{"id":4944,"date":"2018-11-05T08:28:40","date_gmt":"2018-11-05T16:28:40","guid":{"rendered":"https:\/\/coincentral.com\/?p=4944"},"modified":"2021-09-30T11:53:56","modified_gmt":"2021-09-30T15:53:56","slug":"vechain-thor-beginner-guide","status":"publish","type":"post","link":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/","title":{"rendered":"What is VeChain (VET)? | The Ultimate Guide"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><strong>VeChain <\/strong>is a Blockchain-as-a-Service company with a <a href=\"https:\/\/cdn.vechain.com\/vechain_ico_ideas_of_development_en.pdf\" target=\"_blank\" rel=\"nofollow noopener\">mission<\/a> to build \u201ca trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.\u201d <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.vechain.com\/#\/\" target=\"_blank\" rel=\"nofollow noopener\">The project<\/a> has been around for over two years and already has customers using a working product &#8211; still a rarity in crypto these days. Several industries including luxury goods, agriculture, logistics, food\/drug, and governments are already using VeChain blockchain technology.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">VeChain does a lot. Using the technology, you can track items through a supply chain, ensure the authenticity and quality of goods, as well as maintain the quality control of food products.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this overview, we\u2019re going to take a high-level approach covering:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"#how-does-vechain-work\"><span style=\"font-weight: 400;\">How Does VeChain Work?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#vechain-thor\"><span style=\"font-weight: 400;\">VeChain Thor<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#vechain-team-progress\"><span style=\"font-weight: 400;\">VeChain Team &amp; Progress<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#trading\"><span style=\"font-weight: 400;\">Trading<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#where-to-buy-vet\"><span style=\"font-weight: 400;\">Where to Buy VET<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#where-to-store-vet\"><span style=\"font-weight: 400;\">Where to Store VET<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#additional-vechain-resources\"><span style=\"font-weight: 400;\">Additional VeChain Resources<\/span><\/a><\/li>\n<\/ul>\n<h2 id=\"how-does-vechain-work\"><span style=\"font-weight: 400;\">How Does VeChain Work?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">VeChain began primarily as a blockchain supply chain company but has since evolved into a full-fledged\u00a0<strong>DApp platform\u00a0<\/strong>(more on this later).\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Supply Chain Trust<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">VeChain uses a mix of blockchain technology and their in-house built <strong>smart chip<\/strong> to track items throughout their lifecycle. The smart chip can be implemented in different IoT items such as <strong>NFC chips, RFID trackers, or QR codes<\/strong>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although this may not seem like the most interesting technology, it serves an important role in ensuring product quality across industries. Let\u2019s look at the luxury goods sector as just one example.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The luxury goods industry is wrought with counterfeit items &#8211; <\/span><span style=\"font-weight: 400;\">over $450 billion worth<\/span><span style=\"font-weight: 400;\">. With an item like a Louis Vuitton purse changing hands several times during production and distribution, you need to trust that the person before you is passing along something authentic.<\/span><\/p>\n<figure id=\"attachment_4946\" aria-describedby=\"caption-attachment-4946\" style=\"width: 580px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-4946 size-full\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-01-10-13.30.06-e1541433829318.png\" alt=\"traditional supply chain\" width=\"580\" height=\"258\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-01-10-13.30.06-e1541433829318.png 580w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-01-10-13.30.06-e1541433829318-300x133.png 300w\" sizes=\"(max-width: 580px) 100vw, 580px\" \/><figcaption id=\"caption-attachment-4946\" class=\"wp-caption-text\">Traditional Supply Chain<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">VeChain, like other blockchain companies, removes the need for this trust. At every step of the process, you can scan the smart chip on each item to guarantee you\u2019re receiving what you should be. Because the blockchain is an immutable ledger, you can trust that you&#8217;re receiving accurate information.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although still not available, it\u2019s not crazy to assume that this technology will be in the hands of consumers shortly. Soon, you\u2019ll be able to check the authenticity of those sketchy flea market stand sunglasses with a quick scan from your phone.