Overview

17/10/18 07:10 UTC-4

VEN (VeChain): Description

Features of the VEN settlement unit
Features of the VEN settlement unit

The blockchain technology has become more and more perfect in recent years. It is actively used in a variety of industries, but still the most popular application of the blockchain system is cryptographic coins. Today we can speak separately about cryptocurrencies (the main principle of which is the blockchain system), and about separately functioning blockchain cryptosystems that conduct calculations inside the system by cryptocurrency units.

 

Work principles

For today, the VeChain blockchain platform has begun to gain popularity, which has its own unit of account for the VEN cryptographic coin. Speaking about the principles of VEN (VeChain) operation, we can say the following: the platform and the cryptocurrency function in the blockchain system, the main feature is the processing and implementation of information on the platform thanks to the system of smart -contracts and the VEN internal crypto-coin.

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VEN (VeChain) remotely resembles the already existing blockchain system (the-core) of Ethereum, but the main difference is the absence of a publicly available protocol standard on which other types of cryptographic coins can be made. All financial and information manipulations are carried out by fitting data into the PoS protocol. By the way, the whole VEN (VeChain) system was initially implemented, and it works till now, according to the ERC20 protocol, that is, on the Ether core, while being its "ideological counterpart" from the somewhat modified functionality of the actions.

From the history: although the platform began to function fully in the beginning of 2015, the crypto-coin was prepared for implementation in the financial market only by the end of 2016. The coin was launched in the beginning of the 2017th.

The platform functioning system is implemented by assigning each individual piece of information (memetic unit) of an individual code, which is then added to the overall blockchain of the platform. VEN crypto-coin in this case acts as a unit of cooperation with VeChain platform and gives the user the following opportunities: absolutely safe storage of information in large volumes, work with ICO-projects, ability to track development trends (perspectives, preferences, etc.) stored in platform data, as well as financial transactions based on the working VeChain platform.

 

Capitalization

The VEN coin functions as a unit for calculating the VeChain platform, but nevertheless has already begun to actively exchange on crypto-exchanges. Beginning in 2017, the total capitalization of a cryptographic financial asset is three billion dollars. At the same time, a systematic increase in the rate has a positive development trend. It is too early to talk about the stability of the volatility of a crypto-coin, since in the first year of its existence, the exchange rate changes almost every day (in this case, in a positive direction).

Interesting in the section: Tron: features and prospects

If you believe the statistics and experts of the crypto sphere, then in a few years VEN has every chance to grow several dozen times. To date (July 2018), the rate is fixed at around six dollars per coin. The anticipated active growth is due to the growing popularity of the VeChain blockchain-platform and the fact that it is not so simple to mine a crypto-coin, because mining is not carried out by means of the computer's power level (video cards, Asic), but in equal proportion to the already existing quantity on the account of the miner of VEN coins (VeChain). Purchase of coins can be realized on many popular crypto-exchanges, including on Binance, Kraken, Poloniex or Yobite.

Editor: Yuliya Soroka

#VEN #VeChain #cryptocurrency #blockchain

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