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What is VeChain (VEN)?
Future of VEN Cryptocurrency and know how to buy VEN


#1 - What is VEN?

Blockchain technology isn’t limited to just finance. There are dozens of domains waiting to be disrupted using blockchain tech. One of the most important ones, integral to almost all of manufacturing is the supply chain, which is where VeChain comes in.

VeChain: The basics

  1. VeChain is a blockchain platform with a major focus on supply chain management, smart contracts, and financial services.
  2. The name of its token is VEN, which became the first digital currency to create a plan for disaster recovery and to partner with the Government of China.
  3. VeChain is evolving to become a scalable and reliable platform. It aims to build a strong distributed business environment that works without a central authority.
  4. The goal is to enable authorized stakeholders to access all the required information regarding a product. The aim of VeChain is to enhance the transparency for customers and businesses. The token cannot be mined, but it runs on the Ethereum network.

VEN Development

  1. VeChain began more than a decade ago, in 2007 as a project, which launched its coin in 2015.
  2. VeChain partnered with various companies which were doing business either in agriculture, luxury goods, food/drugs, or logistics. It also got connected with the state administration. VeChain further established its offices in Paris, Tokyo, Singapore, and Shanghai.
  3. At the end of August 2017, the blockchain started trading the VeChain coin as VEN and it became the 16th most valuable digital currency in the month of January 2018. In the same year, it was rebranded as VeChainThor (VET) from VeChain (VEN).

VEN became the 17th largest cryptocurrency in the world in April 2018.   


#2 - What are the benefits of VEN


VeChain foundation introduced a two-coin system, namely, VET and VeThor. This has been done to provide stability, longevity, and flexibility. It will also help in the prevention of transactional fees being directly exposed to the volatility in the price of VET, and making the VeChainThor blockchain more suitable to conduct financial/business activities in terms of both, government users and ordinary enterprises.   

VeChainThor is a blockchain that has been designed for a wide range of enterprise adoption. The corporation reflects the experience of running blockchain solutions, having been developing blockchain solutions for established companies and brands. VeChainThor consists of multiple tech features that cater to the requirements of the business environment in the real world:   

  1. Comprehensive Governance: VeChain looks out to achieve a balance between efficiency and decentralization. The VeChainThor blockchain contains built-in tools of governance which include know your customer (KYC) and voting for ensuring the support of smart contracts. This is done to provide efficiency and transparency to merchants and payees.
  2. Proof of Authority: The blockchain uses PoA for maintaining the consensus between all the blockchain nodes. The blockchain consists of 101 authority nodes that are controlled by whitelist. The nodes, whether they are owned by individuals or by institutions, meet the security standards, hardware, and KYC requirements.
  3. High Scalability: PoA allows the blockchain to hold higher scalability. The maximum TPS can be 10,000 transactions per second, but the blockchain, VeChainThor, will include 50 TPS on the basis of the transaction volume during the launch of the platform. It will also come up with an advancement of its technology like the inclusion of cross chain and sidechain for enhancing the performance of VeChainThor.      
  4. Roadmap for Commercial use: VeChainThor has been designed to cater to the requirements of enterprises with a hope that more and more financial and business activities will run on it. That’s why there’s a development roadmap already in place. It will ensure that the blockchain is capable of supporting various actions taking place at different stages.

Function of VEN

  1. VEN is a smart payment currency, which serves as a medium of value.
  2. The VET token presents the privilege and right to use and occupy VeChainThor blockchain.
  3. It will assist in carrying out the business and economic activities which should boost the the valuation of the VEN technology.

Function of VeThor 

  1. This will represent the underlying cost of utilising VeChainThor blockchain.
  2. VeThor will support the payment transactions and execution of smart contracts.

VeThor Generation

The initial generation rate of VeThor is mandated to be 0.00042 VeThor per VET per day. The foundation monitors the status and usage of VeChainThor blockchain and balances the ecosystem of VeChain.  

VeChain Global Acceptance 

The present Market Cap ranking of VeChain is 16th, that holds a market capitalization of $2,132,582,594 and its average trading value is $159,879,000. A total number of 526,051,839 VEN coins have been circulated.           

VeChain has faced a rapid growth over a short time span in comparison to other blockchains and cryptocurrencies. Straight from the 90th rank on Coin market cap, VeChain has managed to reach to the 16th place.  

Price History 

The price history of VeChain for past 4 months in the year 2018 is as followed: 







Market Cap

01 June, 2018







01 May, 2018







01 April, 2018







01 March, 2018







Source: CoinMarketCap


#3 - How to buy and store VEN

The VEN coin has been listed for trading on more than 30 exchanges all around the world, and is paired with some of the major cryptocurrencies like BTC, ETH, and USDT. This includes major exchanges such as Huobi, Binance, and CoinEx. 

However, as with most other cryptocurrencies, it may make more sense to purchase VEN from CoinSwitch - one of the most trusted and secure cryptocurrency exchange platforms. CoinSwitch provides the best way to invest in digital currencies by comparing all leading trade exchange platforms the prices of cryptocurrencies in real time. The platform helps you convert your cryptocurrencies across all other exchanges at the best possible rate. Benefits of choosing CoinSwitch as your trading exchange platform:

  1. Widest offerings: Go through the list and you can buy, trade, sell over 275 other cryptocurrencies, tokens, altcoins like Ethereum, Bitcoin, Litecoin, Ripple, etc.
  2. Interchangeability: This platform gives you an option to exchange crypto coins for almost 45000+ cryptocurrency pairs.
  3. Unified Experience: This platform gives you all the components of the cryptocurrency market, cryptocurrency prices and the real time charts at one plane.
  4. Reliable Support: The CoinSwitch team supports you with all the transactions over any of its cryptocurrency exchanges.   

