The primary reason for communities going into blockchain is they need decentralization, plain and simple. And yet, due to the whims of its founders, a platform becomes centralized to the chagrin of its community. How different is that from a corporation? Where does all the effort come from?
The incoming upgrade increased bullishness around VeChain and led to gains as soon as it was announced; investors are also keen to learn where the network might go from here.
Before going much deeper into VeChain price prediction, it is imperative to know what VeChain is and why it has a bright future ahead?
What is VeChain?
Vechain is a blockchain-based company for creating efficiencies across supply-chain management and logistic processes. The blockchain implements distributed ledger technology (DLT) to deploy bright, 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 solve a highly fraudulent supply-chain industry and resolve economic issues.
Vechain’s applications keep growing, and the project’s scope 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 VeChain Foundation manages the project. Before inception and back in 2015, Vechain was only a project idea for tracking luxury goods to prevent counterfeits.
VeChain, an Asian project, is extending its IoT and supply chain-oriented platform through the development of the VeChain Thor blockchain. The platform’s main objective is to become an enterprise-driven blockchain ecosystem whose primary focus is the governance and usability of smart contract services.
Today, the project conducts business around managing enterprise information across diverse companies.
This information is crucial for product verification, supply-chain transparency, and transfer of value and trust across its network.
The following are critical features of the Vechain blockchain that highly influence the Vechain price forecast:
- 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.
VeChain Overview
Vechain Overview
| Coin | Symbol | Price | Marketcap | Change | Last 24h | Supply | Volume (24h) |
|---|---|---|---|---|---|---|---|
 | VET | $ 0.060074 | $ 4.01 B | 0.20% | 66.76 B | $ 186.34 M |
VeChain Network & Signals
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VeChain price forecast developments
An upgrade called Surface will see the network build up security measures and adaptive tools. It will do this with the implementation of a consensus reached PoA2.0.
An alternative to algorithms like proof-of-work or proof-of-stake, PoA2.0 will finalize transactions securely, thanks to a three-pronged validation approach combining computer-generated randomness, committee-based blockchain production, and a passive block confirmation process.
These seemingly complicated components allow for a more secure and final blockchain that no one can manipulate.
VET, the native coin of VeChain, is up 10% today as investors become bullish on the upgrade prospects; the coin now rests at a value of over 12 cents. But where might the crypto be heading in the future, given the upgrade passes and sees implementation? Let’s take a look at some VeChain price predictions and see what analysts are thinking:
- WalletInvestor predicts that in 12 months, VET will be worth 22 cents per coin.
- Gov Capital believes similarly, forecasting a price of 21 cents for VET by October of 2022.
- The Economy Forecast Agency thinks VET will largely stall out by the end of the year, gaining to just 13 cents. By October of next year, the site targets a price of 29 cents for the coin.
- DigitalCoin is targeting an 18-cent price for VET by the end of 2021.
- CoinPriceForecast says the coin is good for another four-cent gain before the year is up. By December, it forecasts a value of 16 cents for VeChain.
How to store your VET Tokens
Vechain (VET) can be stored on both cold and hot storage (online and offline) in the same way as other cryptocurrencies. 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
Like most blockchain projects, the 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 blockchains.
The project is now a fully decentralized blockchain with its tokens and developers to further build the ecosystem.
Understanding VeChain and VET Coin
Vechain intends to use blockchain technology to create a trust-free and decentralized business ecosystem that favors 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 divided among participants.
VeChain’s whitepaper suggests blockchain technology should allow ownership of data to empower both ends of a transaction.
And therefore break the asymmetric information problem.
The blockchain effectively deploys information about products, business processes, storage, organizations, and transportation.
This eventually creates greater market transparency and makes 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.
It allows product manufacturers and merchants can constantly track and monitor all parameters with sensors and tagging.
The sensors ensure that product manufacturers and merchants can constantly track and monitor all parameters from manufacturing and packaging to delivery. If 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 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?
- 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 supports community developers and blockchain programmers to kickstart their 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 bring in their input in terms of expertise, resources, and capital.
The transaction token 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 transparently.
- 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 data.
- As a result, a brand will improve transparency on its supply chain 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 various systems to help startups bootstrap growth from scratch.
- Startup founders will find tools for technical documentation and acquire direct support from Veechain’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 the authorized sharing of data.
- This will make information about ownership, servicing history, and usage more transparent across the automobile industry.
Luxury Product Manufacturers
- VeChain creates unique identity links between their brands and their physical products.
- Luxury product brands are competing for market attention by coming up with high-value product designs.
- 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. They share some similarities with cryptocurrency mining since they both achieve 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 until it gains more value. However, a HODLING strategy should be long-term and inclined towards increasing the asset’s value in the future.
VeChain’s economic model is an essential discussion 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 Vechain (VET) functions 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 foto facilitate the network’s growth.
This easy-to-use VeThor (VTHO) stacking calculator is based on live Economic- and X-node data. Just enter your VET holding, select your node tier and click “calculate.”
