Vai

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Discover Vai's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Vai?

Vai (VAI) is a stablecoin pegged to the value of the US dollar, ensuring a stable value of $1. It is backed by a basket of cryptocurrencies and issued by Venus Protocol, which is built on the Binance Smart Chain. This decentralized cryptocurrency offers attractive interest rates and diversifies risk through its backing by multiple cryptocurrencies.

How is Vai used?

The VAI token is used within the VAIOT ecosystem to facilitate various activities and services. It is primarily utilized to power the blockchain-based AI Assistants and on-chain Intelligent Contracts, enabling automated services and transactions for businesses and consumers.

How do I store Vai?

To store VAI tokens, you have several options:

  1. Exchanges' Wallets: You can store VAI on your exchanges' wallets, such as Binance Wallet or Bitget's BG Wallet. These wallets are convenient but are considered "hot wallets" and are always online, which makes them more vulnerable to hacking risks.

  2. Crypto Wallets: You can store VAI on crypto wallets like Trust Wallet, which are generally more secure than exchange wallets.

  3. Cold Wallets: For long-term storage and maximum security, consider using cold wallets. There are two types of cold wallets:

  • Paper Wallets: These are offline wallets where you generate and print public and private keys. They are secure but less convenient.
  • Hardware Cold Wallets: These are physical devices that store your cryptocurrency offline. They are highly secure and preferred by many users.
  1. VAIOT Wallet: You can also store VAI tokens in the VAIOT Wallet, which is created upon request. Additionally, you can use the Payback Bonus Wallet, which is automatically generated when you create an account with the VAIOT platform.

  2. Ethereum-based Wallets: As VAI is an ERC-777 token, you can store it in various Ethereum-based wallets, including MetaMask and Ledger.

Remember to always prioritize security when choosing a storage method for your VAI tokens.

How to buy Vai?

To buy Vai (VAI) tokens, follow these steps:

  1. Choose a Reliable Exchange: Select a reliable centralized exchange that supports Vai (VAI) trading, such as Binance, KuCoin, CoinEx, gate.io, or MEXC. Ensure the exchange accepts customers from your country and offers the necessary trading features you need.

  2. Create an Account: Register a free account on the chosen exchange. Provide required personal information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Deposit Funds: Deposit fiat currency into your exchange account using methods such as credit/debit cards, bank transfers, or third-party payment channels. Alternatively, you can buy a stablecoin like USDT first and then use it to buy Vai.

  1. Transfer Funds to the Exchange: If you bought a stablecoin elsewhere, transfer it to the exchange that supports Vai trading.

  2. Place a Buy Order: Go to the trading page, select the Vai trading pair (e.g., VAI/USDT), and decide whether to use a Market or Limit order. Enter the amount you want to buy and confirm the order.

  3. Store Your Vai: Once you have bought Vai, store it securely in your personal crypto wallet or hold it in your exchange account. You can also trade it for other cryptocurrencies or use it for staking on platforms like Binance.

Remember to research the exchange fees, security features, and supported currencies before making a purchase. Additionally, consider your investment approach, crypto storage, and other aspects of buying and trading Vai.

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History of Vai

The history of Vai (VAI) is closely tied to the Venus Protocol, which was launched in 2019. The Venus Protocol is a decentralized lending protocol that operates on the Binance Smart Chain (BSC). The protocol is governed by the XVS token, which was designed to be a fair launch cryptocurrency with no preliminary allocation to the project’s founders or its team. Users can earn XVS by providing liquidity to the protocol through Binance Launchpool.

Vai, powered by the Venus Protocol, is a decentralized stablecoin that runs on the Binance Smart Chain. It is the first decentralized stablecoin on the BSC, backed by a basket of stablecoins and other crypto assets without centralized control. This allows Vai to offer high-speed, low-fee transactions, making it an attractive option for users seeking a stable and efficient money market.

Historical price data for Vai is available, allowing users to track its performance over time and make informed investment decisions. The stablecoin is pegged 1:1 to the USD, ensuring that its value remains stable and predictable.

