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About VET
What Is VeChain (VET)?
VeChain is a distributed business ecosystem that leverages its VeChainThor blockchain technology to provide businesses of all sizes with anything from supply chain management to anti-counterfeiting security to carbon credits. The VeChain ecosystem operates using two unique tokens: VET and VTHO.
VET (short for VeChain Token) is the cryptocurrency that the VeChainThor blockchain uses for financial transactions.
VTHO (short for VeThor Token) is the energy — like Ethereum’s gas — that VET owners can generate to power and conduct transactions on the VeChainThor blockchain.
How Does VeChain (VET) Work?
The goal of the VeChain blockchain is to give businesses the ability to create, implement, and operate decentralized applications (dApps) that can run autonomously through the use of smart contracts.
VeChain uses a unique proof-of-authority (PoA) consensus mechanism. Through this process, users who stake a minimum of 25 million VET and are approved by the VeChain Foundation become Authority Masternodes who then verify and add transactions to the blockchain ledger.
The PoA mechanism makes it possible to process large transactions (and large transaction volumes) rapidly without the delays that restrict some other cryptocurrencies. While lowering the node overhead allows transactions to be cheaper and faster, it also relies on a central authority to verify and authorize the users who are allowed to process transactions.
History of VeChain (VET)
Sunny Lu and Jay Zhang founded VeChain in 2015. Two years later, in 2017, they distributed their first cryptocurrency, VEN, on the Ethereum blockchain. During that ICO, they sold 1 billion tokens and raised $20 million US.
When Lu and Zhang launched the VeChainThor in 2018, they exchanged the VEN token for the newly minted VET tokens at a ratio of 1:100 (1 VEN = 100 VET).
How To Buy VeChain (VET)
Buying VET, the cryptocurrency of the VeChainThor blockchain, is the same as buying other cryptocurrencies.
First, partner with a crypto platform — like Binance.US — that offers the VET token. Before selecting a crypto platform, be sure the one you choose offers more than just VET.
The best platforms also give you the ability to:
- Buy, sell, and trade other cryptocurrencies
- Minimize the fees associated with each transaction
- Access the tools and information that can help you make the right choices
Second, create an account and verify your identity for increased security.
Third, fund your account with fiat currency (government-backed money such as U.S. dollars) in one of four ways:
- Bank or wire transfer
- Debit or credit card
- Link to an existing bank account
- Via some other established payment service (not available on all platforms)
Once the transfer is complete, log in to your account, enter the amount of VET you want to buy, and choose when you want to buy it.
When the VET reaches your account, store the funds in a crypto wallet — either a cold wallet (an offline space like an external hard drive) or a hot wallet (an online space typically provided by the platform through which you made the purchase).
How To Sell VeChain (VET)
Once you’ve purchased VET, you may choose to use it as you would currency (for transactions that accept it), sell it, or hold it for the long term.
If you choose to sell your VET, start by opening and funding an account on an established crypto platform, such as Binance.US.
Once you’ve done that, selling VET is just as effortless as buying it. All you have to do is specify the amount you want to sell and when you want to sell it.
The crypto platform you used to buy the VET will usually allow you to sell it in a few different ways:
- A market order at the current market price
- A limit order at a future price you indicate
- A stop-limit order (sometimes known as a stop-loss), where you can set a stop price to trigger the sale at market price
Your crypto exchange will transfer fiat currency equal to the value of the VET you sold. You may use it to purchase other cryptocurrencies or withdraw or transfer it.
How To Trade VeChain (VET)
Just as you did for buying and selling, you’ll need to partner with a crypto platform that offers the professional tools necessary to trade your VET. If you’ve chosen the right crypto ecosystem, you’ll be able to do all three in one place.
When trading VET, keep in mind that the market changes fast and can get extremely complicated at times. Before you initiate any transactions, conduct your research and assess the market.
Once you’ve got the data in hand, you can establish a strategy that aligns with your financial goals and place a trade order.
How To Stake VeChain (VET)
Staking VET is an easy way to earn crypto rewards on your holdings without buying, selling, or trading. It starts with committing some or all of your VET toward securing the blockchain and the proof-of-authority network under which it operates.
Once you’ve staked your VET, the network generates incentives based on a number of factors, including:
- The amount staked
- Transaction fees accumulated from circulating assets
- Newly created block rewards
As with buying, selling, and trading, the right crypto platform — like Binance.US — will make staking VET as simple, secure, and convenient as possible.
Resources
This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or endorsement of any digital asset or services discussed herein; and (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability or completeness of any such information. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US shall not be liable for any consequences thereof.
Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. Binance.US is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. Please refer to our Terms of Use for more information.
