Bitcoin Ethereum News
VeChain, an Asian project is extending its IoT and supply chain oriented platform through the development of the VeChain Thor blockchain.The main objective of the platform is to become an enterprise-driven blockchain ecosystem whose primary focus is governance and usability of smart contract services.Before going much deeper, most people ask what is VeChain? What is Vechain?
Vechain is a blockchain for creating efficiencies across supply-chain management and logistic processes.The blockchain implements distributed ledger technology (DLT) to deploy smart complex supply-chain solutions.
Sunny Lui founded VeChain and the VeChain Coin as a robust solution for deploying a decentralized infrastructure of data management applications and the Internet-of-Things.The founder wanted to create a solution to a highly fraudulent supply-chain industry and resolve economic issues.Vechain’s applications keep growing and the scope of the project has broadened.
Vechain blockchain features two tokens that are distinct at large and serve different purposes.The Vechain Token (VET) and the VeChainThor Energy (VTHO).
VTHO is the energy or gas for driving smart contract transactions while VET is the native token (or digital currency) for transferring value across the network.
VeChain was founded in July 2017 and incorporated in Singapore.The project is managed by the VeChain Foundation.
Before inception and back in 2015, Vechain was only a project idea for tracking luxury goods to prevent counterfeits.
Today, the project conducts business around managing enterprise information across diverse businesses.This information is crucial for product verification, supply-chain transparency, and the transfer of value and trust across its network.Key features of the Vechain blockchain VeChain is an enterprise-based blockchain that intermediates data through the Internet of Things (IoT) and provides transparent information about organizations, products and services.VeChain has a vision of leading the next generation of Initial Exchange Offerings (IEOs) and Initial Coin Offerings (ICOs) by taking advantage of smart devices on the Internet of Things.VeChain blockchain has two tokens, its gas VTHO and its native token VET.How to store your VET tokens
VeChain (VET) can be stored on both cold and hot storage (online and offline).
There are various wallets and their respective hardware, mobile, and desktop versions.Here are the top three VeChain wallet options.
VeChain Thor Wallet (Mobile Wallet) – exists as desktop, Mobile (Android or IOS) and hardware version.Atomic Wallet Ledger Nano Hardware wallet
Just like most blockchain projects, VeChain platform began on the Ethereum blockchain.Kickstarting decentralized platforms on Ethereum allows startups to develop their concept and collect resources and funds before building their own blockchains.The project is now a fully decentralized blockchain with its own tokens and developers to further build the ecosystem.VeChain uses
VeChain’s mission is uniting participants in the financial ecosystem to solve economic challenges through blockchain.
The blockchain’s ecosystem is meant to serve the interests of the following community builders.
Enterprises – The blockchain has already built a support infrastructure to help the growth of enterprises by bootstrapping underlying technology, utilities and services.
Community – The blockchain is supportive of community developers and blockchain programmers to kickstart their own projects on the ecosystem and bring about diversity across the platform.
Institutional Partners/regulators – to support its mission of helping startups, incubation partners and venture capitalists are bringing in their input in terms of expertise, resources and capital.The blockchain is also supporting regulators who believe in the promise of the blockchain; and those that want to create favourable blockchain legislation for cryptocurrencies to thrive.Some applications for VeChain Anti-counterfeiting software also helps in the traceability of stolen luxury products.(2016) Integrating data-driven solutions on the blockchain for businesses.Data collection through the Internet of Things (IoT) Deploys an immutable ledger that also allows free transfer of value.Solve Supply Chain Deficiencies and eliminate fraud.This is especially essential for the food industry where participants can collaborate, communicate and transact in a transparent data-driven solution.
Understanding VeChain and VET Coin
VeChain intends to use blockchain technology to create a trust-free and decentralized business ecosystem that favours the transparent flow of data, high-speed value transfer and efficient collaboration across business processes.Technology firms have normalized compartmentalizing businesses on the supply chain data into silos.These silos cater to multiple stakeholders.As a result, this affects the flow of information which consequently is divided among participants.
VeChain’s whitepaper suggests blockchain technology should allow ownership of data to empower both ends of a transaction.
Therefore, break the asymmetric information problem.The blockchain is so effective in deploying information about products, business processes, storage, organizations, and transportation.Which is eventually creating greater market transparency and making it convenient for market participants to transact.
The VeChain blockchain is used across diverse industries to track quality, storage data, temperature, authenticity, last-mile delivery and transport medium logistics.It achieves this through implementing Radio Frequency Identification (RFID) sensors and tags.Authorized Supply chain participants can access these pieces of information anywhere and in real-time.
