VeChain is a blockchain platform that simplifies supply chain management by providing a complete view of all organizational processes using smart chips or RFID tags and sensors to track products at every stage of the supply chain, providing real-time access to authorized stakeholders. VeChain aims to induce a network of computers to run a platform that allows companies to create and use decentralized applications. It offers companies new tools for efficient data transfer and supply chain management, facilitating better digital collaboration between them.
The system can also monitor and track a wide range of operational details, including quality, validity, storage temperature, transportation, and product delivery
.
The main features of VeChain include
- VeChain allows companies to track their products at every stage of the supply chain, ensuring transparency, traceability, and authenticity.
- It works with a dual token system that includes VeChain Tokens (VET) and VeChain Thor Power (VTHO). IFP is used to transfer value through the VeChainThor blockchain, while VTHO is used as energy or gas for
- VeChain’s smart contracts facilitate automated, self-executing agreements between parties.
- It has the ability to integrate with IoT devices, which allows real-time monitoring and monitoring of products in the supply chain.
- VeChain supports the development of decentralized applications (DApps) that can be built on its blockchain platform.
- Security: VeChain uses advanced cryptography to protect its blockchain, making it resistant to hacking and fraud.
- The platform has partnerships with several large companies, including PwC, DNV GL, and BMW, which highlight its potential for real-world use cases.
the execution of smart contracts.
VET (VeChain Token) is the native cryptocurrency of the VeChainThor blockchain, and the following are the main use cases of the Vechain token:
- The IFP can be used as a payment method for products and services on the VeChainThor blockchain.
- VET token holders have the option to vote on key decisions related to the VeChain ecosystem.
- The Vechain token is used to execute smart contracts on the VechainThor blockchain.
- Token holders can use their tokens to stake and earn VTHO (VeChainThor Energy), the native token of the VeChainThor blockchain, which is used to pay transaction fees and the execution of smart contracts.
- VET tokens can be used as collateral for loans and other financial products on the VeChainThor blockchain.
VeChain has been able to make its presence in well-known organizations. Companies like BMW and LVMH use its supply chain solutions. Walmart China, for example, uses VeChain to track items such as fresh fruit and meat. Consequently, such foods are fully traceable; if an outbreak of E.coli occurs, the source can be
easily recognized.
VeChain Price Prediction $75: Who are VeChain’s competitors?
VeChain’s competitors based on its use cases, differences, and also the reliability of the blockchain and the ease of use of the blockchain. Some of VeChain’s main competitors are
:
- Corda
- Ethereume
- Hyperledger
- BlockCypher
- Blockstream
The platform includes two specific tokens that respectively add value to the network and feed smart contract plans:
- VeChain Token (VET)
Overall, VeChain has real utility as it is trying to solve the supply chain problem of industries around the world. VeChain is positioning itself as a platform that will solve real-world economic problems regarding delivery security and will provide technology to assist in the supply chain. Thanks to its unique feature, big brands like BMW have partnered with VeChain. However, one problem with VeChain is that it is not a well-known blockchain nor is its cryptocurrency with real-life cases for ordinary consumers. It’s also unclear whether the demand for tokens will increase substantially through B2B use cases
.
VeChain has solid use cases, but it’s unclear if VET Token is a good investment. At best, it can be classified as a moderate case for investments
.
Vechain NFT Statistics
According to the latest data, Vechain’s NFT volume increased by 109% to reach $44,000 in a single day.
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VeChain Price Prediction: Will Vechain Reach $10?
To reach $10, VeChain will have to increase 400x. While this isn’t unusual in the cryptocurrency industry, there are practical challenges
.
- VeChain may have solid use cases, but VET Token doesn’t seem to have been designed for B2C use cases. It could change, but not for now
- VET reached its all-time high of $0.25 in April 2021, much earlier than other cryptocurrencies that reached an all-time high in November 2021.
- While the IFP has recovered a bit on the pump recently, it’s a long way from its 2021 high.
At a prudent 25% per year, VeChain could reach $10 in 17 years. However, such long-term forecasts are unreliable; therefore, we would say that VeChain is unlikely
to reach $10.
Veterinary Price Prediction: Will VeChain Reach $1?
At the current price, Vechain will have to increase more than 40 times to reach $1. Therefore, yes, Vechain can reach $1.
According to the VET price forecast, if Vechain gains 30% a year from today, it will reach $1 in: 15 years
According to the VET price forecast, if Vechain gains 50% a year from today, it will reach $1 in: 10 years
Vechain Price Prediction: Will Vechain Reach $75?
To reach $75, Vechain will have to increase 3261 times. At $75, VeChain’s market capitalization would be $5413 billion. If the IFP were to increase at a rate of 25% every year, it would take 36 years to reach $75. Considering the fact that IFP is a moderate case for investments, here is
the viability
- Growth required to reach $75: not feasible
- Market capitalization at $75: not feasible
- Time needed to reach $75 with 25% growth each year: not feasible
What happens if 90% of the coins are burned?
If 90% of the Vet coins have been burned, to reach $75, Vechain will have to increase 328 times. At $75, VeChain’s market capitalization would be $541 billion. If the IFP were to increase at a rate of 25% every year, it would take 26 years to reach $75. Overall, there is no scenario in which the IFP will reach $75.
Vechain Price $1000 Forecast: Will VET Reach $1000?
To reach $1000, VET must grow 55,555 times, considering its current price of $0.018.
Note that it reached its all-time high value of $0.23 in May 2021, where it grew 52.27 times in 12 months (from a lower value of $0.0044 in May 2020). Therefore, it showed a 4.35-fold growth in one month
.
So, it needs a minimum of 12,771 months (about 1,064 years) to reach a price of up to $1000.
VeChain price forecast 2023, 2025, and 2030 (aggregated)
Vechain 2023 price prediction is $0.0303
Vechain Price Forecast 2025 is $0.0620
Vechain 2030 price prediction is $0.292
How can I buy VET Crypto?
Here are the general steps to buy VeChain (VET) tokens:
- Choose a cryptocurrency exchange that supports VeChain tokens (listed above).
- Create an account on your chosen exchange.
- Add funds to your trading account.
- Locate the VET token on the exchange and select it to initiate a purchase.
- Choose the amount of VET tokens you want to buy and enter the purchase amount.
- Confirm the transaction and wait for the VET tokens to appear in your exchange wallet.
