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Jun 8, 2021

4 min read

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.

Binance

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.

Gate.io

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.

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.

Projected Developments?

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.

  • Interoperability
  • Anonymity

Underlying Ideology?

The VeChain foundation has, in the past, made it known that the project is being developed with a clear ideology.

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.

  • Walmart China
  • BMW Group
  • ENN Energy Holdings Limited
  • H&M

Regulation?

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.

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.