Economic- and X-node holders receive a bonus VeThor (VTHO) reward from two dedicated reward pools held by the VeChain Foundation. These bonus rewards depend on all participating Economic- and X-nodes, their node tiers, and all eligible participants’ overall VeChain (VET) holding.
VeChain Stats show how the VeChain Ecosystem is stabilized.
Note that the nodes are never 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 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 VeChain (VET) price prediction 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 smart contract transactions or payment transactions.
Again, VeChain (VET) value 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 having VET guarantees the user some free VTHO.
VeChain price predictions
We have already seen VeChain’s (VET) value increase with the usage of Vechain’s blockchain in April and May.
This means high adoption of the blockchain by businesses is tied with increased blockchain usage, which directly correlates with the value of the VeChain token. To analyze the forecast of VET’s direction, let’s look at partnerships the ecosystem has already forged.
VeChain partnered with BMW to deploy a card verification system. However, the car verification platform only continues the Vechain-BMW partnership called the Startup 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) to deploy VET as a token for processing various transactions and tracking costs through the supply chain.
Such partnerships and other notable ones like 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 industries.
VET price prediction Source: TradingView
The live VeChain price for 20th January 2022 is USD 0.07182, with a 24-hour trading volume of USD 201,927,775. VeChain has been up 3.22% in the last 24 hours. The current CoinMarketCap ranking is #34, with a live market cap of $4,630,331,310 USD.
It has a circulating supply of 64,315,576,989 VET coins and a max. supply of 86,712,634,466 VET coins. Source: CoinMarketCap
It is also worth noting how the cryptocurrency has remained consistent with its upward trajectory at the start of 2021. In comparison to other tokens, VET was performing well, and proponents should be hopeful.
Right now, things have changed, and every altcoin is pursuing Bitcoin, as both rise from the bearish engulfing that remained throughout May, June, and July.
VeChain price prediction by DigitalCoinPrice (2022-2029)
DigitalCoinPrice feels VeChain (VET) is going to benefit long-term investment strategies. The analyst maintains the price will hit $0.12128481381 by the end of 2022.
The forecast also claims the price will increase to $0.19692952513 by 2025. Eventually, VeChain is predicted to reach $0.38449163278 in 2029 or an increase of 216.7% from the 2022 price.
VET price prediction Source: DigitalCoinPrice
Bullish VET price prediction by WalletInvestor (2022- 2027)
It is worthwhile for investors planning to invest in VET tokens to comprehensively look at the ecosystem’s details. Strong partnerships should be the first benchmark while evaluating VET’s price prediction analysis.
Also, VeChain might become the global blockchain leader in supply chain management. Some predictions are pretty bullish, like Coinswitch proposing the token is likely to hit $1.
VeChain price equal to 0.0882 USD at 2022-01-02. If you buy VeChain for 100 dollars today, you will get a total of 1133.840 VET. Based on WalletInvestor forecasts, a long-term bullish trend is expected; the price prognosis for 2026-12-26 is 0.582 US Dollars.
With a 5-year investment, the revenue is expected to be around +559.86%. Your current $100 investment may be up to $659.86 in 2027.
VET Price prediction Source: WalletInvestor
Should I invest in VeChain?
The first consideration is that VeChain as it is a promising blockchain company. 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.
VeChain (VET) is a good investment because of its ascending trajectory in a market that has remained volatile, which, in turn, hinges on the coin’s solid partnerships and the prominence of the coin in the value chain.
Conclusion
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 sectors include manufacturing, luxury goods, automobiles, among others. Health facilities can use Vechain to track medicines.
Besides, the anti-counterfeiting mechanism effectively wipes 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 has a solid background and track record in information technology. There is no telling where Vechain is headed, but we can look at the stars for now. The currency has a good standing for investing, holding, and solving real-world applications.
FAQs about VeChain
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) would hit $1 – which represents an increase of 14,000% from the current price prediction. However, Simon emphasized this would happen if only Bitcoin 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. By 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 percent. A situation that is likely to take several decades. So, it is expected that the VeChain price will undoubtedly increase.
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 to 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. 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 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 will 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. VeChain is a project in progress that could attract more firms and partnerships. This is mainly because it’s easy to tweak and implement a project in progress, which helps it become even better, robust, and dependable.
Cryptopolitan’s VET Price Prediction Final verdict
We have looked at VeChain and analyzed various VeChain price predictions. We have found some bullish predictions and other highly bullish forecasts mentioned for informational purposes.
The good thing is there aren’t any bearish predictions about the coin in the long term, i.e., there are no risks. Everyone anticipates VeChain’s network of the partnership will grow and remain consistent. This investment has no downside in the longer run.
The coin already hit $0.07 at the start of the year after a bullish trend, and its proponents should anticipate even higher gains. By 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.
VeChain will likely trade at $1.00 by the end of 2022. But considering the current bearish market, it could be that VET trades at a lower price than this.
According to our VET price prediction, the coin will likely see an uptrend at the end of 2022 2023 and hit $1.4 by 2024. This blockchain will increase the volume of its users and attract more partnerships, hence creating a bullish trend. 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.
Source: https://www.cryptopolitan.com/vechain-price-prediction/