Is the VeChainThor Wallet Safe to Store Cryptocurrencies?
Introduction to VeChain
VeChain was initially founded as a non-profit organization in July 2017. The foundation was observing the body for the VeChainThor blockchain. It launched its mainnet in 2018. In 2015, the project was thought of as a platform to track luxury goods items.
VeChain is a supply chain management platform. It aims for a transparent information flow, high-speed value transfers, and efficient collaboration. VeChain manages business information like data on different stakeholders, events, and the blockchain’s involvement, which plays a key role in the authenticity of the various digitized data. The business model behind VeChain believes that trust is a common interest for both businesses and customers.
VeChain uses RFID tags that use electromagnetic fields to track objects. Before blockchain, it was not complex to add fake or adulterated products to the supply chain. With VeChain, it has become difficult to do so. The main component of VeChain is its network, which works as a proof of Authority consensus protocol and its token consisting of VeThor (VTHO) and VET tokens.
VeChain is pioneering and has a strong presence in the cryptocurrency market. VeChainThor Foundation has shown that it can help businesses create useful blockchain applications. It has the potential to derive strong growth into blockchain and supply chains. And as per market analysts, VeChain prediction, and the efforts from its team spent on its advancements, this project is in high demand. Nevertheless, it’s fair to say that this asset’s price will rise over time.
What is the VeChainThor wallet?
There are many cryptocurrency wallets available in the market, and the VeChainThor wallet is one of them. It can basically handle two cryptocurrencies – VET and VTHO. VET is a token that can be used and spent to buy the services provided by the VeChain provider and within the same ecosystem. The token cannot be mined; however, you can buy it.
VTHO is a cryptocurrency that can be generated if you hold on to VET for the time being. You can say it is a dividend which one gets after an initial investment. The VeChainThor wallet is available for both Android and iOS. To use it, you can download the app on your mobile devices. Till now, there is no desktop wallet available, although it can be soon available. However, there is a concept of ‘observe wallet,’ which allows the user to add desktop wallets to your mobile VeChainThor app.
Once you are finished with downloading, agree to the terms and conditions given, and set up the password to secure your wallet. If you are using an iPhone, you can use fingerprint and facial recognition to secure your wallet. Now you are free to either create a new wallet or use an existing VeChainThor wallet.
To create a new wallet, you need to give your wallet a name to differentiate it from others you are already using and create in the future. Thereafter you will find the list of words that are your seed. In the future, you will need this to recover your funds or import your wallet, so you should keep it safe and write it down. Once you have safely written the seed, the app will automatically delete it so that it cannot be recovered digitally ever in the future. Now you have created the VeChainThor wallet!
Is the VeChainThor wallet safe?
VeChain is one of the oldest public blockchains, which means that it has rigorously tested the wallet to ensure that the users’ funds are safe. To ensure the wallets’ safety, VeChain has also let the third parties carry the tests on the wallet. For the app, whether iOS or Android, the app allows two-factor authentication, including facial and fingerprint recognition.
However, one important thing that determines your wallet’s safety is the way you have stored your seed, which is the twelve word phrase given to you while creating the wallet. It is a must to remember that you don’t store it digitally and have written it down on paper and kept it somewhere safe.
Which are the best wallets to store VeChain?
There are a few wallets that can store VeChain securely. Let’s have a look at them:
- Atomic Wallet – Atomic Wallet is a desktop wallet that is available for Mac, Windows, Fedora, and Debian. The wallet allows the users to send, receive, and store the VET coins. You can store all the encrypted private keys on a PC.
- Ledger Nano S – It is a hardware wallet and one of the best wallets available in the market. The wallet comes as a handy USB that can store as many as 700 cryptocurrencies.
- VeChain Thor Wallet – This is a mobile wallet that can be easily downloaded on your mobile devices. It is lightweight and can easily connect you to the VeChain Network.
The VeChainThor wallet is one of the best wallets to store your crypto assets. It is very well designed and secure. The entire project of VeChain has some good prospects as many big-name bankers, and huge businesses are backing the project. VET is definitely to watch in the future as they have some innovative ideas to work on.