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How Vai works

Vai (VAI) is a stablecoin that operates on the Venus Protocol, which is built on the Binance Smart Chain. This means that Vai is designed to maintain a stable value, pegged to the US dollar, unlike other cryptocurrencies that are known for their volatility. The stability of Vai is achieved by backing it with a basket of other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

The Venus Protocol provides a decentralized lending and borrowing solution, allowing users to deposit Vai and earn attractive interest rates. Currently, the annual percentage yield (APY) for Vai deposits stands at 15.94%, which is significantly higher than traditional savings accounts and other stablecoins.

Vai's decentralized nature gives investors greater control over their investments and reduces the risk of fraud or manipulation. Additionally, the diversification of the backing cryptocurrencies helps to mitigate the impact of any one cryptocurrency's volatility on the overall value of Vai.

In terms of its use cases, Vai is part of the VAIOT ecosystem, which offers blockchain-based AI assistants to automate communication processes and improve business operations. These AI assistants are designed to provide faster, easier, and more affordable services to both businesses and consumers.

Overall, Vai's stable value, high yield, and decentralized nature make it an attractive investment option for those looking for a relatively safe and stable cryptocurrency. However, investors should still be aware of the risks associated with market volatility, liquidity, regulatory, and security risks that come with investing in any cryptocurrency.

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Vai's strengths

The token Vai (VAI) has several strengths that make it an attractive investment option:

  1. Stable Value: As a stablecoin, Vai (VAI) is pegged to the value of the US dollar, ensuring that its value remains stable and not subject to the wild swings experienced by other cryptocurrencies.

  2. High Yield: Venus Protocol offers attractive interest rates on Vai (VAI) deposits, currently at 15.94% APY, which is higher than traditional savings accounts and other stablecoins.

  3. Decentralized: Vai (VAI) is a decentralized cryptocurrency, giving investors greater control over their investments and reducing the risk of fraud or manipulation.

  1. Diversified Backing: Vai (VAI) is backed by a basket of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), which diversifies the risk of the investment and reduces the impact of the volatility of any one cryptocurrency.

  2. Utility in VAIOT Ecosystem: The VAI token is used within the VAIOT ecosystem to facilitate various activities and services, such as AI-powered legal services, intelligent contracts, and secure digital transactions.

These strengths contribute to Vai (VAI) being a relatively safe and rewarding investment option compared to other cryptocurrencies.

Vai's risks

Vai (VAI), a decentralized stablecoin, carries several financial risks that investors should be aware of. These risks include:

  1. Market Volatility: Although Vai is designed to maintain a stable value, the market in which it operates is highly volatile. The value of the cryptocurrencies that back Vai can fluctuate significantly, potentially impacting the stability of the coin.

  2. Liquidity Risk: As a relatively new cryptocurrency, Vai may not have the same level of liquidity as more established cryptocurrencies. This could affect the ability of investors to buy and sell the coin.

  3. Regulatory Risk: Governments and regulatory bodies are still trying to understand and regulate cryptocurrencies, which could impact the value and the ability to invest in Vai.

  1. Security Risk: As a decentralized cryptocurrency, Vai is exposed to security risks associated with storing and managing cryptocurrencies. Investors need to take appropriate measures to secure their investments.

  2. Credit Risk: Vai is backed by a basket of cryptocurrencies, which means that if any of these backing currencies default or experience significant losses, it could impact the value of Vai.

  3. Operational Risk: Poor management or flawed financial reasoning within the Venus Protocol, which issues Vai, could lead to operational risks that affect the stability and value of the coin.

These financial risks highlight the importance of thorough research and risk assessment before investing in Vai or any other cryptocurrency.

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Did Vai raise funds?

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Vai’s team

  • Christoph Surgowt and Michal Szachno: The founders of VAIOT, established in 2018, who merged artificial intelligence and blockchain to create innovative digital services and secure legal agreements.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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