Technological advancement has brought in their fold radical changes, especially in terms of blockchain solutions. The cumbersome processes that made the organizational growth tardy are now bid bye with the exceptional VeChain trading platform, a unique blockchain-based company, which is instrumental in transforming functions of an organization more resourceful and procedures more well-defined.
VeChain: Behind-the-Screen Saga
The brains behind this blockchain-based solution, Sunny Lu, who made his dream come true in 2015, a dream that was to make the supply chain and product management lifecycle impeccable. Sunny Lu carried his vast experience in the field with his stint at Louis Vuitton China before this venture. For the foundation, VeChain boasts of being the exclusive solution that has catered to supply chain enhancement requirements. The credit for bringing radical changes in the product lifecycle through an efficient managing system goes to VeChain.
While seeds of VeChain’s origin can be traced back to Ethereum code, today, the fundamental attributes of VeChain are largely put to use in payment networking, voting, smart contracts, and much more. Thanks to innovative solutions from VeChain, developers can today provide features geared directly to business clientele.
To understand VeChain Foundation, one needs to question the origin. The primary purpose behind creating this kind of blockchain company was to address the problems being encountered by the logistics sector, especially in terms of scattered and lopsided data. While the sector combats massive data traffic daily, unfortunately, a system to make this data communicable and well-streamlined was the core issue that remained unaddressed. In fact, in the maximum number of cases, severe compartmentalization leaves the entire supply chain management to rely on centralized data sources. Ultimately this resulted in a data transmission that was less authentic and hazier.
VeChain: Rendering Multi-Dimensional Transformation
The identities via digital mode created on VeChain token are responsible for bringing greater accountability in the complete supply chain management. The basic concept of VeChain development solution is to enhance supply chain management and product lifecycle management. This objective is accomplished through the use of distributed ledger technology (DLT) of VeChain.
VeChain has enabled NFC and RFID Radio Frequency Identification chips driven surveillance. Simultaneously, the VeChain Blockchain platform has also allowed the use of QR codes in supply management. The tags and sensors are a crucial part of VeChain functionality. Through this, VeChain can track and supervise important data in supply based logistics. This information is relayed live through this blockchain platform.
This approach helps the business analysts in flawless and rapid data management based on an authentic verification system. This strategy is of paramount importance, especially for large complex supply chains. As a company, VeChain helps enterprises keep constant vigil and business updated based on concurrent developments. VeChain has facilitated a less cumbersome and more effective proof-of-authority consensus through Know Your Customer-verified nodes enabled by the VeChain Foundation. Undoubtedly thanks are due to VeChain constituted gigantic networks.
The two network tokens VET and Vechain Thor are renowned for creating a digital wave in the cryptocurrency market. VET coin is the prime currency medium that has found its implementation in the field of payments and voting. While VeChain Thor (VTHO) is a token provided to VET coin owners to run smart contracts on the VeChain Thor blockchain.
VeChain provides businesses the ability to track an enormous amount of data. These indicators can include items such as quality, authenticity, storage temperature, and transportation status. Impressively, the VeChain platform provides all of these features via a trust-free and distributed business ecosystem. In this way, the VeChain platform reduces overhead and improves accountability.
A pivotal success factor in the entire gamut of VeChain is a formula based on “Defi-Cefi Nuptial.” VeChain platform focuses its entire series of solutions based on a combination-method benefitting through Decentralised Finance (Defi) and Centralised Finance (CeFi). It acknowledges the advantages of both platforms and hence brings in unique and eclectic assimilation emerging from these solutions. This integration provides solutions that are purely based on the transparent and authentic exchange of information, effective collaboration, and high-speed value transfers.
Through the VeChain platform, one can identify the assets’ ownership since the asset’s beginning; it first appeared quickly. Hence the use of VeChain reduces the occurrence of misselling of high-value intellectual & asset properties, fraud, theft, and many more substantially.
