VeChain is a product ID management solution. Manufacturers can give their products a unique and encrypted ID that is included in the blockchain network. This ID can be retrieved later to verify the legitimacy of a product, to combat counterfeit products or for example to track stock.
How To Buy VEN
So you’re interested in buying VEN? Currently, there is no way to buy VEN directly with fiat, so the best way to buy VEN is to first purchase Ethereum, transfer it to your chosen trading platform and change it to VEN. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for VEN/ETH and confirm.
3. On the VEN/ETH trading section you can now choose how much VEN you want to buy with your Ether. Once you have chosen your amount, press Buy VEN and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of VEN.
What is VeChain
VeChain strives for a transparent flow of information, efficient collaboration and rapid transfer of values. Over the past two years, VeChain’s team has implemented several technical upgrades, there have been strategic improvements and the customer base has expanded enormously.
VeChain has already tested the technology in various industries. It is now planned to build on these pilot projects. The money collected during the ICO is used for this purpose. In this way, VeChain tries to achieve rapid expansion at a fast pace and to gain wider public awareness. The ultimate goal is to move as many companies and business activities as possible to the VeChain platform.
VeChain tokens cannot be minimized because Proof of-Stake is used.
The own VeChain blockchain will be launched in the 2nd quarter of 2018 with the rebranding of VeChain.
Over the past 2 years VeChain has gained a lot of experience in different industries. There are many applications where VeChain could be used. Some examples are given below:
According to research from 2015, counterfeit products cost the fashion industry about $3 billion a year. In addition, counterfeit clothing costs approximately 363,000 jobs per year in the fashion, clothing manufacturing and retail industries.
The VeChain blockchain technology provides insight into the history of the garment through an integrated NFC microchip in clothing. This can be applied during the production process for supply chain management. This will make the entire chain of manufacturer, distributor and retailer more transparent and efficient. Then the same chip can be used by consumers, for example to check whether something is imitation or not. Also information such as whether the garment has been stolen, where it was made and how old it is can be easily traced. This can be done with the smartphone by scanning the chip, after which all information becomes transparent.
Food safety has a direct impact on human health. As the cost of health care is constantly growing, both producers and consumers should care about food safety. In the current system it is difficult to locate the original source when a problem occurs in the cycle. Think of the scandal in 2017 with the’ fipronlil eggs’, where a toxic substance was discovered in the eggs. It is then a very complicated task to find out which eggs are infected and to whom they have been delivered.
VeChain’s Liquor Tracking Platform is an example of how these problems can be solved quickly in the future. By placing a microchip on a bottle of wine, this bottle can be followed exactly from the beginning of the production process, even when the bottle was still in the winery. All information about the bottle of wine is recorded at the beginning of the process. In this way, the company can use a smart-contract to track the bottle throughout its life.
From production and warehouse to distribution centres, sales channels and shops. Customers can then collect wine information from the shop via the in-store touch screens or with their own smartphone. If food safety concerns arise, owners of the bottle of wine can quickly be identified and informed.
It is clear that the above examples can be applied in many more industries. Examples include agriculture, transport or the automotive industry. In the latter, VeChain can, for example, be used to make the process from car production to consumer, or supply chain management, more efficient. After that, VeChain blockchain technology can be used to make the history of a car visible on the occasion market.
Although VeChain is still a relatively unknown cryptocurrency, many large companies have already shown interest or even started working together. It is now known about the companies listed below, but we expect that many companies will be added in the near future.
- Kuehne & Nagel, the world’s largest transport and logistics company
- Renault Group
- Fashion label Baby Ghost
- DIG, China’s biggest wine importer
- Givenchy, a popular French fashion house