Today, I?m going to write about a pretty big project that has the potential to bring massive gains in 2020. The predictions for Vechain (VET) couldn?t be more different ranging from $0.00463 to $75, but before we look into the analysis let?s get to the fundamentals.
What is Vechain?
Vechain (VET) is a next-generation smart contract blockchain platform focused on combining blockchain with IOT, designed to enhance supply chain management and business processes.
VeChain currently has its headquarters in Shanghai and has already partnered with the Chinese government. Vechain was founded by Sunny Lu (former CIO of Louis Vuitton China) in 2015.
Sunny Lu (former CIO of Louis Vuitton China)
VeChain founder Sunny Lu graduated from Shanghai Jiao Tong University in China in 2002 with a BA in Electronics and Communication Engineering, after that he worked for Netstar, 3M China, Bacardi China, and Louis Vuitton China.
In a recent interview, Lu talked about his experience with Louis Vuitton China. He explained more of what he did as the Chief Information Officer for LV China and pointed out how eye-opening the job was.
?CIO is acting as a bridge between the technology and the business. So usually I?m doing two things, either I find new technology or I think about what business can benefit from the technology?-Sunny Lu
Being the CIO of LV China allowed Lu to understand enterprise needs and think about large scale technology solutions for current enterprise pain points.
VeChain is using its Blockchain and toolchain to make it simple and secure for product manufacturers to manage, collect, and share important product data with consumers and vendors throughout the life-cycle of a product.
Products are assigned a unique ID, which is stored simultaneously on the blockchain and attributed to the product with a QR code, RFID tag or NFC chip. At any point during the product?s life-cycle, the chip, tag or code can be interacted with, whether by a distribution or retail partner, or a consumer that maybe want to learn more about the product or his origin. Vechain offers a broad range of applications, including brand protection, anti-counterfeit, and food safety, and many more.
Anti-counterfeit: Vechain already tracks for some Luxury Brands each individual item and prevents duplication through the use of smart chips.
Cold-chain Logistics:Vechain ensures that food doesn?t spoil during transportation and storage by using smart IoT sensors that automatically report important information to the blockchain.
Automobile:Vechain is already working in the automobile sector partnered with BMW and Renault, to keep a tamper-proof record of vehicle data including repair history, insurance, registration, and driver habits.
Carbon Credits:Quantitatively track carbon contributions of a particular company to reduce carbon emissions. Consumers purchasing low carbon products would be rewarded with credits that can be redeemed for environmentally friendly goods or donated to charity.
Clinical trial traceability platform:Vechain partnered with Bayer China, they will use blockchain to solve problems of digitalized clinical trial traceability.
With over 30 big global partners including DNV GL, PwC, Deloitte, Walmart China, BMW, BYD Auto, Bayer China, H&M, LVMH, ENN, AWS, PICC, ASI Group and many more. Vechain is really a master when it comes to forming partnerships and expanding its ecosystem worldwide.
The Goals for the VeChain blockchain platform are outlined in its white paper. The initial target is to disrupt the supply chain industry by making data actionable and transparent.
Cointelegraph Consulting and VeChain
Cointelegraph Consulting and VeChain jointly produced a report on the transformation taking place in the food industry as governments and stakeholders attempt to improve visibility, standards, and the overall quality of food products being consumed around the world.
You can download the full report as pdf here.
Dual-token economic model
With VET and VTHO, Vechain uses a dual-token economic model.
VeChain Token (VET) is used to represent value on the network.
VeChain Thor Token (VTHO) is used as gas-currency and is required to send transactions or perform actions on the network.
Network users do not have to worry about separately buying VTHO, as it is automatically generated in proportion to the amount of VET held in your wallet. When a transaction is executed, 70% of VTHO is permanently destroyed (?burned?) and 30% is given as a block reward to the Nodes.
Vechain price prediction 2020
The predictions for Vechain (VET) couldn?t be more different ranging from $0.00463 to $75.
coinmarketcap.com Vechain vet
With the recent pump Vechain VET is trading right now around $0,010 to $0,015, a correction after such a massive pump would be normal but the analyst from smartereum.com thinks it could pump to $75 by the end of 2023.
The price of Vechain is expected to skyrocket because it seems to have reached its bottom price. Many digital asset investors are expecting the price of Vechain to head to the moon because it appears to have reached its minimal price. While the digital currency has been doing its best recently, its performance has not met the expectation of digital asset investors. However, Vechain traders and investors are being more optimistic. This is because the digital currency is showing some signs of a potential breakout.-Smartereum.com
On the other side, Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies. According to them, VeChain is expected to go down to $0.00463 in one year. This price prediction is very bearish and pessimistic.
Trading Beasts also gave a very neutral prediction saying that by 2020 end, VeChain might be in between $0.01 to $0.02, which is a wide range, so this prediction is given neutrally, without a showcase of any optimism.
Mega Crypto price predicts that VeChain might reach $0.258 by the end of 2021 and $0.612 by the end of 2023.
Cryptoground predicts that VeChain might reach $2.58 by the end of 2020. They even added their version of VeChain (VET) price prediction 2021, where they stated that VET might reach $4.10 by 2021.
So here are my honest views on the price predictions.
I think $75 is way too high, VET would need the same market cap as bitcoin to get to a $2 valuation. I think $1 is a more realistic price prediction for the next bull run. In the short term, VET 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 VET or the next bull run kicks in the price could easily pump to $1 over the next 5 years.
Cryptocurrencies are volatile and complicated, and there are many factors that can contribute to the growth or decline of their price. Keeping this in mind, there are still many risks as a Vechain (VET) investor.
I think the biggest risk that VeChain?s has is at the same time his biggest opportunity VeChain is partnered with the Chinese government, on one side that could be good if Vechain continues to deliver results, if not we all know what happens with China?s Regime enemies.
To be honest, I already made my first investment on VET back, the rest is a free high-risk position, if it moons good if not I don?t care.
The macroeconomic environment continues to speak for Vechain but If you are considering investing now after this pump, just stick your toes in invest some play money and wait for a dip. I would not recommend going all-in or invest a major amount at the time of this writing.
Where can I buy Vechain (VET)?
For US&ASIA I recommend Changelly, Binance or Kucoin. (more Infos below)
Hint: Kucoin has right now a signup bonus worth 5$ after trading 10$.
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I know that anyone can make a list of Crypto Exchanges.
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The Best Cryptocurrency Exchange & Broker to Trade & Buy Bitcoin and other Cryptocurrency`s in 2020 is Bitpanda.
Thanks for sharing my content!