Many ask if VeChain is just another market wave of a cryptocurrency project or does it really have a stable future. The answer to that is very obvious. Of Course, VeChain has a bright future ahead regardless of what current pandemic-driven sentiments indicate. This view gets affirmed mainly in the background of the abundant renowned strategic partnerships VeChain platform has signed up, which provides a strong foundation for its stability and growth.
VeChain Strategic Partnerships
VeChain involvement among companies is not limited to logistics but happens to be a multifarious gamut of industry mix for signing partnerships. VeChain has been proactive in signing up strategic partnerships and sealing crucial deals with companies of repute.
Some of the companies with whom VeChain has struck partnerships are listed hereunder:-
- DNV GL into audit and certification services for vessels and offshore structures signed up with VeChain in January 2018 for a digital assurance solution for the food and beverage industry as well for audits and data collection.
- PriceWaterhouseCoopers (PwC), a significant auditing and consulting firm, has signed up with VeChain since May 2017 for providing its clients improved product verification and traceability.
- Kuehne & Nagel, a renowned name in Transport and Logistics, has been a doting partner with VeChain since September 2016 for blockchain technology to smartify parcels and assets, especially luxury goods, by furnishing them with a chip containing a private key that reflects ownership information on the blockchain.
- BMW Group, the esteemed German MNC into automobiles, has partnered with VeChain for implementation and POC on the use of blockchain for the storage of vehicle data and its secure, controlled provision to third parties Groupe Renault, a French MNC automobile manufacturer, has tied up with VeChain since July 2017 for its data privacy and protection tools.
- BIOS Middle East, a leading UAE’s Cloud Service Provider, has tied up with VeChain for a partnership since December 2018 for encryption.
- Haier, a leading Consumer home appliance from China, has partnered with VeChain since April 2019 to use blockchain and IoT technology.
- Shanghai Gas, into energy segment tied up with VeChain since March 2020 for Tracking delivery information and LNG quality on the VeChainThor blockchain. The solution significantly eliminates information barriers in the supply chain, contributes to a transparent product process, and provides a reliable LNG risk management database.
- PlatformXChain, a Singapore-based company into toy manufacturing setup, relies on VeChain for its listing their collectibles since April 2020.
- H&M, A Luxury Fashion Brand, the second-largest clothing retailer with over 5000 stores worldwide, relies on VeChain for collecting supply chain data from its product lines since April 2020.
- Sarah Regensburger, a Fashion Designer from the UK for her renowned fashion label since April 2020, using VeChain to ensure traceability in handmade production, allowing customers to recognize the master behind the brand.
DB Schenker, Walmart China, Bayer China, LMV, and NTT are some of the many companies wherein VeChain has struck partnerships for its enterprise blockchain data solutions.
VeChain Analysis: GIZMOS MAKING IMPOSSIBLE POSSIBLE
a) Internet-of-Things (IoT)
VeChain has been a torchbearer of IoT and DLT technologies. In fact, the seeds of VeChain were sown, as aforementioned, primarily with the objective of integration of IoT. It alludes to the network of billions of smart devices currently in use globally for those who are new to IoT. These devices or machines are called smart as they own the capability or surveillance expertise while online data exchange. Giving a live example of today, these gadgets may cover a vast range, say from TVs to doorbells, to the cell phone you are glued to all the time.
The integration of IoT and blockchain technology goes hand in hand and in perfect synchronization. As conveyed hereinabove, the revolutionary Blockchain technology facilitates not just authentic and efficient but also an affordable tool towards data monitoring and all in real-time. Undoubtedly, VeChain emerges as a pioneer with exemplary expertise to assimilate both technologies providing superb integrational benefits.
b) Two-in-one Token Vantage
It would not be inappropriate to say that VeChain has inherited some useful strategic steps from Ethereum, especially regarding its dual token system that has had a great influence on its price. This specific blockchain ecosystem allows one token to be used as the public investment and/or digital cash, and the other serves the benefit of smart contract execution and programming. Reflections of this kind of dual strategic system can be found in Ethereum’s ether and NEO’s GAS.
