Manage your VET
with NOW Wallet
How it works
How to buy VeChain with card
- Pick VET as the currency you want to buy.
- Choose a fiat currency to buy VET with.
- Enter your card details and the recipient's address if you are sending to a third-party wallet.
- Receive your VET in approximately 5 mins!
How to exchange VeChain
- Pick VET as the currency you want to exchange.
- Choose the crypto asset you’d like to get for your VET.
- Enter the recipient's address if you are exchanging to a third-party wallet.
- Receive your exchanged assets in approximately 5 mins!
What is VeChain (VET)
VeChain is a Blockchain-as-a-Service (BaaS) platform that offers hardware and software solutions for businesses and developers. VeChain is based on smart contracts which are focused on real production operations. Basically, it digitizes people, products, or events by linking the API to the system's application layer, connecting the blockchain with real information.
VeChain allows businesses to develop decentralized applications (dApps) to protect and prove the authenticity of their products. New tools support efficient data transfer, track what happens on each chain and streamline the information flow. It makes supply chain management more efficient and transparent while eliminating fake and counterfeit products. Customers get the opportunity to ensure that the products they purchase are authentic and come from original manufacturers.
They held an ICO in 2017 that netted the developers close to $20 million in revenue. Like many other new crypto projects, VET began as an Ethereum-based token before its mainnet – VeChain THOR blockchain – was launched in spring 2018.
In October 2021, VeChain announced the beginning of the "VeVoting" process surrounding the mainnet upgrade which will be focused on implementing PoA 2.0 (Proof of Authority protocol 2.0). Such an upgrade is aimed at improving the mass adoption of blockchain technologies.
The VeChainThor public blockchain is designed for mass adoption of technologies by businesses of all sizes. VeChainThor allows enterprises to use DApps already built on the blockchain or build their own. It also utilizes the Proof of Authority consensus protocol that distributes the votes according to the amount of VET in possession and whether KYC was completed.
ToolChain is a core part of the ecosystem, which enables blockchain implementation in real-life with use cases for industries such as automobile, fashion, food safety, and others.
VeChain support the unique two-token system (VET+VTHO). Such an approach significantly helps to separate the cost of using blockchain from market speculation.
VET functions as a value-transfer medium enabling fast value circulation in the VeChainThor ecosystem. VET is used for staking and can’t be mined on the consumer market as the blockchain’s nodes are managed by companies that are a part of the ecosystem.