Buy VeChain Thor

VeChain is a blockchain platform focused on improving supply chain management and product authenticity. It provides solutions for businesses to verify and trace the origin, quality, and integrity of products. This allows consumers to have more confidence in the products they buy.

One of the key issues VeChain addresses is the problem of counterfeiting and fake products. By leveraging blockchain technology, companies can provide their products with unique digital identities, making them easily traceable throughout the supply chain process.

Using smart contracts, transactions between different parties within the network can be executed automatically. VeChain users can benefit from a transparent supply chain, better quality control and the ability to distinguish authentic products from counterfeits. In addition, VeChain also offers various tools and services to companies to help them with their supply chain management.

The VET token plays an important role in the VeChain ecosystem. It is used for smart contracts and as a reward for nodes that contribute to the security and stability of the network. In addition, there is a second token, VeChainThor Energy (VTHO), which is needed to execute transactions.

Who founded VeChain (VET)?

VeChain was founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China. With his experience in the luxury goods industry, he saw the need for a reliable method to guarantee authenticity. VeChain is currently managed by The VeChain Foundation based in Singapore.

The team behind VeChain consists of experts in blockchain technology, supply chain management, business development and marketing. They have worked with major companies such as PwC and DNV GL to further develop their platform.

VeChain can be used for:

• Supply chain management: Companies can use VeChain to demonstrate the provenance, quality and integrity of products.
• Product authenticity: Consumers can easily distinguish authentic products from counterfeits using VeChain.
• Quality control: Using smart contracts, automatic quality control can be performed.
• Transparency: VeChain ensures a transparent supply chain by sharing information between different parties.

VeChainThor is VeChain’s blockchain and is specifically designed for supply chain management. Using smart chips and QR codes, companies can track products, with each product linked to a unique number on the blockchain. The transparency of the blockchain ensures that products are traceable from production to delivery. Consumers can also scan the QR codes to instantly obtain detailed information about the product, allowing them to verify its authenticity.

VeChain also uses technologies such as NFC (Near Field Communication) and RFID (Radio Frequency Identification), which provide products with unique digital identities. This allows them to be easily tracked throughout the supply chain process.

VeChain ToolChain

Companies have the opportunity to sign up to the VeChain platform to digitize their supply chain processes. In doing so, they can utilise VeChain ToolChain.

VeChain ToolChain is a platform that offers Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS) and Blockchain-as-a-service (BaaS). This allows companies to develop new services and products that match their specific needs and situation. Applications built on VeChain ToolChain can be used by others, which has led to various sector-specific applications.

Proof-of-Authority

Proof-of-Authority (PoA) is a consensus mechanism where nodes, known as Authority Masternodes, are selected based on their identity and reputation. There are only 101 Authority Masternodes that are chosen after thorough identity verification and must have a strong reputation to participate.

Selected nodes can validate transactions and create new blocks for which they receive rewards. Since no staking or mining is required and there are only a limited number of active nodes, PoA is considered an energy-efficient consensus mechanism.

Two-token system

VeChain uses a two-token system: VET and VTHO. VET is used as the primary token for executing smart contracts, while VTHO is generated by holding VET and is used to pay transaction fees. This system separates the costs of using the network from speculative activity, allowing businesses and consumers to use the VeChain ecosystem in a more predictable and stable way.

VET is the native token of VeChain and is used to run smart contracts on the blockchain. Approved nodes receive VET tokens as a reward for validating transactions and adding new blocks.

What is unique about VET is that it is used to generate another token called VeChainThor Energy (VTHO). This VTHO token is then used to pay transaction fees on the blockchain platform. There is a capped supply of 86.71 billion VET tokens and the supply of VTHO tokens is limited to 31.95 billion tokens.

VeChain differentiates itself from other blockchain platforms by focusing on supply chain management. In addition, VeChain has some unique features:

• Focus on supply chain management: VeChain specifically focuses on improving transparency and efficiency within supply chains using blockchain technology.
• Blockchain-as-a-Service (BaaS): VeChain offers BaaS solutions to companies interested in implementing blockchain technology.
• Two-token system: VeChain uses a unique two-token system, VET and VTHO, which promotes stability and efficiency in the network.
• Proof-of-Authority (PoA): Unlike many other blockchains, VeChain uses Proof-of-Authority, which allows for faster and energy-efficient transactions.

What is the difference between VeChain and Ethereum?

VeChain and Ethereum are both cryptocurrencies and blockchains that can perform complex tasks. However, the biggest difference lies in their primary goal. Ethereum focuses primarily on facilitating smart contracts and decentralized applications (dApps), while VeChain focuses on supply chain management. Additionally, Ethereum uses Proof-of-Stake (PoS) as its consensus mechanism, while VeChain uses Proof-of-Authority.

You can purchase VeChain at Bitvavo. Our platform is accessible to all traders, from beginner to advanced. Here's how to buy VET:

1. Register or log in to your Bitvavo account.
2. Deposit euros into your account by clicking "Deposit".
3. Visit the VeChain buy page.
4. Enter how many euros you wish to spend or how much VET you want to buy, and confirm with "Buy".

VeChain's current price determines how expensive VET tokens are. Once your purchase is complete, your VeChain tokens will be automatically stored in your Bitvavo wallet, where they will be immediately available for sale or further trading. This allows traders to react quickly to changes in the VeChain coin price.

You can safely store your VeChain tokens in your Bitvavo account, where we protect the majority of customer funds in cold wallets managed offline. Bitvavo recommends enabling two-factor authentication (2FA) as an additional layer of account security.

If you prefer to store your VET tokens in your own wallet, you can store VET in most software and hardware wallets. You can purchase VET using Bitvavo and then send them to an external wallet by linking the address of the wallet to your account.