The VeChain project is a blockchain platform that is designed to enable supply chain processes. VeChain allows its users verify and confirm quality and genuineness of a product by utilizing the tamper-proof distribution ledger technology.
The technology can track every single detail about a product form the source of the materials it was produced from, all the times the product was serviced, if a part had ever been replaced, basically records every information it’s able to find about a supply chain movement of that particular product.
With the asset digitalization process proposed by the company, they plan to achieve a secure supply chain management platform. On VeChain, manufacturers can assign products with unique numbers which single out every product on the blockchain. This will serve as product monitors for partners, manufacturers and consumers to track the movement of products registered on the blockchain.
Network nodes maintain security on the platform. These nodes are then controlled by businesses and corporate organizations who are on the platform. The platform also makes use of its native token called the VeChain tokens. These tokens serve as GAS for the users of smart contract executions. The tokens are also incentives awarded to nodes on the network that help facilitate activities on the ecosystem.
The VeChain team is responsible for the building of the network and also the technological and research aspect of the project. Over time, they have partnered with large brands that may be interested in utilizing the blockchain technology as a service.
Wallets To Store Your VeChain Tokens
The VeChain tokens are ERC-20 compatible tokens and therefore can be used with any Ethereum wallet that supports ERC-20 tokens.
Other alternatives are Eidoo, Ethereum Mist DApp, Parity, then the Trezor and Ledger wallets for those who can afford to buy a hardware wallet to store their VeChain tokens and other cryptocurrencies.
How To Buy VeChain Tokens
Step One: Open a Binance Account
To use the Binance Exchange, you need to have an account registered. You can do that by visiting the Binance Exchange official website.
- To create an account, click the “REGISTER” link at the top right corner of the page.
- Fill out the registration form with required information and submit.
- A mail is sent to the email address you specified on registration, click on that and verify your account with Binance.
Step Two: Send your Ethers to your Binance Account
- Log unto your account on Binance, click on “Funds” link and then “Deposits Withdrawals” at the top of the page.
- Select the “Deposit” button in front of ETH asset on the page. If Ethereum isn’t in sight, you can make use of the search tool at the top of the page.
- Click on the “Deposit” link and a wallet address to transfer your Ether tokens to the Binance Exchange will be generated.
- Copy the address generated and send some coins to your Binance Account from your external wallets where you have your Ethers stored.
- Wait some minutes, and your coins should be credited to Binance.
Step Three: Purchase VEN on the Binance Exchange
Now that your Ethereum has been successfully added, you can click on the Funds link, then Deposits Withdrawals. Right in front of the coin you transferred, the total balance should reflect the value of Ethereum you transferred.
- Click on Exchange, next to the Binance Logo, then select the Basic option.
- On the Exchange page, look to the top right corner where you find the market pairs section of Trade History.
- Look for the market pair you want to exchange. In this case, locate the VEN/ETH pair and click.
- The page loads the VEN/ETH pair market, and you are set to exchange your coins for VEN.
- Beneath the chart, locate Buy VEN section.
- The first box shows the value of ETH per VEN to be purchased.
- The second box is for you to enter the number of VEN tokens you want to exchange for the Ether you funded.
- The total box shows you how much Ether the transaction costs.
- Click the Buy VEN button.
- Within some few minutes, you should have the VEN you have exchanged credited to your VEN wallet on the Binance platform.
Your VEN tokens are now available to be sent out to your wallet outside the exchange.