The term “Blockchain” has probably captured the interest of fanatics more than the minds of the curious. What is it that makes the translation of a few hundred lines of script into a solution for tackling real-world problems fascinating? It is the power of manifesting a consensus.
VeChain is another recently launched platform riding the blockchain bandwagon, aiming to revamp the infrastructure supporting supply-chain blockchain management. The platform is used to provide value-chain stakeholders such as manufacturers, partners and buyers the capability of asset navigation by the virtue of digitization. This is slated to be done by assigning a unique digital ID supported by a hash function to every commodity in the supply-chain, the information of which would be stored on a public, co-owned ledger. This ensures greater transparency of movement of the products and services bought and sold, thus benefiting both the manufacturer and the customer.
Vechain’s vision is to enable a secure transaction of products and services along with accelerating product management through a mechanism of consolidated customer review. The platform bundles services such as API Gateway Service, third-party services and also distributed data storage. The creators of the platform have used Ethereum’s robust public API as the source code and merged it additionally with their script. Product IDs are accessed by scanning QR Code, or NFC enabled chips, and are maintained with other details such as material sourcing, service history, manufacturing operations, components and the information of the seller and the owner.
How to buy Vechain?
VeChain price has been increasing very exponentially and the Vechain coins can be bought on trusted exchanges such as Binance, QRYPTOS or KuCoin. VEN coins can be bought popularly with ETH and BTC, and a few other currencies depending upon the exchange one is interested in trading on. So an ether or bitcoin wallet which allows the purchase of coins through fiat currencies and transfers to exchanges is recommended if one wants to start from scratch or belongs to a country where regulations don’t allow direct purchase on exchanges through fiat currencies.
Follow the steps to buy Vechain coins:
1) Buy BTC or ETH coins.Go to Coinbase website or mobile app (or any other exchange listing VEN) and create an account by signing up. After that, you need to buy BTC or ETH coins from fiat currency (these are subject to country-wise regulations, so coins might also have to store on an Ether or Bitcoin wallet).
2) Transfer BTC or ETH coin to VeChain exchange.Go to the Kucoin or Binance website and then sign up for an account. Transfer your purchased BTC/ ETH from Coinbase or your ETH/BTC wallet to these exchanges. For transferring, go to your account on Kucoin and access the “Assets” menu.Find Bitcoin or Ethereum in the coin list and click “Deposit”. Copy the address shown there.Go to your BTC/ETH wallet (either on Coinbase or local wallet).Click on “Send” and enter the amount you want to send to the ETH or BTC address on KuCoin. Press “Continue” to proceed.
3) Buy Vechain coins.Now you have BTC/ETH in your Kucoin account to buy VEN. Click on “Markets” and search for “VEN”.Enter the amount of VEN you want to purchase and click “Buy”.
4) Store coins in Wallet.This is the most important step with regard to security of cryptocurrencies. You can choose to keep your coins on the exchange but it is not advisable to keep large amounts. Rather, one should store the coins in a hardware wallet like Ledger or Trezor.