain is definitely a pioneer in introducing NFT’s to the public. Consequently, the VeChain coin is known for offering a perfect symbiosis of both centralization and decentralization. Using only the best from the two. All of this makes VeChain’s work models one of the most sought after, and an inspiration for a whole new generation of companies.

What is VET & How it Works

VET, or VeChain, is definitely among one of the more unique digital coins that you can currently find on the market. One reason for that is the unique chain supply solutions. These are made possible by the one-of-a-kind nature of the platform. Ever since its own personal mainnet launch in 2018, VeChain is known for providing supply chain management services to plenty of business giants and companies. Services such as 24/7 tracking, quality control inspections, management services, real-time information, updates, and many more. As a matter of fact, some of these partners are automotive giants BMW and Renault. In addition to several other high-end business partners. Moreover, VeChain is known for using plenty of high-end tech features. This is essential in order to provide punctual shipment data and steady supply chain flow.

For that matter, it uses RFID (Radio Frequency Identification) tags. That is in addition to various sensors and apps for the purpose of surveilling all sensitive data during the shipment. Another perk of VeChain is its pioneering work in the field of integrating IoT(Internet of Things) and DLT. In fact, the purpose of VeChain existence is to be an inseparable part of the IoT. As a result, this integration of VET with the IoT is nothing but a thing of the future. Especially if we take into account that there are billions of smart devices connected to the IoT. Consequently, by using a consensus, the VET blockchain technology enables customers to monitor even the most complex data in almost real-time occurrence.

VET Unique Features

VET is famous for employing several state-of-the-art strategies in order to provide the ultimate crypto service to its clients. One such feature is the dual token strategy, originating from Ethereum. A dual token strategy is when there are two different sets of tokens. One being the cryptocurrency you can purchase on the public blockchain. The other is for the purpose of closing smart contracts and conduct programming. VeChain’s VET is the official tradable crypto, while VeChainThor Energy(VTHO) is the technical aspect that you cannot use for trading.

Furthermore, the VET platform runs on a Proof-of-Authority(PoA) proprietary consensus mechanism. One of the unique perks of using this consensus is the fact that it makes for the flaws in Proof of Work(PoW), Proof of Stake(PoS), and Designated Proof of Stake (DPoS) mechanisms. Eventually making for far less energy consumption, in regard to Ethereum and Bitcoin for that matter. VeChain coin also depends on nodes in order to achieve a successful consensus.

More specifically, the platform operates thanks to a group of 101 Masternodes. Additionally, the VeChain coin also relies on economic master nodes, specialized in fixing ecosystem issues. This is done via votes, and for every 10.000 VET master nodes, there is one vote. Consequently, staying true to its utmost balanced nature, the votes are considered based on the amount of VET a certain holder owns. In particular, stakeholders with more than 1 million VET contribute 20% in the voting procedure. On top of that, if you are a verified user and you have 1 million, you participate with 30% of the voting percentage. Lastly, the rest of the percentage will be split equally with the entire VeChain community.

How to Buy VET

Purchasing VET is a fairly easy task since it is one of those affordable digital coins. With a current price at the moment of writing 6.80 USD, you pretty much get the picture. You should mind it is not always smart to purchase from the first crypto-platform you see. That shouldn’t be a decision made on an impulse whatsoever. Especially if you consider that there are a number of unlicensed trading platforms. This is important since crypto platforms are a frequent target of cyber-attacks. Especially since even, the best and most prominent exchanges can be a subject of this form of attack. That is why it is always smart to use reliable options such as Kraken, Binance, CEX.io, Coinbase, among few. Moreover, once you choose any of these top-tier exchanges, you are halfway there. Afterward, you only need to register and verify an account, and that is it.

After you do this, you are pretty much halfway there. Given that tailoring, the right trading strategy is pretty much the most difficult thing out of the entire VET purchase experience. For that matter, CryptoGoldie is a vocal advocate of thoroughly learning all the basics and essential features that make crypto-trading. The overall affordability, unique symbiosis of DeFi and CeFi, and the PoA proprietary mechanism are what make VET one of the most lucrative digital coins at the moment. For that matter, it is no wonder that a huge number of industry giants show great interest in becoming a part of the unique VET blockchain platform.

Summary

All things considered, VET is one of those revolutionary digital coins/platforms currently available for trading on the crypto market. Especially if you take into account the several key features which are a trademark for VET. The convenient dual token strategy borrowed by Ethereum is definitely one. Then the unique Proof-of-Authority (PoA) system, which takes all the flaws from the PoW, PoS, and DPoS mechanisms and makes for basically the complete proprietary consensus. Not to mention the fact that the PoA mechanisms are far more Eco-friendly than the rest.

Given that they use far less energy in order to function. Unlike Bitcoin, which requires extra energy consumption in order to establish a nodes connection between each and every single node separately in order to reach consensus. As a matter of fact, the whole purpose of VET is to provide the ultimate balance in practically every aspect of the crypto-experience. For that matter, you will find that the VET makes for a perfect balance of both decentralized and centralized finances. By extracting only the best features from both, VeChain coin provides the utmost transparent digital platform.

Specifically, this makes for far more efficient cooperation, ultra-fast transfers, and transactions, and the unprecedented flow of information. Certain individuals might find the VET coin way of work a bit more centralized for its own good. That is mainly due to the fact that VeChain hides its nodes. As such, many of the Authority Masternodes are still ‘hiding’. In addition, the second reason why people might dislike VET is due to several rumors that VeChain is a Chinese product. This is definitely not the case, given that the entire project originates from Singapore.

However, regardless of the rumors, it is safe to say that VET’s future is very bright. Even more so if you consider that thanks to the revolutionary engine of this blockchain platform many big companies are gravitating exactly towards VET. It is affordable, one of the more complete and state-of-the-art crypto-platforms and coins at the moment.

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