VeChain is an altcoin founded back in 2015 by Sunny Lu who was the Chief information officer at Louis Vuitton in China. VeChain also started its operation in China under the wing of a bulging Chinese blockchain company known as Bitse. This specific blockchain had a roaring clientele among the commerce as well as individual businesses at the moment. During the first few years the VeChain token was being handled by Ethereum’s blockchain but with enough developments taking place as the years proceeded it was shifted to its own unique blockchain and was rebranded in 2018.
The first few points of businesses for the VeChain was to make all this data sitting on various blockchains regarding cryptocurrencies and NFT actionable and also transparent. Other goals on the list consisted of being an intermediary for IoT (internet of things), becoming a leader in the dApps world, and taking the lead in the ICO (initial coin offering) made via VeChain.
Fun facts about VeChain
VeChain in itself is a double-edged sword, it is neither proof of stake nor proof of work like many other cryptocurrencies out there are doing and this is a discerning factor about VeChain. It uses a more advanced and articulated system known as the proof of authority which is a reputation-based consensus that provides an efficient and practical solution to the private blockchains out there. This means that instead of staking blocks the validators are staking their reputation instead which makes this network more wholesome and transparent in every way.
Why should you invest in VeChain?
VeChain is definitely a worthy investment if you are willing to turn your investment into a literal profit along the line. There are a lot of things that you can verify for the cryptocurrency before buying it and some of these are to be mentioned shortly. The first thing that is of notice about VeChain is that the cryptocurrency is extremely cost-effective you can buy tons of it for a literally very affordable investment. This means more tokens for you and when its price skyrockets in the future only you get to benefit from it.
The transaction time for VeChain is comparatively more efficient and consistent whereas other cryptocurrencies tend to deliver varied results with each run the VeChain on the other hand can get your transaction to proceed in a limited timeframe without any trouble. This means that it might become the go-to cryptocurrency for many new business ventures and digital marketplaces.
Another important aspect for any cryptocurrency is that when it comes to validating or mining they must employ a rigorous background check but many don’t which end up wreaking chaos on the blockchain. But as for VeChain, it doesn’t allow anyone to validate the crypto onto the blockchain until they have cleared down with a thorough KYC (know your customer) and AML (anti-money laundering) check for each and every validator. So, if anyone wishes to make an investment with VeChain then they should know that VeChain is not only secure, efficient but holds a lot of merit for scalability in the future.
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