Vechain (VEN) review and prospects for cryptocurrency

VeChain is a project to create a global distributed registry of goods and supply chains. Initially, the platform was conceived as a way to exchange information between devices operating within the framework of the Internet of Things concept. Over time, the developers abandoned this idea and concentrated on creating a blockchain to track goods around the world. The system supports smart contracts and provides a throughput of up to 10 thousand transactions per second.

VeChain VEN cryptocurrency is used as a means of payment. In 2018, it will be replaced by two new tokens: VET and VeThor.

Project concept

The VeChain platform is positioned as a global registry of supply chain information. To do this, the project uses one of the main properties of blockchain technology - the immutability of data in the block chain. Product information stored in a distributed registry allows for its instant identification and authentication with guaranteed accuracy.

Figure 1. Connecting all supply chain participants into a single network.

Let's look at how VeChain works using a specific example - tracking information about a women's bag from a popular brand:

  • The manufacturer adds information about the production date and serial number of each bag to the blockchain. A tag with a QR code containing a link to the transaction on the blockchain is attached to the bag.
  • Once in the store, the buyer can verify the authenticity of the bag by scanning the QR code using a smartphone.

As a result, manufacturers, retailers and consumers have a convenient way to track supply information. Using RFID tags and QR codes, you can quickly access data on the blockchain and get all the information about a specific product.

Figure 2. Use of RFID tags in the VeChain blockchain.

Similar to Ethereum, the platform supports the creation of decentralized applications (dApps). VeChain cryptocurrency in combination with smart contracts allows you to instantly pay for goods upon receipt at the warehouse of a supplier or store and provides ample opportunities for automating work with data in the blockchain.

VeChain: cryptocurrency to ruble rates

Current cryptocurrency rates to thorchain – follow fluctuations online. Information comes from the largest exchanges and is processed in real time. You can see exchange rate changes for most of the most popular fiat currencies. Online charts, automatic converter and news will allow you to quickly navigate the current market trends in the relationship between thorchain and cryptocurrencies.

It is always worth remembering that the cryptocurrency exchange rate is quite volatile. It can either grow by several percent in a couple of minutes or fall. This volatility attracts most investors, who constantly monitor the price of cryptocurrency in order to buy at the lowest price, and then wait for growth to sell at the highest. You can buy cryptocurrency quickly and at a favorable rate in the Matbi online exchanger. The service has been operating for more than five years and can offer users not only the exchange of cryptocurrencies, but also their reliable storage. Matbi's built-in crypto wallet supports four leading cryptocurrencies: Bitcoin, Litecoin, Dash and Zcash. A high level of protection for users’ crypto assets is provided by “cold” wallets, as well as three-factor authentication when entering your personal account (PIN code, email code and SMS code, which can be replaced with Google Authenticator). The service is also interesting to users, as it includes a multi-level affiliate program. 24-hour technical support promptly answers all user questions. How to become the owner of cryptocurrency in Matbi is discussed in detail in this video.