The sensors ensure product manufacturers and merchants can constantly track and monitor all parameters from the manufacturing process, packaging to delivery.In case a problem is encountered along the way, the blockchain communicates back to an authorized person.
Both VeChain (VET) and VTHO are run on the VeChain Thor Blockchain platform.Both means of value transfer are decentralized and can be used by decentralized applications that are already hosted on the VeChain blockchain.VeChain seems to have borrowed its dual token idea from Ethereum’s Ethereum (ETH) and NEO gas.
However unlike Ethereum’s lack of predictability when estimating transaction fees, VeChain builds upon a predictable economic model for simplifying decentralized finance.What Can You Do With Vechain?
The design of VeChain’s blockchain is in such a way to accommodate the movements of goods and services across a chain of supply.The token of transaction on the blockchain is the VET utility token.This design is highly in favor of businesses dealing with large volumes of settlements.However, the following are different ways your business can adopt VeChain in its ecosystem.Food and Beverage Businesses
Owners of food and beverage enterprises can use VeChain’s ecosystem to transact in a transparent manner.The blockchain allows them to scan QR codes on their preferred products and the system automatically provides consumers with desired information about the product.Such information includes geographical location, inspection reports, dates, ingredients, source of ingredients, and cryptographic information.
As a result, a brand will improve transparency on its chain of supply to reduce costs for third-party verification and collaborate with other participants such as insurance firms and financing institutions.Startups
VeChain’s blockchain has put in place various systems to help startups bootstrap growth from scratch.
Startup founders will find tools for technical documentation and acquire direct support from VeChain’s support team.Digital Vehicle Management
Uber sparked a fleet of vehicle management companies.VeChain provides users with an effective digital vehicle passport solution that stores and secures crucial data along the lifetime of an automobile.Financial institutions, vehicle manufacturers, insurance providers, vehicle repair enterprises, and technical experts can use the VeChain blockchain for authorized sharing of data.This will make information about ownership, servicing history, and usage more transparent across the automobile industry.Luxury Product Manufacturers VeChain establishes a unique identity link between brands and physical products
Luxury product brands are competing for market attention by coming up with high-value product designs.
These brands can now use VeChain to establish a unique identity link between their brands and their physical products.The links are customized using smart NFC tags.Finally, competing brands can implement the blockchain’s product verification to boost the traceability of stolen goods across the chain of supply.How Does Vechain Make Money?
VeChain holders can stake or HODL their VET to earn some passive cash.Staking refers to storing cryptocurrency funds in a locked wallet.The funds maintain the operations of the blockchain ecosystem and execution of proof of stake.Staking shares some similarity with cryptocurrency mining since they are both methods of achieving network consensus.
In turn, the blockchain rewards users for staking.
You can also HODL VeChain to generate some profits.
To HODL is to store a coin for an amount of time until it gains more value.
However, a HODLING strategy should be long-term and inclined towards an increase in the value of the asset in the future.
VeChain’s economic model is an important discussion on this part about how Vechain makes money.
It turns out, VTHO indicates the underlying costs of VeChain usage.The blockchain consumes VTHO after the ecosystem performs certain operations.
On the other hand, the functions of VeChain (VET) are to create value transfer and build-up rapid circulation and liquidity of the token across the blockchain.Furthermore, the blockchain also awards network nodes with some VET for facilitating the growth of the network.VeChain blockchain also awards network nodes
Note that the nodes are never to be part of Vechain’s economic model but only a means of boosting and stabilizing the VeChain ecosystem.Finally, VeChain’s whitepaper suggests the blockchain automatically generates VTHO through holding VET tokens.
Therefore, when a user holds onto some VET, the blockchain will award them with VTHO.The VTHO can be used as a medium of value transfer, traded, or implemented when running decentralized applications hosted on the Thor blockchain.
Also VET can be traded against other currencies on any cryptocurrency exchange.What is the Price of VeChain at the Moment?
VeChain traded its highest price on the 5-day weekly chart at $0.056 on 21st February 2021.Since then, the crypto asset has been trading lower and dipped towards $0.035 on 23rd February; before recovering to $0.046 on 24th and dipping once more below the $0.035 resistance on 25th.