How does CoinSwitch work? 

CoinSwitch works in just three simple steps:

  • Compare: Compare the rates amongst exchanges and opt for the best exchange rate for your purchase.
  • Convert: Follow simple steps to convert your currency.  
  • Track: You can easily track your order progress with the help of its intuitive and simplified UI.   


VEN is an ERC20 token, which means all wallets that support Ethereum will also store VEN. A few of the popular  VEN wallets that support the storage of the VEN token are:

  • MyEtherWallet - an open source ERC20 wallet that is based on javascript.   



It provides high anonymity.

It does not offer 2-step authentication.

It is easy to use.

Does not give an option for multiple signatures.

It is an open source wallet.

  • Metamaskhas: a simple interface and is an Ethereum browser wallet. It has a centralized validation system. It does not require any login because the private keys get stored on Chrome and not on a private server. The private key is protected with a password.



It is an open source wallet.

Does not give an option for multiple signatures.

It is easy to use.

Does not have 2-step authentication.


#4 - What is the future of the VeChain Token?

What have been the trend so far?

As of May 2018, VeChain’s token, VET traded at an approximate value of $4.05 per coin. Though the price fluctuates, it generally has increased over a period of time. As VeChain has formed a national partnership with the Government of China, along with numerous international partnerships with many billion dollar enterprises, the price is expected to increase significantly.

VeChain’s use has been expanding across various industries. Hence, the price of VeChain is expected to reach around $100 per coin over the course of another year.

Also Read: Complete Analysis of VeChain | Live VeChain (VEN) Price Charts And Predictions

Future Prospects

The entire cryptocurrency market is still trying to recover from the after-effects of the slump experienced in the beginning of 2018. Bitcoin, Ripple and Ethereum faced a downfall of 44%, 74% and 40% respectively in comparison to their positions in 2017. 

In early 2018, the market sentiment was a bit negative thanks to news of data breaches and regulatory crackdown. But, amidst all of this, very few cryptocurrencies have managed to stand their own ground during turbulent market situations--one of which is VeChain (VET).

Support & Regulation 

  1. VEN became the blockchain technology partner with the Guiyang Government, which is why it became the very first digital currency to make deals with the Government of China.
  2. Later, it started developing the solutions for technology for China’s tobacco monopoly with the help of China’s National Research Consulting Centre. It partnered with various other brands like BMW, Oxford University, Michigan State University, PricewaterhouseCoopers, and DNV GL. PricewaterhouseCooper helped in the creation of first accredited VeChain cryptocurrency for disaster recovery plan.    

VeChain has accelerated its integration within the mainstream crypto market. First, it rebranded VeChain as VeChain Thor and introduced its new token as VET. Later, it selected masternodes and told its community to hold and lockup their tokens for some time in order to drive up its value. Now, it is aiming to bring in the token in everyday usage within a few years..   

From LogSafer, Xminnov, D.I.G, DNV.GL, Renault, BitOcean, China Unicom and many more partners are getting connected with VeChain. BMW has become a game changing partner for VeChain.   

Though Ethereum has the upper hand in terms of its reach, the platform still has a  few major issues regarding scalability and higher fees. This has tilted the frame in favour of Ethereum’s competitors - such as VeChain. The network of VeChain is faster and cheaper in comparison to Ethereum. Above all, the biggest international companies and conglomerates are looking forward to partner with and utilize the VEN network.


#5 - How is VEN different from other cryptocurrencies?

  • VEN is unique in the crypto space because of its focus on solutions for supply chain management. Its tool aim to focus on counterfeit goods, improve supply chain management for industries in general and provide a threshold level of assurance in products.
  • This is widely different from major cryptocurrencies such as Bitcoin - which functions solely as a financial coin, or Ethereum - which is a general purpose cryptocurrency that is hosting many functions in one blockchain.
  • With a single minded focus on supply chain management, VEN stands out as one that offers clear value propositions instead of mixed purposes.

#6 - Should you invest in VEN

The Good 

  1. It has several working apps which are being used right now, but on a permissioned blockchain.
  2. They have many solid partnerships with direct use cases, wherein:
  3. BMW being one of the recent partner with VeChain.
  4. Key partners: DNG.VL and PwC.
  5. VeChain’s current partners working with them will all migrate to new blockchain and will require VET/THOR.

These can further introduce VeChain to moore clients in the enterprise spacto usese their platform when it goes live.  

  1. VeChain has a strong team with relevant and extensive experience across startups, supply chain systems and technical spaces.
  2. The team has a proactive vision for academic research, Disaster recovery plan, and financial transparency report.
  3. Backed up by  well recognised VCs, such as Jim Breyer.

The Bads

  1. Semi-centralised “balanced approach” - so it isn’t truly decentralised as other cryptocurrencies are.
  2. 180 use cases may be too many, plus it has a really large development team. This can make it potentially hard for it to stay organized.
  3. The PR team of VeChain is not too experienced with PR: For eg. The PR team had made a premature partner announcement that caused confusion for audience as well as for the mentioned partner team.  
  4. Strong competition in both supply chain and in enterprise dApps fields
  5. ETH, TRAC, WTC, NEO, EOS, WABI, QTUM and many more 

VeChain is still in the run to reach out into the mainstream cryptomarket and has seen a rapid growth since it was first launched, making the predicted future of  the VEN/VET coin a good looking one.

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