Last Updated on May 31, 2022 by Diana Kelley
What is VeChain?
VeChain is the world’s leading enterprise-grade blockchain application platform used by various industries and projects and companies across the world. From tracking goods across its supply chain, sustainability use cases, to decentralized finance and NFT projects. The VeChain blockchain does it all.
In simple terms, the VeChain Blockchain records true information about what happened at every stage of the supply chain. It helps prevent fraud and makes businesses more transparent.
The company was co-founded in 2015 by Sunny Lu and Jay Zhang. At first, it was a private consortium chain working with multiple enterprises to explore the possibilities of blockchain apps. In 2018, they launched their own blockchain called VeChainThor with its native VET coin.
Today, the VeChain blockchain is used by corporations like BMW, LVMH, Walmart, H&M, Renault Group, PwC and others.
The main focuses of the company right now are:
- Developing their own platform to expand the tech possibilities ranging from supply chain tracking to making DeFi and NFT dApps
- VeChain aims to use Internet of Things (IoT) technologies to create an ecosystem that will solve major data problems in the food industry and medicine.
- Real-world tech. The main goal here is to give every physical product an identity. Blockchain will record all information about a product from the idea to customer delivery. It will help prevent knock-offs, delivery errors, and other issues.
- Spreading awareness of its blockchain and native VET coin
What makes the VET token unique?
VeChain is changing traditional mechanisms of supply chain tracking and a lot of companies already implied their solutions. And as we know, the potential and success of the coin depends on the project. Considering how many companies have already adopted their services and how fast the VeChain community is growing, we can say that the project is successful.
VeChain has two tokens: VET and VTHO (VeThor). VET is a token that is used for transactions and VTHO provides fee payments as a gas token (similar to Ethereum). VTHO is distributed as a reward for holding VET and has an infinite supply, and VET has a fixed supply of 86,712,634,466 tokens.
VET uses the proof-of-authority (PoA) model, resulting in high throughput, while keeping transaction costs as well as energy consumption low.
And the dual system significantly helps separate the cost of using blockchain from market speculation. That makes the final cost of the operation more predictable for customers.
But our favorite thing about VeChain is the security and stability of its blockchain: since 2016 VeChain has produced 12,245,449 blocks with zero downtime.
All this makes VeChain one of the most affordable and sustainable public blockchains.
Using VET Token as a collateral
On CoinRabbit VET holders have more opportunities with their assets. Now they can use their tokens as collateral and take a loan. Crypto loans are extremely convenient and useful. To take a loan you don’t need to spend time or provide any personal information. All you need is your VET tokens as collateral. But why do you need to take a loan?
- Get liquidity without selling your VET tokens
- Take advantage of crypto hedging
- Minimize risks won the highly volatile crypto market
How to take a VeChain loan on CoinRabbit
- Open the CoinRabbit homepage
- You will see two different tabs: “Loans” and “Savings”. Click on the “Loans” tab, and select VET Coins as collateral
- Enter the amount of VET tokens you want to use
- Once you enter the amount, you’ll see the exact amount of crypto that you can get for your collateral
- To proceed further, click on the “Get Loan” button. After entering your mobile number and wallet address, you can go ahead and confirm the loan terms.
- You’ll receive your loan in a few minutes.
Bottom Line
As you learned from the article, VeChain is an innovative, successful company with the aim to expand adoption and create the whole ecosystem. It’s important to invest in a project like this, but at CoinRabbit we offer the opportunity to not only support the project by buying their tokens but also earn additional profit using the loaning tools.