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ELFAelf8.2035-0.1255614.08.20 17:50
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CENNZCentrality4.8016-0.3018514.08.20 17:50
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GTGatechain Token39.6907+0.2935514.08.20 17:50
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REQRequest Network3.3102-0.1834814.08.20 17:50
BEAMBeam39.8643-1.392914.08.20 17:50
EURSSTASIS EURS84.5081-1.008414.08.20 17:50
S.W.T.H.Switcheo3.6196+0.1039414.08.20 17:50
TFUELTheta Fuel0.69972-0.0111714.08.20 17:50
NIMNimiq0.41185-0.0267314.08.20 17:50
RCNRipio Credit Network5.1444-0.6215614.08.20 17:50
BCZEROBuggyra Coin Zero1.2927-0.0170914.08.20 17:50
WINWINk0.008262-0.000414.08.20 17:50
TTThunder Token0.4394-0.0061814.08.20 17:50
VIDTV-ID55.6081+2.838514.08.20 17:50
FUNFunFair0.38562+0.00628214.08.20 17:50
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HPTHuobi Pool Token0.47807+0.0154614.08.20 17:50
WXTWirex Token0.84249+0.0244114.08.20 17:50
CRPTCrypterium22.7629-0.0411314.08.20 17:50
BLZBluzelle9.4763+0.6244314.08.20 17:50
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QBITQubitica2555.78+170.5414.08.20 17:50
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NASNebulas Token38.7202+1.050714.08.20 17:50
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LOOMLoom Network2.0465+0.201414.08.20 17:50
DENTDent0.02319-0.000377214.08.20 17:50
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KANBitKan0.23283-0.00470714.08.20 17:50
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QKCQuarkChain0.65224+0.0356214.08.20 17:50
G.A.S.Gas134.32+3.719714.08.20 17:50
NXSNexus20.22+0.967114.08.20 17:50
DTRDynamic Trading Rights0.84243-0.0260214.08.20 17:50
ECOREALEcoreal Estate6.1739-0.4892514.08.20 17:50
TELTelcoin0.02725+0.00210914.08.20 17:50
NETNEXT31.6265-0.2942414.08.20 17:50
GRSGroestlcoin16.7344+0.1816414.08.20 17:50
VTCVertcoin22.038+0.3920214.08.20 17:50
UNOUnobtanium5945.26+651.5614.08.20 17:50
QASHQASH3.2398-0.0105714.08.20 17:50
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WINGSWings11.4974-0.7231614.08.20 17:00
ILCILCoin2.0037+0.0330914.08.20 03:30
L.B.C.LBRY Credits2.3939-0.0175213.08.20 03:10
ETPMetaverse ETP13.4367+13.436710.08.20 18:00
METAMetadium0.84003+0.8400311.08.20 03:50
BHPBHPCoin51.4709+51.470912.08.20 03:20
ITCIoT Chain11.8445+11.844511.08.20 16:00
COCOSCocos-BCX0.04245+0.0424510.08.20 11:00
APLApollo Currency0.06988+0.0698810.08.20 14:10
NEWNewton0.04984+0.0498411.08.20 18:50
HPBHigh Performance Blockchain13.9531+13.953111.08.20 21:50
NXTNxt0.99311+0.9931109.08.20 21:20
L.A.LATOKEN2.5455+2.545508.08.20 12:30
DGDDigixDAO5688.49+5688.4907.08.20 06:10
ECAElectra0.0323+0.032307.08.20 18:10

Project history and information about the creators

The first version of the VeChain project emerged in 2020. Initially, the platform was focused on low-power devices that could exchange information within the framework of the Internet of Things concept: sensors and electronic components, household appliances and various gadgets. Over time, the developers changed their strategy: since 2020, the project has been positioned as a blockchain for storing information about goods.

In 2020, the VEN token became available for trading on cryptocurrency exchanges for the first time. Information about the partnership of the VeChain project with large companies, such as the consulting company DNV GL, the investment division of the British PwC and the automaker Renault, began to appear regularly in the press.

A review of the VeChain cryptocurrency would be incomplete without mentioning the large-scale rebranding that took place in February 2020. The project received a new name VeChain Thor, and the concept of its development was significantly expanded. The developers announced the launch of the platform on a blockchain of their own design instead of the Ethereum network, which was used previously. The new version of the project will be launched in the 2nd quarter of 2020.

Figure 3. Sunny Lu, CEO of Vechain.

The company's founder and CEO, Sunny Lu, has long worked in IT infrastructure for luxury brands and headed the information department at Louis Vuitton China. The project is being developed by the non-profit company VeChain Foundation, registered in Singapore.

Basic information about VeChain (VEN)

  • Official site:
  • Number of tokens: 100 million coins
  • You can buy on the exchange, Huobi,, HitBTC, Liqui and many others.

VeChain is a global platform based on blockchain technology, which was created to convert information into “digital”. The development of this technology began in 2020 in Singapore, and the ICO (entry into exchange trading of platform tokens with the ticker VEN) was launched in August 2020.

The main task of the VeChain platform is to digitize information and create a bridge between reality and the blockchain environment.
The VeChain cryptocurrency system operates on the basis of the Ethereum source code, whose smart contract system allows users to scale the process to the volume of real industrial operations. First of all, the VeChain cryptocurrency team seeks to promote its platform in the wholesale supply chain management environment and focuses the audience’s attention on the problem of counterfeiting in the field of luxury goods.
According to CNN, this problem costs the global market more than $450 billion annually! As in the system of other blockchain projects, the VeChain platform uses its own cryptocurrency - VEN tokens, through the circulation of which data is transferred within the system with minimal commissions or no fees at all.

VeChain Technologies

The technical characteristics described in this section currently exist only in theory. At the moment, the VEN token operates on the Ethereum platform; the launch of an independent project network is planned for the 2nd quarter of 2020.

The VeChain platform uses a Proof-of-Authority consensus mechanism. Transaction verification is carried out by 101 nodes, each of which is elected by all holders of the VEN cryptocurrency by voting. Approximately the same algorithm is used in Lisk and a number of other blockchain projects.

According to the forecast of the developers of the VEN cryptocurrency, the system is capable of processing up to 10 thousand transactions per second. The system offers developers convenient APIs for working with the blockchain and allows them to create decentralized applications using smart contracts.