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VeChain Price Performance
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About VET
What Is VeChain (VET)?
VeChain is a distributed business ecosystem that leverages its VeChainThor blockchain technology to provide businesses of all sizes with anything from supply chain management to anti-counterfeiting security to carbon credits. The VeChain ecosystem operates using two unique tokens: VET and VTHO.
VET (short for VeChain Token) is the cryptocurrency that the VeChainThor blockchain uses for financial transactions.
VTHO (short for VeThor Token) is the energy — like Ethereum’s gas — that VET owners can generate to power and conduct transactions on the VeChainThor blockchain.
How Does VeChain (VET) Work?
The goal of the VeChain blockchain is to give businesses the ability to create, implement, and operate decentralized applications (dApps) that can run autonomously through the use of smart contracts.
VeChain uses a unique proof-of-authority (PoA) consensus mechanism. Through this process, users who stake a minimum of 25 million VET and are approved by the VeChain Foundation become Authority Masternodes who then verify and add transactions to the blockchain ledger.
The PoA mechanism makes it possible to process large transactions (and large transaction volumes) rapidly without the delays that restrict some other cryptocurrencies. While lowering the node overhead allows transactions to be cheaper and faster, it also relies on a central authority to verify and authorize the users who are allowed to process transactions.
History of VeChain (VET)
Sunny Lu and Jay Zhang founded VeChain in 2015. Two years later, in 2017, they distributed their first cryptocurrency, VEN, on the Ethereum blockchain. During that ICO, they sold 1 billion tokens and raised $20 million US.
When Lu and Zhang launched the VeChainThor in 2018, they exchanged the VEN token for the newly minted VET tokens at a ratio of 1:100 (1 VEN = 100 VET).
How To Buy VeChain (VET)
Buying VET, the cryptocurrency of the VeChainThor blockchain, is the same as buying other cryptocurrencies.
First, partner with a crypto platform — like Binance.US — that offers the VET token. Before selecting a crypto platform, be sure the one you choose offers more than just VET.
The best platforms also give you the ability to:
- Buy, sell, and trade other cryptocurrencies
- Minimize the fees associated with each transaction
- Access the tools and information that can help you make the right choices
Second, create an account and verify your identity for increased security.
Third, fund your account with fiat currency (government-backed money such as U.S. dollars) in one of four ways:
- Bank or wire transfer
- Debit or credit card
- Link to an existing bank account
- Via some other established payment service (not available on all platforms)
Once the transfer is complete, log in to your account, enter the amount of VET you want to buy, and choose when you want to buy it.
When the VET reaches your account, store the funds in a crypto wallet — either a cold wallet (an offline space like an external hard drive) or a hot wallet (an online space typically provided by the platform through which you made the purchase).
How To Sell VeChain (VET)
Once you’ve purchased VET, you may choose to use it as you would currency (for transactions that accept it), sell it, or hold it for the long term.
If you choose to sell your VET, start by opening and funding an account on an established crypto platform, such as Binance.US.
Once you’ve done that, selling VET is just as effortless as buying it. All you have to do is specify the amount you want to sell and when you want to sell it.
The crypto platform you used to buy the VET will usually allow you to sell it in a few different ways:
- A market order at the current market price
- A limit order at a future price you indicate
- A stop-limit order (sometimes known as a stop-loss), where you can set a stop price to trigger the sale at market price
Your crypto exchange will transfer fiat currency equal to the value of the VET you sold. You may use it to purchase other cryptocurrencies or withdraw or transfer it.
How To Trade VeChain (VET)
Just as you did for buying and selling, you’ll need to partner with a crypto platform that offers the professional tools necessary to trade your VET. If you’ve chosen the right crypto ecosystem, you’ll be able to do all three in one place.
When trading VET, keep in mind that the market changes fast and can get extremely complicated at times. Before you initiate any transactions, conduct your research and assess the market.
Once you’ve got the data in hand, you can establish a strategy that aligns with your financial goals and place a trade order.
How To Stake VeChain (VET)
Staking VET is an easy way to earn crypto rewards on your holdings without buying, selling, or trading. It starts with committing some or all of your VET toward securing the blockchain and the proof-of-authority network under which it operates.
Once you’ve staked your VET, the network generates incentives based on a number of factors, including:
- The amount staked
- Transaction fees accumulated from circulating assets
- Newly created block rewards
As with buying, selling, and trading, the right crypto platform — like Binance.US — will make staking VET as simple, secure, and convenient as possible.
Resources
This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or endorsement of any digital asset or services discussed herein; and (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability or completeness of any such information. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US shall not be liable for any consequences thereof.
Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. Binance.US is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. Please refer to our Terms of Use for more information.