VeChain has a relatively long history. It has the same age as Ethereum, but it appeared in top-20 recently (in April 2018). It was then that the popularity of the platform and its cryptocurrency began to grow as a snowball. In the summer of last year, there was a certain “restart” of the project, so that you can look at the VET coin in a different light.
What Is VeChain?
VeChain Thor is a public blockchain platform whose main task is to digitize all the information that is necessary for doing business successfully. The platform is primarily about creating a decentralized database of goods, as well as creating an ecosystem to monitor their quality and delivery process. The project offers relevant solutions for the Internet of Things (IoT has recently become a very popular area).
The project has already presented its own blockchain VeChainThor and is working on its improvement.
VeChain company has chosen the following directions for using its blockchain:
- Alcohol industry.
- Products for luxury.
- Automotive industry.
- Retail trade.
VeChain’s philosophy in all these areas is quite similar: tracking and authentication of goods (for example, wine bottles) with data stored in the blockchain; control over the production of counterfeit products; transition to online relationships (digitalization of the industry).
VEN token was created to ensure functioning of the platform. Do not worry, it’s not mistake. During the processes of reforming the platform itself and presenting its own blockchain in the summer of 2018, it switched to VET cryptocurrency. There was a so-called “swap”, which is, in fact, token replacement. So start forgetting about VEN. It is useless to look for it on crypto exchanges.
VET token is described by the developers as the “blood” in the VeChain ecosystem. All participants in VeChain must have this cryptocurrency, because it is used for paying for goods and services available on the platform. According to Coinmarketcap, it is in top-20 of cryptos by market cap.
According to the official website of the project, its cryptocurrency has 3 key functions:
- To serve as a means of transfer of value, that is, to be the currency for payments.
- To grant the right and privileges in using the VeChain platform.
- To serve as a means of economic activity of network users.
Where to Buy VET (Former VEN)?
This cryptocurrency is available on the most popular crypto exchanges. It is not a difficult task to buy it. Visit Binance, Huobi, Kucoin, Bitfinex or Gate.io and trade or invest in VET.
For trading VeChain cryptocurrency, it’s best to choose Binance. More than 75% of all trading volumes of the token are there. In particular, trading volumes in the pair VET / USDT are very impressive.
How to Mine VET Coin?
VET’s mining is not so easy. The thing is that the platform uses the Proof of Authority distributed security algorithm. Access to the mining will be granted to 101 miners who wave the highest credibility. Such an approach should ensure “a good balance between centralized and decentralized” as Danny van de Griend, CEO of MustangChain, one of VeChain’s partners, has told CoinDesk. Only time will tell whether it is a correct approach or not.
Blockchain VeChainThor is designed for two tokens. VET was described above, while VeThor has a somewhat specific focus. It was created in order to prevent the direct impact of transaction fees on the main coin’s volatility.
VeThor performs the following tasks:
- The expression of the cost of using VeChainThor blockchain.
- Paying fees in transactions and smart contracts.
The price of this token is more unstable. But this is its peculiarity, because VeThor is not an investment currency.
VET Coin: Latest News
The project’s team is actively working on cooperation with new partners. It has recently established the cooperation with Chinese companies Bright Food, People’s Insurance Company of China (PICC) and BYD, as well as with the Japanese NTT Docomo. By the way, an important event of the last quarter of 2018 is the implementation of the joint project of VeChain, BYD, DNV GL and the PRC government. Before the end of 2018, the developed system will be implemented in over 500,000 vehicles manufactured by the Chinese auto giant BYD. It will allow users of environmentally friendly cars to get carbon credits from the state.
Such active work of the VeChain team wouldn’t go unnoticed by large investors. We are waiting for other, no less ambitious startups.
In early 2019, a new version of the mobile wallet for the cryptocurrency platform was introduced. By the way, all the main events of the project can be found on the VeChain Foundation page on Medium. The official website does not even have a corresponding section.
VeChain (VET) Price Prediction 2019-2020
VET cryptocurrency in the form in which it exists today, became available to trade from August 3, 2018 (due to a prolonged swap). Nevertheless, we can already say that it feels fairly confident in the market.
Let’s analyze the factors that will affect the pricing of this cryptocurrency in the coming year.
Factors contributing to growth:
- The project already has a good reputation.
- Many people, including Reddit users are bullish on VET.
- The platform is completing a full transition to its own blockchain.
- The coin shows stability against the backdrop of altcoin crisis.
- The project has many serious partners ready to fill it with investments.
Factors hampering growth:
- The project is focused purely on the commercial sector (it is actually not interesting to ordinary users).
- The lack of information about the project, plans and technologies on the company’s official website.
- The confusion with the websites (there are 2 websites – vechain.org and vechain.com – both of them are functioning, but sometimes they give contradictory information).
In general, we positively assess the prospects of the project and its cryptocurrency. Large business is interested in the project’s technology, therefore, VET coin will likely be in good demand.
But do not expect serious growth before 2020. Let’s watch the new offers from the VeChain Foundation, which will be able to compete with other IoT platforms, especially IOTA. In the table below you will see our VeChain (VET) 2019 forecast.
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Disclaimer: We have made an approximate forecast of its price on the basis of the main factors of investment attractiveness of VeChain (VET). This forecast cannot be used as a basis for an investment or trading strategy, since it is only our opinion.