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Supply Chain Logistics<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Beyond counterfeit protection, VeChain also improves logistics systems through simplified product tracking. Logistics is complex and often includes several separate systems that vary across businesses. Because of this, tracking products in the supply chain can be a huge pain. This is especially true when data has to be entered manually or when switching between processes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using VeChain, you just scan the item&#8217;s smart chip to get all of its associated data. This provides businesses with information that&#8217;s always current and an accurate account of each item.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Integrating with IoT devices, VeChain also helps with <strong>quality control<\/strong>. This is especially useful in the food and agriculture industry where something like a temperature change of a few degrees could ruin an entire product batch.<\/span><\/p>\n<h2 id=\"vechain-thor\"><span style=\"font-weight: 400;\">VeChain Thor<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In February 2018, VeChain <a href=\"https:\/\/medium.com\/@vechainofficial\/vechain-apotheosis-part-ii-thor-power-forged-974111a93278\" target=\"_blank\" rel=\"nofollow noopener\">rebranded<\/a> to <strong>VeChain Thor<\/strong>. The rebrand moved the company beyond the supply chain into more general enterprise dapp solutions similar to <a href=\"https:\/\/coincentral.com\/what-is-ethereum\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a>. The new platform uses two different tokens:\u00a0<\/span><span style=\"font-weight: 400;\">VeChain Tokens (VET) and\u00a0<\/span><span style=\"font-weight: 400;\">VeThor Tokens (VTHO).<\/span><\/p>\n<figure id=\"attachment_14786\" aria-describedby=\"caption-attachment-14786\" style=\"width: 1031px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-14786\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14.png\" alt=\"VeChains Two Tokens\" width=\"1031\" height=\"545\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14.png 1031w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14-591x312.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14-621x328.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14-300x159.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14-768x406.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14-851x450.png 851w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14-610x322.png 610w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.40.14-600x317.png 600w\" sizes=\"(max-width: 1031px) 100vw, 1031px\" \/><figcaption id=\"caption-attachment-14786\" class=\"wp-caption-text\">VeChain&#8217;s Two Tokens<\/figcaption><\/figure>\n<h3><span style=\"font-weight: 400;\">VeChain Tokens (VET)<\/span><\/h3>\n<p>Before the implementation of the VeChain mainnet, the only tokens on the network were VEN, an ERC20 substitute. Once the team moved away from Ethereum on to their own blockchain, they swapped VEN tokens for VET at a 1:100 exchange.<\/p>\n<p><b>VET<\/b><span style=\"font-weight: 400;\"> is used by companies as the smart payment currency to run business activities on the blockchain. Businesses who hold more VET are given higher priority and more rights on the blockchain.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">VeThor Tokens (VTHO)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As a VET holder, you receive\u00a0\u00a0<\/span><b>VTHO\u00a0<\/b><span style=\"font-weight: 400;\">that you can use to perform smart contracts and run applications on the blockchain. This mechanism is similar to the way <a href=\"https:\/\/coincentral.com\/what-is-neo-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">NEO<\/a> produces GAS for its holders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The base generation rate of VTHO for VET holders is:<\/span><\/p>\n<p><b>0.000432 VTHO per VET per day<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This number is the minimum that the rate will be, and the VeChain Foundation will initiate votes to re-adjust it based on network usage.<\/span><\/p>\n<p>[thrive_leads id=&#8217;5219&#8242;]<\/p>\n<h3><span style=\"font-weight: 400;\">Proof of Authority<\/span><\/h3>\n<p>The VeChain team isn&#8217;t shooting for a completely <a href=\"https:\/\/cdn.vechain.com\/vechainthor_development_plan_and_whitepaper_en_v1.0.pdf\" target=\"_blank\" rel=\"noopener\">decentralized system<\/a>. Instead, they&#8217;ve implemented Proof of Authority (PoA) consensus in which 101 known validators produce blocks.\u00a0<span style=\"font-weight: 400;\">The network also relies on additional nodes to maintain the blockchain ecosystem. All nodes receive VTHO as a reward for maintaining the network. There are four types of nodes that are differentiated by their maturity date and the amount of VET that they hold:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Strength Nodes <\/b><span style=\"font-weight: 400;\">&#8211; 10 day maturity period (minimum 1,000,000 VET)<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Thunder Nodes <\/b><span style=\"font-weight: 400;\">&#8211; 20 day maturity period (minimum 5,000,000 VET)<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Mjolnir Masternodes <\/b><span style=\"font-weight: 400;\">&#8211; 30 day maturity period (minimum 15,000,000 VET)<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Thrudheim (Authority) Masternodes <\/b><span style=\"font-weight: 400;\">&#8211; 12\/21\/17 maturity start date (minimum 25,000,000 VET)<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The three types of economic nodes (Strength, Thunder, and Mjolnir) receive rewards from the VeChain Foundation VTHO pool in addition to the normal reward for holding VET.