However, this strategy is not emulated by VeChain for no reason. The first and foremost intention behind borrowing this system is to enable efficient control. The sole objective of Blockchains is to structure supervision models in an all-encompassing and all-risk free environment. Another strong ground that appears for this intentional imitation strategy is to have a banal foreseeable economic model for blockchain and a strong market cap.
c) VeChain Tokens (VET)
As known to many, the cryptocurrency VET token is the cynosure in the trading platform wherein VET tokens are invested in on an exchange in the crypto market. It serves as an increment of price action as well as a value within the VeChain blockchain. VeChain has immense potential for positive price changes. It can carry value across the blockchain project and, at the same time, enable smart contracts. It is just like how users pay for transaction price on Dapps that function on the VeChain blockchain in the cryptocurrency market. Currently, there are almost 55,454,734,800 VET tokens in circulation. VeChain’s system is set up to issue a total amount of 86,712,634,466 VET, and its market capitalization is around 738,102,007 USD.
With the kind of fame rising and VeChain VET price reaching new highs at regular intervals, it is but no surprise that the VET currency ranks among the top 30 cryptocurrencies globally based on the market cap being the mega crypto price attraction.
d) VeChainThor Energy (VTHO)
Another token used in the VeChain system is the VeChainThor blockchain (VTHO). It is known to operate as fuel to fire for smart contract transactions. However, an important fact here is that these VTHOs are not present publicly. These tokens are used by solution providers or developers to cover up costs pertaining to their contract implementation. Ideally, payments are expected to come from developers using blockchains while uploading contracts. This is a very powerful tool in the world of safety as it makes it certain that only public-ready coding reaches the blockchain, thereby decreasing any spam posts.
VTHO is available for investing by the general public. The VTHO token stands for VeChain Thor Energy (VTHO). It is used to power transactions on VeChain and is equal to the price of conducting transactions on its blockchain. VTHO is designed to get its value solely from use and not speculation.
The key takeaway from this is that the price is something very different from the transaction cost. This allows for two mechanisms to keep the transaction costs stable:
- Increase the VTHO generation rate: By increasing the VTHO generation rate, more VTHO will hit the market, potentially lowering the VTHO price and bringing the transaction cost down. When this occurs, VET owners will still generate the same amount of price from their tokens since the VTHO price might go down, but the amount of VTHO they are generating goes up!
- Change the amount of VTHO needed: By increasing or decreasing the amount of VTHO that is required for a transaction, the cost can also be influenced. When increasing the amount of VTHO needed, the transaction cost will increase. This will also result in more VTHO being burned. More VTHO being burned will increase the demand for VTHO, further increasing the VTHO price and the cost of a transaction. On the other side, by lowering the amount of VTHO needed, the transaction cost will decrease, and less of the generated VTHO supply will be burned, and the price decreases. With the adoption of the VeChain blockchain, the need for VTHO will rise. Because of this, the demand for VET will also rise along with the price.
e) VeChain Consensus
It is of paradigm importance that enterprises are accorded. To make good on all of its promises, VeChain must provide business with appropriate, well-timed, and reliant consensus. VeChain initiates to this effect a proprietary consensus mechanism known as Proof-of-Authority (PoA). This is intended to accord a highly effective source towards the upkeep of system continuity.
The nodal objective behind the constitution of the PoA consensus mechanism lies in its capability to address the errors found in Proof of Work (PoW), Proof of Stake (PoS), and Designated Proof of Stake (DPoS) mechanisms. Ideally, Proof-of-Authority calls for lesser energy and so it eliminates the requirement for communication between nodes to reach consensus on the VeChain blockchain.