VeChain (VET)

NamePriceMarket capitalizationOffersChange % (7D)
1$0.02$1,136,822,063.4055454734800 VET +4.06%

Indicators of the VeChain cryptocurrency as of June 10, 2020:

Capitalization426 992 775 $
Well0,0077 $
Current issue55 454 734 800 VET
Maximum emission86 712 634 466 VET
Place in the cryptocurrency ranking26
Crypto exchangesBinance, Huobi, Bitfinex, Gate, Kucoin, Bitfinex, etc.
AlgorithmVeChainThors protocol
Official walletVeChainThor Wallet
Launch year2017
CEOSunny Lu
Reaching Consensusproof of work (POW)

VEN, VET and VeThor tokens

For a long time, the main cryptocurrency of the project remained the ERC20 token VEN, issued in the amount of ~ 873.3 million pieces. However, in reality it did not perform any useful functions and was used exclusively as an investment asset.

The launch of the new VeChain blockchain in the 2nd quarter of 2020 will change the economics of the project. Now there will be two cryptocurrencies within the platform:

  • VET is a token used for voting on issues of network development and choosing trusted nodes. The exchange of VEN cryptocurrency for new VET tokens will take place after the launch of the main network.
  • VeThor is a token that is used to pay for the operation of smart contracts and sending transactions, an analogue of gas in Ethereum.

The exact plans for the volume and order of issuing new tokens remain unknown. According to the project developers, VeThor tokens will be awarded to all holders of the VET cryptocurrency - similar to what happens with GAS tokens in the NEO blockchain.

VEN rate:

1 VEN =8.83000000 AED
1 VEN =0.00000000 AFN
1 VEN =254.400000 ALL
1 VEN =995.990000 AMD
1 VEN =1942.65000 AOA
1 VEN =2.83700000 AUD
1 VEN =0.00000000 AZN
1 VEN =2.30900000 BAM
1 VEN =0.00000000 BBD
1 VEN =235.790000 BDT
1 VEN =5.96500000 BGN
1 VEN =0.66020000 BHD
1 VEN =17.9700000 BOB
1 VEN =10.8500000 BRL
1 VEN =0.00000000 BSD
1 VEN =0.00017280 BTC
1 VEN =0.00000000 BTN
1 VEN =61.4000000 BTS
1 VEN =7.66100000 BYN
1 VEN =2.69300000 CAD
1 VEN =1.87300000 CHF
1 VEN =17.0300000 CNY
1 VEN =7250.11000 COP
1 VEN =1559.63000 CRC
1 VEN =44.3300000 CZK
1 VEN =0.02143000 DASH
1 VEN =20.8700000 DKK
1 VEN =481.000000 DOGE
1 VEN =153.620000 DOP
1 VEN =56.5100000 DZD
1 VEN =1252.94000 EAC
1 VEN =42.3000000 EGP
1 VEN =36.9100000 EMC
1 VEN =60.9100000 ETB
1 VEN =0.00481000 ETH
1 VEN =1.71200000 EUR
1 VEN =1.02100000 FCT
1 VEN =239.330000 FTC
1 VEN =1.54700000 GBP
1 VEN =7.79000000 GEL
1 VEN =0.47970000 GGP
1 VEN =0.06272000 GIP
1 VEN =22.9300000 GTQ
1 VEN =15.8200000 HKD
1 VEN =63.9000000 HNL
1 VEN =16.2500000 HRK
1 VEN =805.950000 HUF
1 VEN =30351.1000 IDR
1 VEN =6.97400000 ILS
1 VEN =148.070000 INR
1 VEN =2337.70000 IQD
1 VEN =523510.4800 IRR
1 VEN =327.370000 ISK
1 VEN =452.670000 JMD
1 VEN =1.85400000 JOD
1 VEN =216.250000 JPY
1 VEN =268.300000 KES
1 VEN =135.150000 KGS
1 VEN =8716.49000 KHR
1 VEN =2377.10000 KRW
1 VEN =1021.86000 KZT
1 VEN =3693.41000 LBP
1 VEN =502.510000 LKR
1 VEN =0.03355000 LTC
1 VEN =24.2200000 MAD
1 VEN =34.6100000 MDL
1 VEN =0.00000000 MGA
1 VEN =2859.01000 MMK
1 VEN =0.00000000 MVR
1 VEN =2555.88000 MWK
1 VEN =44.7900000 MXN
1 VEN =8.46100000 MYR
1 VEN =0.00000000 MZN
1 VEN =55.3800000 NAD
1 VEN =943.640000 NGN
1 VEN =1.96800000 NMC
1 VEN =25.1100000 NOK
1 VEN =336.540000 NPR
1 VEN =10.9600000 NVC
1 VEN =154.510000 NXT
1 VEN =3.14100000 NZD
1 VEN =1.03900000 OMR
1 VEN =2.42600000 PAB
1 VEN =7.16700000 PEN
1 VEN =14.4400000 PGK
1 VEN =57.5900000 PHP
1 VEN =426.480000 PKR
1 VEN =7.55200000 PLN
1 VEN =8.19900000 PPC
1 VEN =17379.9900 PYG
1 VEN =8.57300000 QAR
1 VEN =8.96600000 RON
1 VEN =273.600000 RSD
1 VEN =146.780000 RUB
1 VEN =10.1300000 SAR
1 VEN =21.2000000 SEK
1 VEN =2.78900000 SGD
1 VEN =0.00000000 STR
1 VEN =0.00000000 SVC
1 VEN =51.0300000 SZL
1 VEN =23.0900000 THB
1 VEN =4.83100000 TND
1 VEN =1410.60000 TOP
1 VEN =14.8600000 TRY
1 VEN =21.8800000 TTD
1 VEN =85.5400000 TWD
1 VEN =5581.35000 TZS
1 VEN =54.9600000 UAH
1 VEN =9184.56000 UGX
1 VEN =2.02400000 USD
1 VEN =107.650000 UYU
1 VEN =30192.3500 UZS
1 VEN =9989703.3100 VEF
1 VEN =35784.0000 VND
1 VEN =3.30000000 VTC
1 VEN =271.000000 VUV
1 VEN =0.00000000 WST
1 VEN =1528.15000 XAF
1 VEN =0.02231000 XMR
1 VEN =1043.70000 XOF
1 VEN =3.67200000 XPM
1 VEN =6.88600000 XRP
1 VEN =36.8900000 ZAR
1 VEN =49.0800000 ZMW