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 101 authority nodes (Thrudheim) receive the same rewards as economic nodes plus 30% of all VTHO consumed by blockchain transactions. The remaining 70% of VTHO will be burned. In addition to the maturity data and minimum VET requirement, authority nodes must pass KYC procedures, make their identity public, and pass additional requirements set by the VeChain Foundation.\u00a0These validators are vetted and chosen by the VeChain Foundation and community.<\/span><\/p>\n<p>In March 2018, the project team announced the addition of the\u00a0<strong>X Node<\/strong> program. If you held a certain number of VET by March 20, 2018, you would be classified as an X Node. As an X Node, you receive an additional reward from the Reward Pool as well as exclusive early access to VeChain ICOs. The program was designed to reward early adopters.<\/p>\n<p>Don&#8217;t be intimidated by the amount of VET needed to become a node. You still will receive the daily THOR reward no matter the amount you hold.<\/p>\n<h3>Governance Model<\/h3>\n<p>The distribution of VET tokens not only determines consensus but drives the VeChain governance model as well. Large volume VET holders (&gt;1,000,000 VET) have a direct say in the future of the network. These stakeholders vote on the Board of Steering Committee. In turn, this committee makes decisions on the technology, operations, and even public relations among other aspects.<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" width=\"949\" height=\"591\" class=\"size-full wp-image-14785\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25.png\" alt=\"&quot;&lt;yoastmark\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25.png 949w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-591x368.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-621x387.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-300x187.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-768x478.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-723x450.png 723w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-320x200.png 320w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-610x380.png 610w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.38.25-600x374.png 600w\" sizes=\"(max-width: 949px) 100vw, 949px\" \/><\/p>\n<h2 id=\"vechain-team-progress\"><span style=\"font-weight: 400;\">VeChain Team &amp; Progress<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">VeChain started as a subsidiary of <strong>BitSe<\/strong>, one of China\u2019s largest blockchain companies. The Singapore-based team is over 150 members strong and have a myriad of talent among their top management.<\/span><\/p>\n<figure id=\"attachment_14787\" aria-describedby=\"caption-attachment-14787\" style=\"width: 827px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-14787\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27.png\" alt=\"VeChain 2018 Roadmap\" width=\"827\" height=\"621\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27.png 827w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27-591x444.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27-621x466.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27-300x225.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27-768x577.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27-599x450.png 599w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27-610x458.png 610w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.50.27-600x451.png 600w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><figcaption id=\"caption-attachment-14787\" class=\"wp-caption-text\">VeChain 2018 Roadmap<\/figcaption><\/figure>\n<p>In June 2018, the VeChain team reached a crucial milestone in launching the platform&#8217;s mainnet. With the launch, the network moved off of the Ethereum blockchain onto its own blockchain. And, the team began swapping VEN for VET. The next steps for the network are to expand the ecosystem with more dapps and strategic enterprise partnerships.<\/p>\n<p>The platform already has a significant number of dapps on it including DNV GL&#8217;s My Story and BitOcean&#8217;s OceanEx.<\/p>\n<h3><span style=\"font-weight: 400;\">Team<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/in\/sunny-lu-55456915\/\" target=\"_blank\" rel=\"nofollow noopener\">Sunny Lu<\/a> leads the team as CEO. For the majority of Lu\u2019s career, he\u2019s led IT and Information System projects for several luxury brands. Most impressively, he was the <strong>Chief Information Officer (CIO) for Louis Vuitton China<\/strong>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other members of the management team include CFO Jie Zhang who has 17 years experience in IT assurance and Advisor Bo Shen, the founder of Fenbushi Capital.