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Is VeChain undervalued as a cryptocurrency? – An analysis of the blockchain

 


What is VeChain?

VeChain is a blockchain protocol that has the functions of tracking, analyzing and optimizing supply chain processes. It uses distributed ledger technology to determine the authenticity and quality of the products. In 2018, the own blockchain called Vechain Thor (VET) was created after the solution was first tried on the Ethereum blockchain.


VeChain is an open source network that allows users of the platform to create decentralized applications and solve real-world problems. The focus of VeChain is different than Ethereum on the B2B area. Large companies use the technology to optimize their own supply chains. VeChain is also often referred to as Ethereum for business. The network token of the blockchain is the VET.


VeChain

The VET originated from an ERC-20 token from Ethereum, VEN. With the introduction of VeChain Thor in 2018, the tokens were exchanged 1:1. VeChain uses the proof-of-authority consensus mechanism.


What are the functions of VeChain?

VeChain's blockchain uses smart contracts. These help automatically trigger actions on the blockchain when certain conditions are met. Furthermore, the blockchain uses "Internet of Things" (IoT) solutions to create an interface with the real world. The exchange of the real world with the blockchain is ensured with the help of technical solutions such as RFID tags, NFC chips or QR codes.


These technologies make it possible for VeChain to precisely track the supply and production chains. All the information is stored and processed on the blockchain. 

In these areas, VeChain can track all steps of the production process and delivery. The blockchain takes over the quality control over the entire logistics process. By storing the data, errors and discrepancies in the chain can be detected easily and reliably. Based on this data, companies can optimize these processes in every area.


What is the VET?

The VeChain Token (VET) is the native token of VeChain. It performs all operations on the blockchain. A second native token is the VeThor (VTHO). This token ensures the optimal functionality of the entire blockchain functionality. The transactions on the blockchain should facilitate this. Both tokens are extremely crucial for the network. 

VeChain's technology sounds impressive and is one reason why the blockchain has such great potential. But this cannot only be the only reason why so many investors and experts consider the project to be extremely promising. Another reason is definitely the partnerships that the network has already entered into.


Since its inception, VeChain has built one of the most impressive list of partnerships . One of the most renowned partnerships is PricewaterhouseCooper (PwC). This is a professional services platform. In the cooperation, the companies are massively expanding the network and offering the services of third-party providers to the participants on the decentralized platforms.


Other cooperations include the automobile manufacturer BMW. This cooperation was already confirmed in February 2018 and is still one of VeChain's most renowned cooperations. With the technology, BMW hoped to be able to analyze the entire supply chain of all of its individual parts. The elimination of child labor was a major goal that the blockchain should help with. 

At the moment, the VET token is only 32nd among the cryptocurrencies with the highest market capitalization. The token has been in the 30th place for months. Many experts still see the VET as severely undervalued at the moment. But why is this the case?


Globalization makes it necessary for companies to use increasingly complex supply and production chains. The optimization of these chains is extremely important in order to optimize the productivity and thus the profit of these companies. But areas such as environmental friendliness and the avoidance of child labor can also be ensured with the technology.


The fact that VeChain uses B2B as a business model could be one reason why many small investors, who still determine a large part of the crypto market, do not yet perceive VeChain as an investment. Nevertheless, the potential of the blockchain is huge. Should the technology become the standard for global companies, the price of the VET token could explode in the future. 


How high can the VET rate go?

The VET rate is currently $0.024. In the coming months and years, the price of the token could rise again massively. Some predictions are that the next bull market may see the price rise back above $1. This shows the massive potential of VeChain’s VET token.

Right now we are in a bear market . Therefore, the price of the VET token is currently very low. This gives you an excellent opportunity to purchase the VET token cheaply. In the next bull market, the token should rise sharply in price again. Therefore, the investment should be very worthwhile at the moment.

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