VeChain is a Blockchain-as-a-Service platform that aims to create a “reliable distributed business ecosystem that ensures smooth information flow, efficient collaboration, and high-speed value transfer”. Several industries, including luxury goods, agriculture, logistics, food/medicines, and governments, are already using VeChain blockchain technology.
The platform is aimed at interacting with all sectors of the market, such as B2B (business-to-business), B2C (business-to-consumer):
- Manufacturers will be able to track sales channels in real time, marking each product with a unique numeric identifier.
- Consumers will be able to verify the quality and authenticity of the product and obtain all the information about it by scanning the numeric identifier using the mobile application.
The history of VeChain Thor dates back to 2015, when a team of specialists led by Sunny Lu launched a prototype of the VeChain platform on the Ethereum blockchain. In the summer of 2016, VeChain developers presented the first version, and in early autumn of the same year, a mobile application for iOS was published. In mid-August 2017, VEN tokens were sold through ICO. The price of one VEN token was $0.08, and the desired hardcap of 200,000 ETH was achieved.
A few months after ICO’s completion, the VeChain Foundation was established and a board of advisors was established. At the end of June 2018, the company moved to its own blockchain. The network was renamed VeChain Thor, and the token was named VET.
Vechain Coin Fundamental Value
The VeChain ecosystem consists of three levels: blockchain (network), tokens and wallet.
Until June 2018, VeChain cryptocurrency existed as a project on Ethereum blockchain, and its functionality was very limited. However, the move to its own platform opened up new opportunities. VeChain’s cryptocurrency has its own specific features that distinguish it from other blockchains.
Some criticize the VeChain Thor blockchain because it is not fully decentralized and has centralization features that prevent it from being considered a real crypto project. However, the creators explain this by the peculiarities of the project and the need to ensure network security.
In addition, the need for Build-in Gouvernance tool is explained by the use of a special algorithm to achieve consensus within the network – Proof-of-Authority (PoA).
In the VeChain Thor network, the PoA algorithm is not used to confirm the presence of coins on the user’s wallet, as is the case with most blockchain coins, but to verify the product. Typically, the validators are a small group of nodes (up to 25) – in most cases, the node operators are representatives of the company that uses VeChain Thor for its business.
|Curr. Supply / Total Supply||55 454 734 800 VET / 86 712 634 466 VET|
|ROI since launch||-77,71%|
|Launch date||3rd August 2019|
Vechain Coin 2018 Price History
During 2018, Vechain price has fallen dramatically from $0.018 to $0.003. Why so? Probably, it happened because VeChain Thor “moved” to its own blockchain, it became impossible to store tokens on wallets that only support the ERC20 standard. Together with the new platform, the developers launched the wallet. At the moment VeChain Thor wallet supports both VET and THOR coins of the platform. Soon the developers plan to integrate VeVID for scanning digital identifiers and other DApps, designed for full use of the network.
Vechain Technical Analysis
What’s the current situation on Vechain market? Check Vechain technical analysis from TradingView:
Vechain Community Reputation
VeChain Thor has unique features that distinguish this cryptocurrency from many others. Among the indisputable advantages are the following:
- A useful idea that can bring real benefit to society – the project solves one of the most pressing problems – the identification of counterfeit goods, and all you need for this – is a smartphone with an installed application.
- Use of advanced technologies – the developers have skillfully integrated into the project two most relevant technologies at the moment – blockchain and the Internet of Things.
- High security of the network – VeChain cryptocurrency is the first project to implement the Cryptocurrency Disaster Recovery Plan (CDRP) system in its blockchain.
- Possibility of network scalability – VeChain Thor network can be scaled with the help of side clean technology.
However, despite the serious advantages of VeChain cryptocurrency, it has one serious drawback. In particular the crypto community doesn’t like that the project shows signs of centralization. The consensus in the network is reached through the Proof-of-Authority algorithm, which assumes that any user cannot create a node.
Anyway, Vechain is a pretty popular project, and it was on the peak of popularity in summer 2019 when a lot of new events and partnerships took place. For example, San Marino has signed an agreement with VeChain to leverage blockchain technology to incentivize environmentally friendly behavior.
Vechain (VET) Price Prediction for 2020, 2022, and 2025
- Wallet Investor indicates that VeChain will go down to $0.000001 in one year. However, such value expectation is exceptionally bearish and it probably won’t fall that much.
- Trading Beasts says that the VeChain price is forecasted to reach $0.0064369 by the beginning of July 2020.
- Mega Crypto Price predicts that VeChain may reach $0.258 before the finish of 2021 and $0.612 before the finish of 2023.
- Smartereum supposes that the cost of VeChain could go up as high as $75 before the end of 2023.
- Cryptoground included their rendition of VeChain (VET) value forecast 2020, where they expressed that VET may reach $4.10 by 2020.
What to expect from Vechain (VET) in 2020?
As for 2020, this year might be full of price spikes, and if the altcoin market experiences a few bullish runs, it might push VET price close to $0,5 level.
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