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Partnerships<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The team has been busy forming partnerships left and right with the two most notable being PwC and DNV GL. VeChain is part of the <a href=\"https:\/\/www.pwccn.com\/en\/press-room\/press-releases\/pr-150517.html\" target=\"_blank\" rel=\"nofollow noopener\">PwC incubator program<\/a> giving them access to the firm\u2019s massive worldwide network of clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DNV GL is a <strong>$20B company<\/strong> that provides services to oil &amp; gas, power, maritime, and renewable companies. The strategic partnership with DNV GL should open the door for VeChain to a massive amount of potential clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perhaps most importantly, the Chinese government has chosen VeChain to be the <a href=\"https:\/\/cdn.vechain.com\/vechain_national_government_partnership_guian_release.pdf\" target=\"_blank\" rel=\"nofollow noopener\">blockchain technology partner of the government of Gui\u2019an<\/a>. With a government that\u2019s notoriously tough on regulations, this is an impressive feat.<\/span><\/p>\n<figure id=\"attachment_14788\" aria-describedby=\"caption-attachment-14788\" style=\"width: 1115px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-14788\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45.png\" alt=\"Short List of VeChain Partners\" width=\"1115\" height=\"613\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45.png 1115w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45-591x325.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45-621x341.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45-300x165.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45-768x422.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45-819x450.png 819w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45-610x335.png 610w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/Screenshot-2018-11-05-10.49.45-600x330.png 600w\" sizes=\"(max-width: 1115px) 100vw, 1115px\" \/><figcaption id=\"caption-attachment-14788\" class=\"wp-caption-text\">Short List of VeChain Partners<\/figcaption><\/figure>\n<h3><span style=\"font-weight: 400;\">Competition<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">On the supply chain side, <a href=\"https:\/\/coincentral.com\/waltonchain-beginner-guide\/\" target=\"_blank\" rel=\"noopener\"><strong>Waltonchain<\/strong><\/a> and <strong>Modum<\/strong> are utilizing blockchain technology in a similar way to VeChain. However, logistics is a large industry. Moreso, each of the three companies appears to be focusing on different niches which helps to prevent direct competition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2017, interest in enterprise DApp platforms surged with competitors like Ethereum, <a href=\"https:\/\/coincentral.com\/cardano-beginner-guide\/\" target=\"_blank\" rel=\"noopener\">Cardano<\/a>, <a href=\"https:\/\/coincentral.com\/what-is-eos\/\" target=\"_blank\" rel=\"noopener\">EOS<\/a>, and NEO all rising in price. Even though VeChain only recently released their mainnet, their sheer number of partnerships have helped to solidify them among these higher market cap projects. <\/span><\/p>\n<h2 id=\"trading\"><span style=\"font-weight: 400;\">Trading<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">VeChain began trading at the end of August 2017 at around $0.25 (~0.00005 BTC). After that time, the price remained relatively flat with a short-lived bump at the beginning of October 2017.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beginning in the middle of December 2017, the price climbed rapidly and recently hit all-time highs alongside the rest of the crypto market. Besides being in a bull market, the price increase was driven by news of more partnerships as well as the announcement of the VeChain Thor rebrand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, the switch from VEN to VET and the change in supply has made price analysis fairly difficult. But, it wouldn\u2019t be surprising to see the price increase as new partners begin using the enterprise DApp platform. <\/span><\/p>\n<h2 id=\"where-to-buy-vet\"><span style=\"font-weight: 400;\">Where to Buy VET<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The recommended place to purchase VET is on <a href=\"https:\/\/coincentral.com\/binance-review\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a> in exchange for Bitcoin or <a href=\"https:\/\/coincentral.com\/how-to-buy-ethereum\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a>. If you don\u2019t currently have either, you can purchase them using USD on either <a href=\"https:\/\/coincentral.com\/gdax-vs-gemini\/\" target=\"_blank\" rel=\"noopener\">GDAX or Gemini<\/a>. From there, transfer your Bitcoin and\/or Ethereum to Binance and make the trade.