VeChain (VET) Price Reaches $0.0241 on Exchanges

VeChain (VET) traded down 0.5% against the U.S. dollar during the one day period ending at 14:00 PM E.T. on June 2nd. VeChain has a market capitalization of $2.08 billion and $31.52 million worth of VeChain was traded on exchanges in the last day. Over the last seven days, VeChain has traded 12% lower against the U.S. dollar. One VeChain coin can currently be bought for approximately $0.0241 or 0.00000023 BTC on cryptocurrency exchanges.

VeChain Coin Profile

VeChain is a Proof of Authority coin that uses the VeChainThor Authority hashing algorithm. It was first traded on June 1st, 2016. VeChain’s total supply is 85,985,041,177 coins. VeChain’s official Twitter account is @vechainofficial and its Facebook page is accessible here. The Reddit community for VeChain is https://reddit.com/r/vechain and the currency’s Github account can be viewed here. VeChain’s official message board is vechainofficial.medium.com. VeChain’s official website is www.vechain.org.

According to CryptoCompare, “VeChain (VET) is a versatile enterprise-grade L1 smart contract platform which began in 2015 as a private consoritium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants. The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and acts as the store of value and value transfer medium. VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This has the additional benefit of ensuring costs of using the network can be kept stable by tweaking certain variables such as the amount of VTHO required to service a transaction, or by increasing the VTHO geneation rate. Such actions first require all-stakeholder community votes.VeChain (VET) is a Proof of Authority (PoA) token, requiring relatively low computing power to achieve network security versus a protocol such as Bitcoin. Proof-of-authority is a process wherein authority masternode operators are selected by an independent Steering Committee, thus giving them 'authority' to run a masternode. This model is particularly attractive for enterprises who want assurances about the integrity and quality of validators running the network, and assurances bad actors can be ejected if needed.”

Buying and Selling VeChain

It is usually not possible to buy alternative cryptocurrencies such as VeChain directly using U.S. dollars. Investors seeking to trade VeChain should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy VeChain using one of the exchanges listed above.

VET/USD price chart by TradingView