Vet Coin – An Introduction
More and more, the world of cryptocurrency is seeing a proliferation of tokens introduced, each “altcoin” promising unique and revolutionary features. One of these is Vet Coin. But what is Vet Coin, and how does it distinguish itself from the crowd? Vet Coin is the token of VeChain, an exciting blockchain that works on the premise of transforming business processes and supply management through increased transparency, trackable data, and verification.
The token has been hailed for its potential impact on the use of blockchain as a means of supply chain management. This article will cover what Vet Coin is, how it works, how to purchase it, and who created it. If you’re interested in this cryptocurrency, keep reading.
What Is Vet Coin and VeChain?
The Vet Coin is the primary token used for transactions on the Blockchain-as-a-Service (BssS) VeChain service.
Its focus is supply chain management and business processes. VeChain’s creators conceived the technology so manufacturers could add RFID tags or other sensors to products and record the data into the blockchain.
The technology has applications in various industries, such as agriculture, the food industry, and even environmental data.
The VeChain blockchain helps to bring together business technologies to work seamlessly in a single system. It creates an ecosystem where the blockchain, Internet of Things, business expertise, and artificial intelligence can actively work together to develop new services and products.
VeChain can also help reduce potential threats by identifying counterfeit products. It does so by comparing product information between the fake object and the data stored on the blockchain. That approach enables products to be more easily traced, reported, authenticated, and marketed.
The Vet Coin token operated on the Ethereum blockchain at one point, but it has since transferred over to its own purpose-built blockchain. In 2018, the VeChain blockchain was rebranded as VeChainThor.
One company that has shown the success of the VeChain blockchain technology is Walmart China. In 2022, VeChain paired with Walmart China to help handle their food security issues.
Using the VeChain blockchain, Walmart China could perform 700,000 transactions in just three hours. In fact, the blockchain allowed the company to track an item every 10 seconds. Without the blockchain, it could’ve potentially taken many hours to track a single item. Elsewhere, Vet Coin has found application in delivering Sustainable Development Goals (SDG). VeChain created a platform called VeCarbon that uses its blockchain to track factors such as carbon footprint. Using its technology, VeChain paired with Amazon to help the company meet its emission targets.
Who Made Vet Coin?
Sunny Lu created Vet Coin in 2015. Lu was the CEO of Louis Vuitton China but has since become the founder of the company that runs VeChain. He acts as the CEO of VeChain alongside the co-founder and COO of Bitse.
When VeChain was first created, it was a subsidiary of Bitse. Bitse is one of the largest blockchain companies in China and leveraged its massive customer base to help get VeChain started.
Vet Coin Price
Due to its design as a BaaS, VeChain has enjoyed a relatively stable price. By October 2022, it was valued at $0.023 and had a market cap of $1.6 billion. There was a circulating supply of 72.5 billion, with a total supply of 85.9 billion.
Does Vet Coin work with Cash App?
A common question we get is can I use Vet Coin to fill my cash app card? At the time of this writing that is not possible. Please see our guide on where to load up your cash app card.
Vet Coin Price History
During the initial stages of Vet Coin, the token hovered just under a penny per coin. It wasn’t until 2021 that the price began to rise quickly. By April, it reached its lifetime peak of $0.23.
Moving into May of that same year, the price made a plummeting drop back to $0.99.
From May 2021 to May 2022, the price experienced a zig-zag descent, rising as high as $0.17 (November 2021) and as low as $0.22 (July 2021).
Vet Coin Price Predictions
The price of Vet Coin has been slated to rise gently by $0.01 a year. Following this same pattern, it is predicted that by 2030 the price will be around $0.53.
If these projections come to fruition, it could mean a potential return on investment of 309% for the 2025 price and a return on investment of 2682% for the 2030 figure.
These predictions hinge on the token following a gentle rising pattern. However, it is important to remember that cryptocurrency is known for its volatility. Reflecting that reality, a few individuals have suggested the token could go as high as a dollar in the next few years.
VeChain Explained
A quick watch of the below video will give you an introduction to VeChain and how it works:
Where To Buy Vet Coin
Now you know what is Vet Coin, you may want to know where to buy it. Vet Coin isn’t as widely spread as more prominent cryptocurrencies, like Bitcoin and Ethereum, but there are still several exchanges that support the coin.
Binance
The largest and most well-known option is Binance. It supports more than 600 currencies, including VeChain. Moreover, Binance is considered the best exchange for traders thanks to its lower fees and increased liquidity.
The only downside to Binance is that it is not available to US residents. It may be a perfect choice if you live in Australia, Canada, the UK, or Singapore.
Uphold
Residents in the United States have access to Uphold, one of the top exchanges in the country. Uphold has built a well-regarded reputation thanks to its ease of use and powerful trading tools. They have a desktop and mobile app to make trading as easy as possible.
One note to factor in for Uphold is that assets are available by region. A best practice for trading with Uphold (or any exchange) is to move your assets to a crypto wallet after you are done trading.
KuCoin
KuCoin is noted for having some of the most competitive rates among exchanges, with low fees and trading costs. Aside from cryptocurrencies, KuCoin also deals in P2P exchanges and other services.
The great thing about KuCoin is that it often is the first place to buy new coins.
WazirX
As the largest exchange in India, WazirX is one of the most reputable exchanges for VeChain. The platform has over six million users who purchase and trade coins through it.
WazirX’s reputation is a part of Binance, ensuring that this exchange will run at the high-quality standards Binance follows. Unfortunately, that means it is not available to US residents.
Huobi Global
Huobi Global is one of the largest exchanges in the world. They have a trading volume across all assets of over $1 trillion, serving more than five million users and 130 countries.
Despite its global reach, Huobi Global doesn’t work with residents from the USA or Canada.
Other
Other exchanges carry VeChain. As the area of cryptocurrency is still highly unregulated, it is always recommended to do your research before you use a platform.
It is important to note that no matter what exchange you use, it’s prudent to transfer your currency to a secure crypto wallet for long-term storage.
Wrap Up
So, now you have the answer to the question, “what is Vet Coin?” This remarkable coin has already demonstrated its value as the primary token of the VeChain blockchain. It has already shown promise in its growing role in supply chain management and logistics.
Of course, while its prospects are promising, always remember that the crypto market is highly volatile; nothing is a guarantee. With that in mind, do your research before you commit to a token, and never invest more than you can stand to lose.
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