<\/span><\/p>\n<h2 id=\"where-to-store-vet\"><span style=\"font-weight: 400;\">Where to Store VET<\/span><\/h2>\n<p>Now that the VET tokens have replaced the ERC20 VEN tokens, the <a href=\"https:\/\/wallet.vechain.org\/?lang=en\" target=\"_blank\" rel=\"noopener\">VeChainThor Wallet<\/a> is the recommended place to store your funds. The wallet is available on iOS, Android, and in conjunction with <a href=\"https:\/\/coincentral.com\/ledger-nano-s-wallet-review\/\" target=\"_blank\" rel=\"noopener\">Ledger wallets<\/a>.<\/p>\n<p>Other than for the obvious security reasons, you should also move your VET from an exchange to the official wallet, so you can receive the VTHO rewards. Many exchanges don&#8217;t distribute those rewards. Binance is an exception, however.<\/p>\n<h2 id=\"conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">VeChain is one of the most established blockchain companies in the industry. Not only do they have clients using a functional product, but they also have a team with extensive experience in the industry they\u2019re targeting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having partnerships with giants like PwC and the Chinese government, they should have no problem growing their clientele. Some people may question their shift into the enterprise DApp space, but it looks to be beneficial for customers who are looking for a more robust blockchain solution to their specific business needs. \u00a0\u00a0<\/span><\/p>\n<h2 id=\"additional-vechain-resources\"><span style=\"font-weight: 400;\">Additional VeChain Resources<\/span><\/h2>\n<p><a href=\"https:\/\/www.vechain.org\" target=\"_blank\" rel=\"noopener\">Website<\/a><\/p>\n<p><a href=\"https:\/\/www.facebook.com\/vechainfoundation\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a><\/p>\n<p><a href=\"https:\/\/twitter.com\/vechainofficial\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><\/p>\n<p><a href=\"https:\/\/t.me\/vechain_official_english\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a><\/p>\n<p><a href=\"https:\/\/www.reddit.com\/r\/Vechain\/\" target=\"_blank\" rel=\"nofollow noopener\">Reddit<\/a><\/p>\n<p><a href=\"https:\/\/medium.com\/@vechainofficial\" target=\"_blank\" rel=\"noopener\">Medium<\/a><\/p>\n<p><a href=\"https:\/\/github.com\/vechain\/thor\" target=\"_blank\" rel=\"noopener\">Github<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is VeChain (VET)? A guide covering how the enterprise dapp platform uses blockchain to help ensure the quality of products in a supply chain.<\/p>\n","protected":false},"author":18,"featured_media":4949,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"iawp_total_views":20,"footnotes":""},"categories":[5712],"tags":[5851,20575],"class_list":{"0":"post-4944","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-guides","8":"tag-vechain","9":"tag-vet"},"wppr_data":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is VeChain (VET)? | The Ultimate Guide - CoinCentral<\/title>\n<meta name=\"description\" content=\"What is VeChain (VET)? A guide covering how the enterprise dapp platform uses blockchain to help ensure the quality of products in a supply chain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is VeChain (VET)? | The Ultimate Guide\" \/>\n<meta property=\"og:description\" content=\"&nbsp;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/\" \/>\n<meta property=\"og:site_name\" content=\"CoinCentral\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-05T16:28:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-30T15:53:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Steven Buchko\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What is VeChain (VET)? | The Ultimate Guide\" \/>\n<meta name=\"twitter:description\" content=\"What is VeChain (VET)? Learn how this enterprise dapp platform uses blockchain to help ensure the quality of products in a supply chain.\" \/>\n<meta name=\"twitter:creator\" content=\"@therealbucci\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steven Buchko\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/\",\"url\":\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/\",\"name\":\"What is VeChain (VET)? | The Ultimate Guide - CoinCentral\",\"isPartOf\":{\"@id\":\"https:\/\/coincentral.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png\",\"datePublished\":\"2018-11-05T16:28:40+00:00\",\"dateModified\":\"2021-09-30T15:53:56+00:00\",\"author\":{\"@id\":\"https:\/\/coincentral.com\/#\/schema\/person\/a981a148cffd6d26a6d428d33eddca53\"},\"description\":\"What is VeChain (VET)? A guide covering how the enterprise dapp platform uses blockchain to help ensure the quality of products in a supply chain.\",\"breadcrumb\":{\"@id\":\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#primaryimage\",\"url\":\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png\",\"contentUrl\":\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png\",\"width\":2000,\"height\":1000,\"caption\":\"what is vechain thor\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coincentral.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is VeChain (VET)? | The Ultimate Guide\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coincentral.com\/#website\",\"url\":\"https:\/\/coincentral.com\/\",\"name\":\"CoinCentral\",\"description\":\"Your Bitcoin, Ethereum, and other Cryptocurrency HQ\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coincentral.