Skip to main content

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.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more