101 Masternodes serve as an integral source of validation of consensus for VeChain. A major advantage of this system is saving on transaction time, thereby improving efficiency. Another crucial part of this mechanism is that it requires completion of KYC and AML ID verification before blocks are validated in the system. This kind of tool plays a pivotal role in achieving a market strategy in tandem with the competition.
Another remarkable factor is VeChain is equipped with the utilization of economic masternodes. These nodes are empowered with voting on matters concerning the VeChain biome. For every 10,000 VET and economic masternode holds, they get one vote.
Rating VeChain: Power in Users’ Hands
a) Staking: VeChain users are empowered to stake their VET tokens at the best price as a means to generate extra subsidiary income. However, in order to make use of this system of Staking, you need to hold your coins in a network wallet online for a preset time period. The longer you stake your VET, the more you earn.
b) Governance: The more, the merrier. This mantra also applies to VeChain holders. This also happens to be in tandem with VeChain’s mission of striking an equilibrium between centralization and decentralization wherein votes are disbursed based on the amount of VeChain VET cryptocurrency a person holds. Those owning a majority of VET coins, i.e., more than one million, are beneficiaries of 20% of the vote. The users with duly verified credentials and holding one million VET get 30% of the vote. The rest is segregated among the users proportionately.
Grab Your VeChain by All Means
The presence of VeChain is vast in comparison to other competitors. Of course, a major reason for this is the significant advantages stated hereinabove. A variety of platforms offer ownership advantage of VeChain VET. A major and well-known is via Binance, which happens to be the world’s largest cryptocurrency exchange.
The user-friendliness and plethora of coins make the platform an obvious choice among the fans. What’s more! The registration process goes in less than a few minutes, like any other Amazon shopping!!
First, you have to create an account with all the necessary information and password to log in. You will also be informed that the website uses trusted third parties to provide the services to go through the buying process, and hence, the information is to be shared with them. Thus, everything about VeChain is transparent and above board.
The Verification process through KYC goes even quicker, wherein you enter your particulars like Name, Email, etc., are saved on the site. Wow!! Now you can start transacting your VeChain VETs as your verification is complete and use your debit or credit cards of any banks of repute for transacting VeChain VETs. You can even use your banking account information directly.
Now that your account is linked, you can begin buying Bitcoin. You will need to buy Bitcoin first because there are no Fiat/Vechain VET pairs available yet. Once you have Bitcoin, you can buy VeChain cryptocurrency against your Bitcoins, and within a few seconds, you will get your VET coins at the current price at a particular point in time.
Holding On To Your VeChain Close to your Heart:
Can you afford to lose your credit card or wallet? God forbid, NO.
So why lose your favorite currency? You can now safely store VeChain in multitudinous ways. It is recommended that you buy a hardware wallet that is a safer bet than mobile wallets because they keep your VeChain offline in cold storage.
If you want to trade your coins in the cryptocurrency markets or just seek a quick return, then you will want to store your crypto on the VeChainThor mobile wallet. This provides ease in navigation and is equipped with all the salient features you require for a good future price too. What’s more! It is downloadable on your Android and Apple devices and is FREE!
VeChain Price Prediction 2020: Bull or Bear?
The current price and VeChain forecast as per 2020 VeChain news from an investment perspective in the crypto market is highly varied. There are two types of price predictions, i.e., long term VET price prediction, VeChain VET short term price prediction to view the same:
• VeChain price prediction 2020 or the price prediction of up to the end of 2021, i.e., short-term VET price prediction, i.e., current VeChain price forecast approx for a year.
• VeChain VET Price Prediction, i.e., long term prediction, i.e., 2025 Vechain future price forecast
Though all rights reserved by many websites, there is a substantial ground for this mega crypto price prediction.
