So you have heard many good things about the blockchain technology and how digital currencies are soon taking over from the common fiat currencies, and you do not want to be left behind. Well, the good news is that with VeChain, you do not have to lag behind since you can join and acquire some crypto with ease.
What is VeChain?
Also referred to as VEN, VeChain is a blockchain-centered crypto firm operating as a Blockchain-as-a-Service (BaaS). It was founded in 2015 with the primary objective of transforming global business management and supply chain through a quick, transparent and circulated trust free network.
The increased presence of counterfeit products on the market motivated its team to create a business environment where the authenticity of products is guaranteed throughout the value addition process until they reach end users. Statistics have it that the world suffers from approximately $2 trillion problems; all caused by fake food, agriculture, medicine and luxury products.
VeChain can track goods as they progress in the supply chain, thus ensuring that the quality remains intact.
How the VeChain Technology Functions
To achieve the authenticity goal, every item in the blockchain is assigned a unique verification code or number. It is these tags are in the form of radio frequency ID tags, NFC or QR codes and they keep all items in the network connected to one another.
With such a comprehensive system in place, the network empowers its users to remotely track the deliverables and detect in case of interference at any point of the supply chain. Also, consumers can determine the authenticity of the products that they purchase.
VEN is the primary token of the VeChain blockchain. It cannot be mined; however, you can use it to purchase products and services from the VeChain platform or online stores. It operates as a store, facilitating the blockchain’s smart contracts thus ensuring that all pacts are performed accordingly.
How to Acquire the VEN Tokens
As mentioned earlier, VEN is unlike other traditional cryptocurrencies in that it cannot be mined. However, this doesn’t mean that you cannot acquire it. Its transitionary nature means as long as you can buy other altcoins such as Bitcoin and Ethereum, you can obtain it too. You only have to purchase Bitcoin or Ethereum and then use an exchange such as Binance to convert it into VeChain.
How to Store Your VEN after Obtaining It
Just like fiat currencies, digital currencies need safe storage. And since there are imminent risks that your digital assets face from hackers to theft, you need to ensure that your wallet is safe and secure from any form of threat.
There are several cryptocurrency wallets options that you use to receive, send and manage your coins. A range of hardware and internet-based wallets are available to VeChain users. A few of them have been explained below;
This hardware wallet is one of the most popular alternatives for the VEN storage. You can send, receive and store your VEN on this wallet. It has the merits of being highly secure, portable, and it has a user-friendly interface. It also supports several other altcoins such as Litecoin, Bitcoin, and Dogecoin among others. To ensure security, it utilizes a two-step authentication procedure. On the other hand, the wallet offers few transaction options, is comparatively expensive and requires a complex PIN, which can be hard to remember at times.
The ledger is also a hardware wallet. However, unlike the trezor, it operates on the smart card technology. It offers splendid security measures and other management features. It boasts of being affordable by comparison, has an OLED display system, is compatible with several cryptocurrencies and can be incorporated with storage software. The ledger is, however, relatively new on the market and therefore without a reputation.