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coincentral.com\/#\/schema\/person\/a981a148cffd6d26a6d428d33eddca53\",\"name\":\"Steven Buchko\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coincentral.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/46a664892f8d3069070d29dcb9ad85c087180c40754d29298d028c4ed2b036c7?s=96&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/46a664892f8d3069070d29dcb9ad85c087180c40754d29298d028c4ed2b036c7?s=96&r=g\",\"caption\":\"Steven Buchko\"},\"description\":\"Based in Austin, TX, Steven has interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Steven is a co-founder and CEO of Steve, an AI financial coach. \u00a0You can follow him on Twitter @TheRealBucci to read his \u201cclever insights on the crypto industry.\u201d His words, not ours.\",\"sameAs\":[\"https:\/\/x.com\/therealbucci\"],\"url\":\"https:\/\/coincentral.com\/author\/stevenbuchko\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is VeChain (VET)? | The Ultimate Guide - CoinCentral","description":"What is VeChain (VET)? A guide covering how the enterprise dapp platform uses blockchain to help ensure the quality of products in a supply chain.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/","og_locale":"en_US","og_type":"article","og_title":"What is VeChain (VET)? | The Ultimate Guide","og_description":"&nbsp;","og_url":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/","og_site_name":"CoinCentral","article_published_time":"2018-11-05T16:28:40+00:00","article_modified_time":"2021-09-30T15:53:56+00:00","og_image":[{"width":2000,"height":1000,"url":"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png","type":"image\/png"}],"author":"Steven Buchko","twitter_card":"summary_large_image","twitter_title":"What is VeChain (VET)? | The Ultimate Guide","twitter_description":"What is VeChain (VET)? Learn how this enterprise dapp platform uses blockchain to help ensure the quality of products in a supply chain.","twitter_creator":"@therealbucci","twitter_misc":{"Written by":"Steven Buchko","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/","url":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/","name":"What is VeChain (VET)? | The Ultimate Guide - CoinCentral","isPartOf":{"@id":"https:\/\/coincentral.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#primaryimage"},"image":{"@id":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#primaryimage"},"thumbnailUrl":"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png","datePublished":"2018-11-05T16:28:40+00:00","dateModified":"2021-09-30T15:53:56+00:00","author":{"@id":"https:\/\/coincentral.com\/#\/schema\/person\/a981a148cffd6d26a6d428d33eddca53"},"description":"What is VeChain (VET)? A guide covering how the enterprise dapp platform uses blockchain to help ensure the quality of products in a supply chain.","breadcrumb":{"@id":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coincentral.com\/vechain-thor-beginner-guide\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#primaryimage","url":"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png","contentUrl":"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/01\/vechain.png","width":2000,"height":1000,"caption":"what is vechain thor"},{"@type":"BreadcrumbList","@id":"https:\/\/coincentral.com\/vechain-thor-beginner-guide\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coincentral.com\/"},{"@type":"ListItem","position":2,"name":"What is VeChain (VET)? | The Ultimate Guide"}]},{"@type":"WebSite","@id":"https:\/\/coincentral.com\/#website","url":"https:\/\/coincentral.com\/","name":"CoinCentral","description":"Your Bitcoin, Ethereum, and other Cryptocurrency HQ","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coincentral.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coincentral.com\/#\/schema\/person\/a981a148cffd6d26a6d428d33eddca53","name":"Steven Buchko","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coincentral.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/46a664892f8d3069070d29dcb9ad85c087180c40754d29298d028c4ed2b036c7?s=96&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/46a664892f8d3069070d29dcb9ad85c087180c40754d29298d028c4ed2b036c7?s=96&r=g","caption":"Steven Buchko"},"description":"Based in Austin, TX, Steven has interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Steven is a co-founder and CEO of Steve, an AI financial coach. \u00a0You can follow him on Twitter @TheRealBucci to read his \u201cclever insights on the crypto industry.\u201d His words, not ours.","sameAs":["https:\/\/x.com\/therealbucci"],"url":"https:\/\/coincentral.com\/author\/stevenbuchko\/"}]}},"_links":{"self":[{"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/posts\/4944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/comments?post=4944"}],"version-history":[{"count":0,"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/posts\/4944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/media\/4949"}],"wp:attachment":[{"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/media?parent=4944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/categories?post=4944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coincentral.com\/wp-json\/wp\/v2\/tags?post=4944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}