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What is VeChain? Complete guide on VET coin and Thor Power

What is VeChain

VeChain is a blockchain-powered platform that aims to influence the processes involved with the supply of goods and services. Through the blockchain technology, VeChain users can determine how authentic the products they purchase are and their quality. The VeChain blockchain records all information related to the supply of a product such as its source and repair history.

VeChain was first created in 2015 on the Ethereum network, by some Chinese developers. It later launched its mainnet in 2018.

Unique features of VeChain

It is an enterprise-oriented blockchain

VeChain aims at offering solutions to enterprises to smoothen their operations. The blockchain project has partnered with some big names like BMW, Healthcare Co. Ltd and Kuehne & Nagel.

Due to its semi centralized nature, the VeChain can handle up to 10,000 transactions per second, while popular blockchains like Bitcoin and Ethereum can handle under 50 transactions per second.

Uses state-of-the-art technology

VeChain technology has been made more secure by incorporating the internet of things (IoT) with blockchain technology. The company has partnered with leading providers of the IoT to increase the accuracy of data stored on the VeChain blockchain.

The blockchain plays the role of guaranteeing the reliability and authenticity of data while IoT gathers and collects the data. Also, because the VeChain foundation controls the 101 blocks producers who are also selected by them, there turn to be stable governance and low risk.

VeChain economics (Thor Power)

Thor power is said to be the economic system of VeChain. It is a seperate digital asset on the VeChain blockchain which functions similar to the Ethereum Gas.

Thor power is used for the payment of operations fees on the VeChain blockchain related to transactions and smart contracts execution.

Thor power can be bought on the open market or by holding VET coins. They are also burned after being used. It is important to also note that the Thor Power acts like a stable coin.

Depending on which node level VeChain investor finds themselves, they are distributed with Thor Power. The current economic distribution is as follows;

VeThor X Node 6k VET
Strength Node 10k VET
Strength X Node 16k VET
Thunder Node 50k VET
Thunder X Node 56k VET
Mjolnir Node 150k VET
Mjolnir X Node 156k VET

How you can buy VET

Are you interested in purchasing VeChain? Then the following guidelines should help you do so with ease:

  1. Creating a VET account on an exchange

There are three ways through which you can buy or trade VET coins and this depends on which cryptocurrency exchange VeChain investors decide to use.

Investing in the coin can take 3 different formats. Investors can either buy the coins with Fiat like USD or the Euro, with Ethereum or with Bitcoins.

First-time VET coin investors then have to provide a functional email address and a strong password for the creation of VET accounts. It is also advisable to put in place a two-factor authentication process for added security of your exchange account.

2.    Deposit funds into your account

It is important to note that most exchanges do not allow the use of fiat currency for buying or trading Vechain but will rather let investors trade between cryptocurrencies. Therefore, you will be forced first to purchase some bitcoins or Ethereum should you not have them yet.

Different exchange sites have different processes for depositing funds. If you chose Binance as your exchange site, then you can deposit by clicking on the ‘’funds’’ bar then click on ‘’deposit’’, and you will complete the process from there.

3.    Buying VET tokens

VeChain investors can then go ahead and buy VET coins once funds have been successfully deposited. Keep it in mind that different exchanges will also have different procedures for purchasing the cryptocurrency.

In the case of Binance, you will complete your purchase by clicking on your preferred trading pair and then entering the amount of VeChain you want. You can then select the best market price available and then click ‘’buy VET’’.

Top 4 VET Wallets

After the launch of the VET mainnet, the VET token moved from an ERC-20 token to native token that made it impossible to store the VeChain tokens in ERC compatible wallets.

It is important to note that there are now a few wallets available for storing native VET tokens. Below is a list of the best VET wallets including those created by the VeChain foundation.

Ledger Nano S

The Ledger Nano wallet is a cryptocurrency hardware wallet, and it’s among the best-selling wallets. It also provides top-notch security for VeChain tokens. Ledger wallets are usually small sized USB sized devices and can also store other cryptocurrencies apart from VeChain.

Features of the Ledger Nano S wallet;

  • Data stored in the wallet is pin protected, and the account is usually encrypted
  • It has anti-malware factor checks
  • It can support different cryptocurrencies
  • It is easy to set-up and use
  • Transactions require physical input for them to be successful.
Image result for Vechain ledger wallet

The point of concern regarding the Ledger Nano S wallet is that it does not come for free as you will have to part with up to 99 USD to obtain one .

VET Thor wallet

VeChain Thor wallet was created by the VeChain foundation and is compatible with mobile phones for the storage of solely VeChain tokens. The wallet is available for both Android users and iOS users. 

Key Thor wallet features include;

  • Send and receive option for both VTHO and VET tokens.
  • Token swap capability- You can swap VEN tokens for the VET tokens through the Thor wallet. The feature made it convenient for investors who got into VEN tokens before the launch of the VET tokens.
  • Binding of X nodes- Through the Thor wallet, investors can earn VTHO by moving your X nodes to the mainnet.
  • Observe address- With the Thor wallet, investors can observe their holdings on other wallets they owned. However, investors are only given read-only access to the other wallets for the security of the hardware wallet.

VeChain Thor Sync

The VeChain Thor sync wallet was created after the launch of the mainnet. Investors can only use the VeChain Thor sync wallet on a Windows or OSX platform.

Though not well developed, the wallet still gives you the option of sending and receiving coins and access to the VeChain technology. The wallet is still under development and users are advised not to store much of their currencies on the Thor sync wallet.

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Daniel is a determined and experienced writer with a keen eye on emerging technologies. Daniel aims at educating the crypto community on the developments within the space.

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