(VeChain TradingView Chart)
A Technical analysis published at FXstreet suggests VET proponents should remain hopeful of VET price recovery as long it holds beyond the 23.6% Fibonacci retracement.If this is going to happen, buying pressure will intensify and snowball the price towards the 50% Fibonacci retracement.In case the price hits $0.047, by rising above the 50% Fibonacci retracement level – this will be a 10% upswing from the present price.
But notwithstanding, failure for buying pressure to succeed will result in sellers dragging the asset’s price downwards towards the $0.033.This change will represent a 15% drop from the current VeChain price.
VeChain’s ranks at number #31 with a market cap of $2,577,924,886 on CoinMarketCap ranking.The live circulation supply is 64,313,576,989 VETs and a trading volume of $563,504,743 on the 24-hour trading volume (Today, 26th February 2021- press time).VeChain Markets CoinMarketCap What is the VeChain Price Based on?
VeChain’s token valuation is directly proportional to the cost of using the blockchain.
However, usage of the blockchain depends on whether a user is carrying you smart contract transactions or payment transactions.
Again, the value of VeChain (VET) goes up as usage of the blockchain rises.Furthermore, and as earlier mentioned, the platform supports those who hold VET by enabling them to conduct VET transactions at no cost.This is because holding VET guarantees the user some free VTHO.Vechain Price Prediction and Future Forecasts 2021, 2023, 2025, 2027
We have already seen the value of Vechain (VET) increase with the usage of Vechain’s blockchain.This means high adoption of the blockchain by businesses is tied with increased blockchain usage; which has a direct correlation with the value of the Vechain token.To analyze the forecast of VET’s direction, let’s have a look at partnerships the ecosystem has already forged.
Vechain partnered with BMW to deploy a car verification system.The car verification platform is however only a continuation of Vechain-BMW partnership and is called the Start-up Garage.
In 2018, VeChain entered into a partnership with supply chain management company DHL to build smart blockchain solutions for the logistics industry.
Another partnership was between VeChain and PriceWaterhouseCoopers (PWC) for the deployment of VET as a token for processing various transactions and tracking costs through the supply chain.
Such partnerships and other notable ones such as DNV and GL translate to a rapidly growing blockchain ecosystem.VeChain and its VET token will deploy decentralized financial services, applications and smart contracts across various types of industries.
From the look of things and with the continued trend, Vechain is likely to hit $0.2 by the end of 2022 and $0.38939 by 2023.The price could also rise along with increasing market capitalization.
It is also worth noting how the cryptocurrency has remained consistent with its upward trajectory.
In comparison to other tokens, VET is performing well and proponents should be hopeful.
WalletInvestor suggests the coin will hit $0.05 by mid-2022.
This is quite bearish considering the price is down from $0.05 and it is only the start of 2021.The pessimistic analysts go ahead to give a prediction of $0.079 by the end of 204 and $0.09 by 2025.
Digitalcoin Price feels Vechain (VET) is going to benefit long term investment strategies.The analyst maintains the price will hit $0.064 by 2023 and snowball by 24% in mid-2024.The forecast also claims the price will increase to $0.09 by 2025.
It is worthwhile for investors planning to invest in VET token to comprehensively look at the details of the ecosystem.Strong partnerships should be the first benchmark while evaluating VET’s price prediction analysis.
Also, note a big likelihood exists of Vechain becoming the global blockchain leader in supply chain management.Some predictions are pretty bullish such as Coinswitch proposing the token is likely to hit $1.Should I Invest in Vechain?
Yes.You should invest in VeChain.
But let’s take a look at how to make informed decisions when investing in a token, before highlighting why Vechain should be part of your portfolio.
Cryptocurrencies are complicated and volatile.And before investing in any cryptocurrency, here are factors to consider: The utility of the coin – Read through the coin’s whitepaper and identify what problems it solves.
Find out whether the coin has any real-world applications as well as if it can be used for transactions, smart contracts and payments.Conduct a comparison analysis between the coin and other similar cryptocurrencies.
Study the Team – Go through the coin’s about page and research its founders.Find out whether they are experienced, legitimate and honest.Also check the coin’s market capitalization to establish the liquidity of the cryptocurrency.Demand and Supply – The utility of a coin is directly proportional to its demand.
Remain aware as well that higher supply than demand might ruin the value of a coin.The supply should be fixed and the coin should have a real world solution to an aching problem.Valuation – Do not go for a coin because it costs a fraction of the dollar.Analyze the valuation of the coin, the numbers of users on its blockchain and if the user volume is higher than the price, – that’s an overpriced coin.
Well, I find VeChain (VET) a good investment because of its ascending trajectory in a market that has remained volatile.
