VeChain (VET) Complete Guide: The Future of Blockchain-Based Supply Chain Management
Hello! Recently, blockchain technology has been permeating every aspect of our lives, and among them, we will take a closer look at VeChain (VET), which is bringing innovation to real businesses. I will explain it step by step so that even those who are new to cryptocurrency can easily understand it. Let's go into the world of VeChain together.
Introducing VeChain (VET)
VeChain (VET) is not just a simple cryptocurrency, but an innovative blockchain platform that solves real-world problems. It is mainly designed to improve the efficiency of supply chain management and business processes, which is like giving each product a digital passport.
The biggest advantage of VeChain is that it allows businesses to transparently trace the origin of their products. For example, you can clearly verify whether the luxury bag you buy is authentic or where the food you eat comes from through the blockchain. VeChain's native token, VET, is the main cryptocurrency used on these platforms and is used for various transactions and services.
The Interesting History of VeChain
The history of VeChain is really interesting. The project, which started in Singapore in 2015, was initially called VeChain Core. Founder Sunny Lu wanted to solve the problem of counterfeit goods in the luxury industry based on his experience as CIO at Louis Vuitton.
In 2017, it changed its name to VeChain and built its own independent blockchain, VeChainThor, based on Ethereum. It was like living in a rented apartment and building your own house. Currently, VeChain is being used in real businesses by forming partnerships with global companies such as Walmart China, BMW, and food chains.
VeChain's Innovative Working Principle
To understand how VeChain works, let's take a simple example. Imagine a cup of your favorite coffee. In the VeChain system, all information about where the coffee beans were grown, when they were harvested, what route they were transported through, and what process they went through before being roasted are recorded on the blockchain.
In this process, IoT (Internet of Things) technology plays an important role. Sensors collect data such as temperature, humidity, and location in real time, and this information is safely stored on the blockchain. Through the smart contract function, transactions can be automatically executed when certain conditions are met. For example, payment is automatically made when the goods arrive at the destination.
💡 Good to know tips: VeChain uses a dual token system. VET is a store of value, and VTHO is used as a transaction fee. Holding VET will automatically generate VTHO, which can provide a kind of dividend effect!
Various practical applications of VeChain
VeChain's application scope is really wide. In the logistics industry, global logistics companies such as DHL are using VeChain to track the movement of packages in real time. This reduces delivery delays and improves customer satisfaction.
In the field of food safety, Walmart China has introduced VeChain to track the entire process of agricultural products from their origin to store display. In the event of a food poisoning incident, the tracing of the cause that used to take weeks can now be completed in minutes.
In the automotive industry, BMW is using VeChain to trace the origin of vehicle parts and quickly find vehicles that used those parts in the event of a recall. In the luxury goods industry, brands such as Louis Vuitton and Prada are using VeChain technology to prevent counterfeit goods.
A Complete Guide to VeChain Exchanges
If you want to buy VeChain (VET), you can use various exchanges. Global exchanges include Binance, Huobi, Bitfinex, and Kraken, while domestic exchanges include Upbit and Bithumb.
There are several important factors to consider when choosing an exchange. First, compare the trading fees carefully. Second, it is important to check if the trading volume is sufficient. If the trading volume is low, it may be difficult to trade at the desired price. Third, you must check the security and reliability of the exchange. Finally, the quality of customer support service is also an important selection criterion.
Active VeChain Community
The VeChain community is very active worldwide. The official Reddit community r/Vechain has hundreds of posts and comments every day, sharing a variety of information from the latest news to technical analysis.
The Telegram group communicates in real time, and experienced investors and beginners help each other. On Twitter, you can quickly access official news through the @vechainofficial account, and on the Medium blog, you can find in-depth technical content and partnership news.
The Korean community is also actively operated in Naver Cafe, DC Inside, and various Telegram groups, so I recommend you participate. It is much more effective to share information with others than to study alone!
How to Use a Safe VeChain Wallet
It is very important to store VeChain (VET) safely. The most recommended way is to use the official VeChainThor Wallet. The biggest advantage of this wallet is that if you hold VET, VTHO is automatically generated. It's similar to interest accruing from bank deposits.
VeChainThor Wallet is designed for user convenience, providing iOS and Android mobile apps as well as desktop versions. The interface is also intuitive, so even first-time users can easily adapt.
If you want higher security, we recommend using a hardware wallet such as the Ledger Nano S/X. Hardware wallets store private keys while not connected to the internet, so the risk of hacking is significantly reduced. However, when using a hardware wallet, never forget to store the recovery phrase in a safe place!
Things to know when investing in VeChain
If you are considering investing in VeChain, there are a few important things to keep in mind. First of all, the volatility of the cryptocurrency market is much greater than that of traditional investment markets. Price fluctuations of 20-30% per day are common. Therefore, an investment strategy based on cool analysis rather than emotional trading is required.
When conducting a fundamental analysis of VeChain, pay close attention to partnership expansion, technology development progress, and increased actual use cases. In particular, announcements of new partnerships with large companies or news of mainnet upgrades can have a significant impact on the price.
In terms of risk management, never invest with living expenses or money you need urgently. The basic principle is to only invest with money that you ""can afford to lose."" In addition, you can consider a strategy of lowering the average unit price through installment purchases rather than investing a large amount at once.
⚠️ Investment Notes: This article is for informational purposes only and not investment advice. All investment decisions should be made at your own discretion and responsibility, and you should always conduct sufficient research and seek expert advice before investing.
So far, we have looked at comprehensive information about VeChain (VET). Through VeChain, we were able to confirm that blockchain technology is not a simple means of speculation, but an innovative technology that actually changes our lives. We hope that you will continue to watch the development of VeChain and make wise investments and use it. If you have any questions, please leave a comment at any time!