✔️ Information reviewed and updated in April 2024 by Pedro Martínez González

The arrival of technology and cryptocurrencies such as Vechain have made it possible for us to enjoy a large number of functions and benefits today. A perfect example is found in the use of the internet to improve processes in our life or put more information at our fingertips.

Vechain knows that the Internet of Things is one of the most important innovations, which, together with the Blockchain, will change the world. That is why they promise us the creation of a unique app which allows us to trace a supermarket product to its origin just by tracking it.

▶ What exactly is Vechain?

Vechain could be considered as an almost peculiar, since it is a cryptocurrency, an app and also an app which allows you to scan your products to trace them back to their origin. Basically it is a platform focused on following the life cycle of a product, which incorporates 3 innovative technologies:

• Blockchain
• RFID: Radio Frequency Identification (radio wave data storage system).
• Internet of Things

By using these three technologies Vechain creates a platform that allows a product to be followed from its birth to its end, in addition to managing extra functions such as a cryptocurrency.

The purpose of Vechain is very broad. In the first place, it offers the user, client and companies a tool that allows them to know everything about the product. This allows them to raise their quality through stricter controls and selections.

On the other hand, Vechain seeks to create a decentralized commercial platform in order to be able to transmit data quickly and effectively with greater traceability. All this through the use of Blockchain, as well as Backend as a Service technology which allows linking apps with cloud storage.

▶ Features about Vechain that you should know

• Technology combination: If there is something that stands out in Vechain it is the fact that it allows combining technology in a unique way. And it is that, unlike Bitcoin or Ethereum, here we have Blockchain hand in hand with the Internet of Things and RFID chips.
• Transparent information: Information is power and transparency trust, that is why Vechain has made it a goal to be as transparent as possible regarding product information. That is why this platform has created the ID Digital solution.
• More than a digital currency: Another point to take into account is the fact that Vechain not only serves as a cryptocurrency, but goes further. It has a platform of services and articles which offers many functions and benefits for users. This is not the case with Bitcoin and Ethereum, for example.
• Maximum amount of coins: Finally, you should know that Vechain has many more virtual currencies than Bitcoin, for example. This is because Vechain offers more than 800 millions vs 21 million Bitcoin or 84 million Litecoin, to name a few coins.

▶ How does Vechain work?

Talking about its product tracking feature, Vechain is very simple to explain as all you have to do is open the app, take a product and use your mobile to scan the barcode. In this way, Vechain will be able to start up its entire technological mechanism.

Almost instantaneously, Vechain will give you information about your product with data such as production date, origin, data of the place of processing, etc.. Similarly, for warehouse owners it will allow them to know the location on the shelf of products, supplier information and more.

▶ Technology behind 

To work, Vechain uses a decentralized platform which works on the Bitcoin Blockchain which means that it also uses the SHA-256 algorithm to function. On the other hand, it also has a certain resemblance to Ethereum, since its VET Token works through the Ethereum standard, the ERC20 Token.

It could be said that Vechain is also a large database, although it is not entirely, since to access the information it created an environment where the information is saved and validated. In this way users can access it very easily.

All data is recorded on a digital track or Bitcoin Ledger. Each of the articles or services receives an identification ID which is stored by means of an NFC chip or in a quick response QR code. This helps make data transmission more efficient.

As for the VET token, it operates as the backbone of the entire Vechain system since all transactions depend on VET. This Token acts every time a smart contract is executed, in addition to serving as a reward to the nodes and is also used as a form of payment on the platform.

▶ How can I get them?

The first thing you should know is that VET cannot be mined because Vechain does not support mining. Of course, you can buy your own coins through one of the Exchange Houses that handle it.

Despite being relatively new, we can find VET coins in some of the most important exchanges on the market. This is because Vechain is Chinese and has important allies in Asia. Take into account that you can only buy VET using cryptocurrencies, as it does not support fiat money.

▶ Is it worth using?

Yes, the answer is that it is worth the use of Vechain, since it does not remain as a cryptocurrency more of the lot. The features it offers make it a great tool for a niche market that has not been exploited by cryptocurrencies.

Another characteristic for which Vechain will gain relevance in the world is because of the way it involves technology. Here we have a unique structure which integrates the future in one place, data transmission, Blockchain and also the internet of things.

About the Author: Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.
About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.
Do you want more information? You can read more about me here in my biography.

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