VeChain (VET) is a Blockchain network designed to improve supply chain management and integrate with IoT devices. This network, which operates with VET and VTHO tokens, provides transparency and efficiency in supply chains, allowing relevant parties to track the product status at every stage. By integrating IoT and Blockchain technology, it aims to create a connected and efficient ecosystem for businesses. In this article, you can find answers to two frequently asked questions: What is VeChain (VET) and how to buy VeChain (VET) with TRY.
What is VeChain (VET)?
VeChain is a Blockchain network designed to improve supply chain management and integrate with Internet of Things (IoT) devices. Its primary goal is to facilitate and improve the efficiency of supply chains using distributed ledger technology. VeChain aims to make processes more transparent and efficient by leveraging this technology to facilitate the flow of information and operations in complex supply chains.
The VeChain network operates with two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET token is used to transfer value across the network, while VTHO serves as the energy or gas required to power smart contract transactions. This dual token system ensures the network remains efficient and functional by providing economic incentives with VET and facilitating transactions with VTHO.
VeChain was initially developed in 2015 as a modified fork of Ethereum, focusing on IoT and supply chain management. Over the years, the network has evolved to support a wide range of enterprise applications. It offers customizable solutions for various business needs, emphasizing on-chain governance, low transaction fees, interoperability with other technologies, and adherence to legal requirements. These features make VeChain a versatile tool for businesses looking to improve their operations and product tracking.
One of VeChain’s core objectives is to provide comprehensive visibility throughout the entire supply chain process. All relevant information, from production to delivery, including storage and transportation, is made accessible to authorized parties involved in the process. This transparency allows all stakeholders to track and verify the status and quality of products at every stage, increasing trust and efficiency in the supply chain.
The development and expansion of the network reflect its commitment to addressing real-world business challenges. Focusing on the integration of IoT and Blockchain technology, VeChain aims to create a more connected and efficient ecosystem for businesses. The on-chain governance model allows for continuous improvement and adaptation to meet the changing needs of businesses.
How to Buy VeChain (VET) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy VeChain (VET). On Binance TR, where an account can be quickly created, over 100 cryptocurrencies, including VET, can be bought and sold. To buy VeChain (VET) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to the trbinance.com address and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, an email/SMS verification will be performed to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be performed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or the official Binance TR website. Note that you will need your phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on the “Identity Verification and Limits” option from the drop-down menu, and then click on the “Verify” option. After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue with the verification process, first, select the document type that suits you best.
After selecting the document type, tap on the “Upload Front” option to continue. After taking a photo of the front side of the document you selected, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. After the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps completely and accurately, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make transactions seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to the trbinance.com address, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. All you need to do now is use the information displayed on the bank’s page to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet on your Binance TR account.
How to Buy VET Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to VET coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to VET purchase page by typing “VET” in the search section on the right side of this page and clicking on the VET/TRY option from the results.
Now the following VET trading page will open. In this page, in the area marked with a red box, you need to enter the price at which you want to buy VET in the first box and the number of VET you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy VET” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers trading services from fiat to cryptocurrency and from cryptocurrency to cryptocurrency by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels via Binance TR and trade various cryptocurrencies with TRY pairs.
Users have access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functions through Binance TR.