What is VeChain? All you need to know about VeChain!

Where can I buy VeChain? Where should I store my VeChain tokens? How to stake VeChain and get Thor Power tokens? What is VeChain all about?

One of the most interesting cryptocurrencies on the market in 2018 is VeChain. It has had a rapid growth and there are lots of people saying that VeChain could easily reach 100 USD per token in 2018. So, what is VeChain all about? What will the token be used for? And what is the Thor Power token? How can I stake VeChain tokens and get Thor Power tokens?

In this article, we will try to introduce you to VeChain, and give you answers to all the frequently asked questions about the token.

All you need to know about VeChain
All you need to know about VeChain

What is VeChain all about?

VeChain is a company/foundation with a really brilliant product. They have created a product that will help customers all over the world know what they buy as they walk into a store. Imagine walking into a store to buy a bottle of milk. Before you purchase the milk, you scan the QR code, and at once you can see a list telling you where the milk was produced, where it was bottled, ensuring you that it was stored in correct temperatures all along the way, and when it got into the store where you are standing. You can follow the entire procedure from cow to the shop, and you can even see when the cow was milked. Sounds amazing?

Have you ever went to a market and seen a Louis Vuitton bag, or at least someone claimed it was one? Scan the QR code and check if it is true. VeChain is all about ensuring the quality of products and helping the customer get what they deserve and what they pay for.

Take a look at the video beneath for an illustrated version of the text above.

VeChain and partnerships

VeChain has loads of partners, and they are getting new ones continuously.  One of the most important partnerships is the one with the Chinese government, but they also cooperate with Pricewaterhouse Coopers, DNV GL, YidaGroup, InfoCorp and several others. The cooperating with InfoCorp is about agriculture, and the example when it comes to milk is quite fitting to the future of the cooperation between InfoCorp and VeChain.

DNV GL works with fashion products and also wines, meaning that VeChain will help ensure buyers that the wine they buy is from the winery promised, produced in the year promised etc.

How much does a VeChain token cost?

Would you like to buy a VeChain token (or maybe 1000)? What is the price of the VeChain token? Take a look beneath to see the current price and how it has developed within the last week.

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VeChain price history

How has the price development been for the VeChain token? Take a look at the price chart beneath, and do not forget that you can see the movements in the last 24 hours, the last week, the last months or for the entire time, the VeChain token has existed.

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Where to buy the VeChain token?

Would you like to buy some VeChain tokens? You can not find VeChain in lots of exchanges, so you need to get to the right one. The exchange with the biggest VeChain volume is, without a doubt, Binance. We have written about Binance earlier in our list of crypto-exchanges, but if you want to read more about it, click the link. It is useful to know that you cannot transfer money from your bank account to Binance, meaning that you first need to buy some cryptocurrency using Coinbase, Kraken or Bitfinex, then transfer your Bitcoin or Ethereum to Binance, and then buy your VeChain there.

How to store your VEN tokens?

As long as the VeChain tokens are VEN tokens, then they are ERC20 compatible, and you can store it in MyEtherWallet (which is supported by the Ledger and the Trezor hardware wallets). But, after the mainnet launch, it will use its own system, and you will need to convert your VEN tokens to the VET tokens. Make sure to pay attention to this around the mainnet launch, because you will most likely need to move your VEN tokens from your wallet to somewhere in order for the swap to happen.

But, until then, store your VEN tokens in your own wallet. You can, of course, store them in an exchange as well, but do not forget that it can be risky business storing large values in exchanges.

We will update this article around the mainnet launch to write more on this subject.

The Future of VeChain (Thor Power, VET token)

At the moment the VeChain token is named VEN, but they are about to rebrand their product, and then they will call it VET. The new token will be released together with the mainnet launch which is set to sometime in the second quarter of 2018. Together with the mainnet launch comes the VeChain wallet. If you store your VET tokens there, you will also stake Thor Power tokens (in the same way you get GAS if you store NEO in the NEON Wallet).  You will get 0.00042 THOR tokens per VEN in your wallet, which means that you need about 2300 VEN tokens to earn 1 THOR token per day.

VeChain will also launch their node system, which will give those operating a NODE plus bonuses. The requirements for the different NODE levels are:

  1. Strength Nodes – minimum 10,000 VET
  2. Thunder Nodes – minimum 50,000 VET
  3. Mjolnir Masternodes – minimum 150,000 VET
  4. Thrudheim Masternodes – minimum 250,000 VET

What will the VET and the THOR tokens be used for?

The VET token will be the token used by companies such as DNV GL, InfoCorp, and other producers to pay for their services towards VeChain. The THOR tokens will be the fuel that pays for the transactions in the VeChain network (very similar to how you need Ether to do a transaction in the ERC20 network or GAS to make a transaction in the NEO network).

When will your VeChain investment make you a Lambo-owner?

That is a brilliant question! It very much depends on the cryptomarket itself. If the cryptomarket will keep up the steady growth, then we have little trouble seeing a 10x growth in the price of the VeChain within a year. But, if Bitcoin will keep on struggling beneath 10,000 USD, then VeChain will have a tougher time getting its 10x growth. Again, if the cryptomarket will go bullish, then VeChain will be one of the biggest bulls with the biggest growths!

What do you think? What will the future bring to the VeChain owners?

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