VeChain (VET)

I’ve been backing and tracking VeChain since before the launch date of the Vechain Thor main-net on June 30th 2018.

When you invest in crypto, you invest not only in the tech but in the network and those who will run it, validate it, approve/allow changes to it. For example, the Bitcoin network has no governance. You can read how this works here  (I like the analogy of how a language evolves; it changes and updates just get adopted.) This is the ideal, certainly for a currency, but perhaps less so for a platform for smart contracts.

VeChain “achieves decentralisation through centralised channels”. This allows it to be faster, and speed is what a platform coin needs. EOS is also fairly centralised to improve the speed of decision-making and adaptability of its blockchain, but worries about such governance in the cryptocurrency space persist when compared to Bitcoin.

Personally, I do like VeChain’s Proof-of-Authority consensus which looks to ensure that masternodes of the network are known and trusted. Hashgraph will also have a governance.

Anyone can buy some VET and become a node of varying strength. Their reward is VTHO tokens which act as gas for using the blockchain (similar to NEO).

The platform tokens are best kept in the official VeChain mobile wallet, where VET will accumulate VTHO. You can buy some VET at Binance.

The future looks bright for this public blockchain geared directly towards enterprise use, like supply chain tracking and logistics. It already has a growing list of big partnerships and hopefully will continue its close ties with the Chinese government.

As ever, development and network resilience and results will need tracking. You should start off by reading The Ultimate Beginner’s Guide article below, which is excellent.

Vechain site (featuring the coolest promo for any blockchain)
Reddit discussion
Further Reading: VeChain – The Ultimate Beginner’s Guide (unhashed.com)

Read more personal crypto insights or search a coin in the side menu. They will be updated as and when, so stay tuned to the site! You can also comment below and get notified of new comments and updates to the post.

Sept 2018.

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