Advantages and disadvantages of VeChain

The table lists the main pros and cons of the project, known at the time of writing the review of the VeChain cryptocurrency.

Table 1. Pros and cons of VeChain.

  • Support for smart contracts.
  • Relatively high operating speed.
  • The project is focused on working with large companies.
  • Partnership agreements with famous brands
  • Relatively high centralization of the network.
  • High entry threshold for creating a masternode.
  • Lack of information about the team's plans and technical parameters of the network

Where to buy VeChain cryptocurrency

You can buy VEN for Bitcoin or Ethereum on the following exchanges:

  • Binance;
  • Liqui;
  • COSS;
  • HitBTC;
  • Huobi;
  • Lbank;
  • Bithumb;
  • Qryptos;
  • Kucoin.

The first 3 exchanges on the list are the most convenient for residents of Russia due to the ease of registration and the ability to start trading without going through verification. At the same time, Binance, Bithumb and Lbank provide the highest trading volumes.

Figure 4. VEN token on the Binance exchange.

You can buy VeChain for rubles on the Livecoin exchange. However, extremely low trading volumes and high fees for replenishing an account make the process of purchasing VEN on this site extremely unprofitable.

Which wallet should I store VEN in?

Since VEN is a token on the Ethereum platform, you can use any ERC20 compatible wallet to store it. A complete list of such wallets can be found in a separate article on our website. To receive VEN, the address assigned to you in the Ethereum blockchain is used.

MyEtherWallet is considered the most convenient wallet for working with Ethereum tokens. It does not store users' private keys and provides a high level of security. All actions with the wallet are performed online through any browser on a computer or smartphone.

Figure 5. Creating a wallet on MyEtherWallet.

Trezor and Ledger Nano S hardware wallets can also be used to store VEN tokens. However, to view the VeChain cryptocurrency balance, the user will still have to use MyEtherWallet or manually search for their address using the Ethereum block explorer.

Prospects for VeChain

Despite the general decline that the cryptocurrency market is experiencing, the VeChain rate remains quite high. Investors' positive expectations are largely due to news about the project's partnership with large companies such as PwC, BMW and Renault. The launch of the VeChain Thor mainnet in mid-2020 is expected to dramatically increase the platform's attractiveness for real-world businesses and trigger an increase in its popularity.

However, when investing in the VeChain cryptocurrency, you should not forget about negative factors. The developers are extremely reluctant to share information about the further development and technical side of the project, which makes it difficult to evaluate. In addition, at the moment, no company has announced plans to implement VeChain in their business processes, and all existing agreements are optional. Under these conditions, the prospects for the VeChain project remain extremely uncertain.

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