What is VeChain (VET)? Let’s Know About It
VeChain is an advanced blockchain designed to bring the benefits of smart contracts and supply chain innovations to businesses. Its core features, like decentralisation, immutability, transparency, and automation are beneficial for many use cases across various industries. However, since building on a blockchain can be costly in terms of resources and funds, enterprises may not be able to fully enjoy its advantages. Blockchain technology has become more affordable and simpler for businesses to implement, because of VeChain. A good cryptocurrency exchange like CryptoSoft will only permit coins that have proven use cases and are being traded by people right now.
VeChain is an innovative blockchain platform that seeks to reduce the technical barriers and cost of entry for businesses looking to utilise distributed ledger technology. It enables direct transactions between stakeholders without a third party, as well as facilitates data sharing across multiple entities. This allows better integration of financial and supply chain services while providing greater visibility into processes through transparency enabled by the use of blockchains.
What is VeChain
VeChainThor, a public blockchain platform, has been developed to provide companies of all sizes with access to secure and reliable blockchain technology. According to VeChain’s industry research, Ethereum is not suitable for large-scale commercial DApps due to its lack of a robust governance framework which restricts the ability to make quick and transparent protocol changes when needed. This makes it difficult for new issues or breakthroughs that may arise.
Operating a decentralised application based on the Ethereum blockchain can be unpredictable and costly, as it lacks an appropriate economic model. In addition to this, given its volatile nature, companies are unable to accurately forecast ETH prices or plan for future maintenance costs for their DApps over a certain period.
How does VeChain (VET) work?
VeChainThor is powered by a Proof of Authority consensus algorithm that provides secure transactions on its blockchain network. To participate in the VeChainThor governance process, operators must pass thorough KYC checks and be capable to promote further growth within the ecosystem — whether they are representing businesses, developers or any other entity. Moreover, the two-token system works towards protecting companies from excessive market speculation and volatile prices.
VeChain ToolChain is the leading product from the VeChainThor blockchain platform, designed to help companies of all sizes develop new products and services together. This comprehensive platform provides PaaS, SaaS, and BaaS solutions that allow businesses to optimise their value propositions for different stakeholders, enhance transparency throughout product life cycles, and gain valuable insights during development.
VeChain’s Platform-as-a-Service (PaaS) provides customers with an easy and low-code way to design their blockchain process templates. Furthermore, they offer the food and beverage industry a suite of easily deployable traceability features like quality certificates that can help foster brand trust and recognition. VeChain provides an efficient way to facilitate all kinds of digital transactions with its Blockchain-as-a-Service (BaaS) platform. It offers a restful application programming interface (API), which enables two computer systems to safely exchange data over the internet.
VeChain Investment: Good or Bad?
VeChain is a blockchain technology that aims to address issues such as the expensive cost of running an Ethereum-based DApp. While there are various use cases for VeChain across different industries, it’s important to remember that your investment decision ultimately depends on your risk tolerance and return goals. Investing in cryptocurrencies can be risky and one may run the risk of losing all their money if they don’t have enough confidence in the choice they’ve made.
That said, ensure your investments are tailored towards achieving whatever returns you expect from them. But, how secure is the VeChain network? To ensure its safety and integrity, VeChain has partnered with several leading security companies including Hosho, Secureware, SlowMist and HackenProof to identify potential vulnerabilities and take pre-emptive measures against cyber threats.