Where to Buy Vechain
How to Buy Vechain (VET)
VeChain (VET) was one of the first blockchains built exclusively to cater to the needs of enterprise-level clientele. The developers behind the project seek to improve supply chain and product lifecycle management through the use of distributed ledger technology (DLT). Importantly, the platform offers users a variety of new functionalities that make it ideal for businesses seeking to enhance supply chain protocols and business processes. Please visit our Investing in VeChain guide to learn more.
We list the top 3 brokers that offer the ability to buy VeChain (VET) with a credit card or debit card.
Binance is one of the largest and most well-known cryptocurrency exchanges in the world. The benefits of purchasing VeChain here is that you benefit from the lower exchange fees than competing exchanges, and the increased liquidity enables you to buy and sell quickly to take advantage of market moving news.
This exchange is best for Australia, Canada, Singapore, UK & international users. USA residents are prohibited from purchasing VET.
Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
Launched in 2014, quickly established a positive name and reputation for being a great place to easily buy and sell bitcoin in Europe. Since that time they have built on their stellar reputation to expand rapidly to where they now offer trading in a broad range of cryptocurrencies alongside the ability to purchase precious metals and a host of other services.
BitPanda offers the easiest way to purchase VeChain (VET).
This is the best exchange for Europe. Please note they do not accept residents from outside of this jurisdiction.
Gate.io was established in 2013, while it is not one of the most popular exchanges, they do offer a reputable trading platform with an easy to use interface for beginners while still maintaining robust and advanced charts for various types of skill levels including technical traders. They have a large number of altcoins including VeChain (VET). While we do have some concerns with trustworthiness (please see review) they do have a strong stance against any type of market manipulation.
This is the best exchange for USA residents.
What is VeChain (VET)?
VeChain is an open-source blockchain project, focused on disrupting supply-chains and enterprise operations. Developers at this project launched a custom built blockchain in 2018, titled ‘VeChainThor Blockchain’, which is capable of executing smart-contracts.
What does it do?
VeChain allows for the quick and transparent transfer of value, through use of blockchain technology. Furthermore, its unique set of attributes allows for complex smart-contracts to be executed. These features allow for the blockchain to function as a payment system, in addition to a decentralized data ledger — potentially replacing traditionally compartmentalized systems.
How does VeChain (VET) work?
The VeChain network functions through use of dual token system.
VET — As the heart of the VeChain system, VET tokens are used as a means to transfer value between parties.
VTHO — These tokens are used in conjunction with VET during value transfers. VTHO tokens function in the same manner as ‘gas’ on the Ethereum blockchain — fuelling transactions.
These tokens function on the VeChainThor Blockchain, with consensus being reached through use of a ‘Proof-of-Authority (PoA)’ protocol. PoA is a variation of Proof-of-Stake, which incorporates a block approval system, controlled through a central party. This eliminates that ability for blocks to be created anonymously — a key feature with the blockchain being aimed towards enterprises.
Developer participation in VeChain is quite high, relative to most projects. While still underway, the following are a couple of the upgrades expected to be implemented on VeChain in the coming years.
The VeChain foundation has, in the past, made it known that the project is being developed with a clear ideology.
“VeChain Foundation believes strongly in compliance and self-regulation…We want to set a standard within the industry to drive home the ideology that blockchain cryptocurrency projects can embody ‘Transparency, Fairness, Openness’, this is our commitment to the community and ecosystem at large.”
Acceptance and Controversies?
Having been launched in 2015, VeChain has been around longer than most projects. This staying power has allowed for modest levels of adoption over the years. Notably, VeChain recently signed a partnership with travel agent giant, Travala.com, which will allow for VET tokens to be used as a form of payment on the platform.
For a full list of established partnerships, click HERE. Some of the more noteworthy companies on this list are as follows.
- Walmart China
- BMW Group
- ENN Energy Holdings Limited
Such levels of adoption have allowed for VeChain to firmly entrench itself within the top-30 projects, when ranked by marketcap.
Over the course of its life, VeChain has managed to remain relatively free of controversy. The lone event which stands out was a $6.5M hack, which occurred in late-2019. It should be noted that this event occurred due to human error, not a shortcoming in the project coding itself.
To date, no official classification of VeChain has been provided by regulators. While similar projects, such as Ethereum, have been deemed non-securities, the risk remains that this is the case due to a lack of decentralization.
As with any project, proceed with caution when trading/holding, as the classification of a digital asset may change at any time.
Who Made It?
VeChain was created in 2015 by Sunny Lu. Notably, Sunny Lu served as the CIO of Louis Vuitton China prior to spearheading VeChain.
While Sunny Lu remains at the helm of VeChain, the entire ecosystem is overseen by a committee of elected professionals, known as the ‘VeChain Steering Committee’.