Due to the pandemic, while in 2020, VeChain cryptocurrency has been performing its best in markets recently. It has not satisfied the expectations of the digital asset investors in terms of price. This is mainly due to the uncertainty prevailing in the market due to the pandemic effect that the investment scenario has witnessed change and is likely to continue by the end of 2020. Volatility in the VeChain price has hit its capitalization too. As a result, the price of VeChain VET predictions has already hit its rock bottom. Investors are pinning hope on the vaccine that they feel would be the magic wand for an optimistic price prediction 2021 for VET coin being viewed as a good investment.
The VET price today is around 0, 010 US Dollar in the cryptocurrency market, a price correction after such a massive pump would be normal for investment. However, as per our VeChain VET price prediction, the currency might continue the uptrend for the short-term as Bitcoin price marked a significant hike, which results in the price hike of most of the altcoins. VeChain price has already breached its past resistance of $0.011, and currently, it trades with strong support around $0.010. As per our VeChain price prediction, the coin is at the end of its short-term bearish cycle, and it might keep the uptrend intact.
There are lots of traders and price prediction platforms that reside in the market. Wallet investor is one such popular forecast website that makes technical analysis-based price predictions of various cryptocurrencies for a good investment.
According to the forecast analysts of Wallet investor market prediction and technical analysis, the result would be that VeChain VET price forecast might be trading at 0, 00463 US dollars in one year as per the current momentum and VET price today. This VeChain forecast is very bearish and pessimistic. Trading Beasts forecast platform also gave a very neutral technical analysis of the current price of VET token for one year, saying that by the end of 2020, VeChain VET price might reach 0, 01 to 0, 02 US dollars, which is a wide range. These predictions are given neutrally, without a showcase of any optimism.
For the long term VeChain price predictions, the Digital Coin Price forecast predicts that VET price will have an average increase of 300 percent to reach 0 0378 US dollars as per their technical analysis. In 2025 VeChain VET price prediction reflects a possibility of the price might touch $0.04334 around last quarter, which will be almost a 388.25 percent increase. Another site for VeChain forecast assumes that the VET price will maintain an upward trajectory to reach 0 04631 US Dollars by the end of 2026. Another long term VeChain price predictions are overly optimistic, putting the VeChain price forecast at around $70 in five years.
My individual and unbiased price predictions VeChain VET is that it would need to work harder if the coin price wishes to assume and affirm its position for bullish momentum in terms of VeChain price prediction 2020. The price of VeChain needs to break the psychologic mark of the old ATH $0,02 to really start a bullish momentum; if $0,02 breaks the way to $0,10 is open if they play their cards well and more companies are building on VeChain VET or the next bull run kicks in the price of VeChain could easily pump to $1 over the next five years.
With VeChain price prediction 2020 using technical analysis, historical data, and other metrics, forecasts should not be used to base a decision to buy VET coins.
VeChain – Forming a Global Chain
Blockchain technology is here to stay. It has not only revolutionized the operations of enterprises but also pervaded our daily lives, influencing them radically and thoroughly. VeChain Blockchain is much more than just cryptocurrencies and their price prediction. Platforms such as VeChain push the boundaries of blockchain efficiency due to a strong algorithm and provide the world with a more efficient alternative to the status quo.
VeChain is the need of the hour, so it is important that you increase the digital footprint as even in crucial sectors like Healthcare and Banking, one can’t disregard the significance of VeChain. In healthcare, through VeChain, one can trace back the medical conditions and disease that has happened to a patient to understand a person’s health in a better way. In the banking industry, VeChain is a major role player to understand the transactional behavior and financial ability of a person to decide on giving a loan or services, etc.
VeChain has made possible the enterprise-friendly solutions creating tech-waves around the globe. It has offered seamless solutions for higher and optimal organizational performance. More and more organizations are shaking hands with VeChain for the integration of their systems, aligning them for their data collection, and making it tamper-proof in various spheres of their business.
The world is changing rapidly, and so is technology. Artificial Intelligence and Machine Learning will rule the businesses, and the concepts will continue to be driven by VeChain blockchain.