The coin’s strong partnerships and the prominence of the coin in the value chain.What Can you Expect of VeChain?
VeChain has already developed a working and practical blockchain solution for supply chain management.
The practical solutions have already attracted partners from various industries to join the bandwagon.Such industries include manufacturing, luxury goods, automobiles among others.Vechain’s solutions can be implemented in health records to track medicines.Besides, the anti-counterfeiting mechanism is effective in wiping out the black market trade of medicines.
VeChain also has a strong team behind it.The project’s CEO Sunny Lui is a former Chief Information Officer (CIO) at Louis Vuitton China.The rest of the team also have a solid background and track record in information technology.
There is no telling actually where VeChain is headed to but for now, we can just look at the stars.The currency has a good standing for investing, holding and solving real world applications.Will VeChain reach $1?
An imminent Bitcoin (BTC) bull run already found its way into the crypto market and snowballed BTC to $56,000.Blockfyre’s Simon Dedic had predicted this bull run but indicated it would hardly reflect across the entire cryptocurrency market.Dedic’s predictions indicated VeChain (VET) is going to hit $1 – which represents an increase of 14,000% from the current price prediction.However, Simon emphasized this was going to happen if only Bitcoin was going to hit a $150,000 market price.
Simon gave this prediction when Bitcoin was only trading at $9K and from the look of things, Bitcoin has already witnessed a bull run.Will a VeChain hit $10?
Some market analysis indicates VET is going to hit $75.Default it means Vechain will attain $10 and then surge its way above $70.However, if Vechain is to hit $75, the coin’s present market valuation must rise by over 140,000 per cent.A situation that is likely to take several decades.Does VeChain have a future?
Yes.
Significant reasons why VeChain has a future and probably a good investment include: It looks beyond the supply chain market
As mentioned earlier, the VeChain project focuses on bringing traceability and transparency in the supply chain industry.However, the project is tapping into other areas, such as competing with Ethereum for a decentralized application platform.Benefits from strong foundation Support
The VeChain foundation supports the VeChain project, handles all development activities, growth and research.The foundation also networks and builds partnership capacity on behalf of the blockchain.
Has solid partnerships
We mentioned earlier the kinds of partnerships that VeChain has already signed.The blockchain is already helping reputable enterprises track goods, employ traceability and create efficient supply chains.Such partnerships include BMW, Bayer, PwC, GL, DHL and DNGV.It, therefore, proves the blockchain project is here for the long term and is meant to build more icebreaking solutions.
Reputable team
The blockchain is backed up and managed by a reputable team of developers and sales professionals.This enables them to deliver high-end products for use in the real world.Academic backing from Oxford University
VeChain is in a proud partnership with Oxford University’s Department of Technology Research.The partnership is meant to boost the development of the blockchain’s architecture.Oxford University is researching new ways of building proof mechanisms and smart contracts for VeChain.
With such a collaboration with a reputable university and backing from reputable firms, more businesses are likely to implement VeChain’s smart solutions.VeChain is a Fresh Project in Progress
Most people and businesses are usually inclined towards bootstrapping along with a fast-growing technology.The fact that VeChain is a project in progress could attract more partnerships and business.This is mainly because it’s easy to tweak and implement a project in progress.Which helps it become even better, robust and dependable.
Final verdict
We have looked at VeChain and analyzed various VeChain price prediction.We have found some bullish predictions and some other extremely bullish forecasts.
The good thing is there aren’t any bearish predictions about the coin.Everyone anticipates VeChain’s network of the partnership will grow and remain consistent.The coin already hit $0.05 at the start of the year and its proponents should anticipate even higher gains.2020 had no Bullrun and witnessed a side to side performance across all cryptocurrency markets, VeChain was still able to maintain a consistent and gradual rise.It is likely that VeChain will trade at $0.07 by the end of 2021.
The coin is likely to see an uptrend throughout 2021, 2022 and hit $0.09 by the start of 2023.This blockchain will increase the volume of its users and attract more partnerships.The dedicated team is not one to fail its community and will keep pursuing its vision to the best of the ecosystem.Well, perhaps it’s about that time we said curtains down and welcome to Simon Dedic’s price of $1.
Finally, by the end of 2020 VeChain received a 5-star rating as the world’s leading blockchain platform.
The rating was tested across the blockchain’s technical strength, real-world use cases and market-proven and practical blockchain solutions.
Source: https://www.cryptopolitan.com/vechain-price-prediction-2021-2027/.
