VeChain Review – Things you must know
VeChain (VEN) was launched in 2017 as a blockchain decentralized application platform. VeChain is an application designed to discharge duties on products and supply chain management. It uses a technology known as Radio Frequency Identification (RFID). VEN makes it easier and secured for manufacturers to extract, manage and share important product data with merchants and consumers throughout the life span of a specific product.
VeChain was developed in Singapore with the aim of creating market transparency and providing customer the access to more information about products. This platform enables customers to assign unique identities to products which enables stakeholders interact with the products through the platform.
Where Do I Buy VeChain?
There are few places where you can get vechain and one of them is on Binance. Although you could get it from smaller exchanges. Its biggest trading platform remains Binance for now. Huobi (A Chinese trading platform) also trades on VEN.
VeChain on Binance
In Binance VEN is been traded against BTC. Binance is a cryptocurrency exchange that was established in 2017. It is one of the fastest growing exchanges in 2017. Read more about Binance. Purchasing VEN on binance requires you to buy a reputable cryptocurrency. I mean you can’t purchase VEN with Fiat currency. To purchase VEN, you need to buy Bitcoin, send it to Binance and use it to exchange for VEN.
VeChain on Huobi
Huobi has been in existence since 2013. It is a Chinese trading platform, although not so popular. Huobi is known for charging nothing from its Chinese traders when they trade on its platform. It has a huge customer base in Asia. The limitation associated with Huobi is that it does not trade VEN/BTC, VEN/USDT or VEN/ETH.
It is always advisable to store your tokens or currency in a wallet rather than keep them in an exchange. It ensures a more secured environment,. VEN is an ERC-20 token on the Ethereum Blockchain. Specifically, there is no official wallet for storing VEN. VEN tokens can be stored in an ethereum wallet.
VeChain (VEN) on Hardware wallet
VEN can also be stored in a hardware wallet. Hard ware wallet is considered to be one of the most secured means of storing cryptocurrencies. It is prone to hackers. VEN can be stored in a Ledger Nano s wallet or a Trezor wallet.
Ledger Nano S is quite a popular multi-currency wallet that house Bitcoin, ERC-20 and many other altcoin. Storing VEN on Ledger Nano S requires MyEtherWallet.
Trezor is another good hardware wallet that was launched in 2014. Just lie Nano S it supports lots of altcoins including ERC-20 tokens. Trezor has a good compatibility features with Linux, Mac and Windows. It is quite secured and reliable since it is an offline wallet. To store VEN on trezor you will need the MyEtherWallet.
My Summary on VeChain
VeChain has a lot of potentials attached to it. It’s obvious that it has achieved a lot over a very short period of time. The proposed VeChain thor is going to create an additional impact to its system. I seriously look forward towards it.
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