VeChain is a blockchain-based network that records the truth at each level of the supply chain. It integrates physical monitoring with blockchain records to track real-world items from creation through delivery, assisting in the prevention of fraud and increasing transparency.
In 2017, the luxurious industry lost $30 billion due to high-end counterfeit items. That is why VeChain’s anti-fraud solution is gaining traction, even in the competitive crypto sector. It satisfies consumers’ desire to know that their purchases are genuine, and it assists companies in gaining better transparency during the manufacturing and delivery process.
VeChain (VET) Fundamental Analysis
VeChain is a blockchain-based network that aims to provide real-world businesses with transparency, traceability, and enhanced blockchain functions. In a nutshell, VeChain integrates blockchain technology with the ‘Internet of Things (IoT)’ to enhance the supply chain process for companies.
VeChain was originally designed as a supply chain solution operating on the Ethereum blockchain. However, in 2018, it expanded and released its own blockchain – VeChainThor. To increase the level of real-world adoption, this open-source network provides novel features such as allowing ecosystem members to create DApps that solve real-world problems. Logistics, food chain service, tourism, health, and food safety have all tapped into its limitless possibilities.
Origin
VeChain, founded in 2015, is the invention of Jay Zhang and Sunny Lu. It is based in Shanghai and has offices in France, Hong Kong, Singapore, and other countries, allowing the projects to be integrated into a global scale.
VeChain was initially conceived in 2015 for IoT and supply chain management. It was using VEN tokens at the time until switching to its own blockchain in mid-2018 to increase scalability. The platform is being used in a variety of other sectors. It is currently represented by VET, a native token that allows anyone to transact on the blockchain.
So far, the Singapore-based company is delivering new multifunctional features such as multi-chain interoperability, on-chain governance, low gas fees, and KYC compliance. It tries to balance all required information available to all stakeholders for every business activity engaging with the VeChainThor mainnet.
Partnerships
Walmart, one of the world’s largest multinational retail businesses that operate a network of hypermarkets, established a partnership with VeChain in 2019. The partnership between VeChain and Walmart allows consumers to monitor food delivery in China via an app. Thus, providing product information and traceability information such as storage conditions, delivery time, pick-up time, and much more.
The BMW-VeChain ecosystem thinks that the importance of growth is from the creation of linkages that produce grouped value. One example is when the platform confirmed a partnership with BMW. The agreement attempts to protect BMW’s products against counterfeit items by using a distributed ledger tool to preserve information about the product, such as prior repairs, mileage, and other added services.
How Does VeChain Work?
VeChain’s goal is to enable any organization to build new types of DApps.
To make it easier to create DApps, the VeChain team created a component called the VeChain ToolChain, which is a software development kit.
Proof-of-Authority
VeChain Thor employs a consensus mechanism known as Proof-of-Authority (PoA) to manage the process by which transactions between users are confirmed and published to VeChain’s public ledger. Authority Masternodes are users that verify and add transactions to the blockchain. To become one, individuals must stake a minimum of 25 million VET and provide identifying information to the VeChain Foundation. While adopting a PoA method helps process large transaction volumes quickly, its downside is that it relies on a central authority to inspect and approve users who may participate in transaction processing.
Two Token Design
VeChain’s software requires the usage of two native tokens: VET, which is used to store and transfer assets, and VTHO, which is used for transactions on its blockchain.
This architecture aims to separate the price volatility of VET currency from the cost of network calculations, allowing VeChain apps to charge predictable fees (since the VTHOR supply can be adjusted to maintain a stable price for transactions).
Miners get VTHO fees for calculations executed by the network, similar to how the Ethereum blockchain utilizes ETH and gas. The more sophisticated the computation, the more VTHO is required for a specific application. Finally, nodes that stake VET currencies get to vote on network updates and are rewarded with VTHO every block.
Tokenomics
VeChain Foundation gave around 133 million ERC-20 tokens to the community at the launch of the project through private/public sales, promotions, marketing, and other means. This amounted to more than 70% of the VET token, including the burnt tokens. In the future, the Foundation intends to distribute these tokens in a variety of ways.
Roadmap
In February 2022, VeChain announced the 2022 roadmap on their Twitter account.
The most important goals that VeChain wants to achieve this year are the NFT Market Data and NFT Marketplace, where they will expand and launch their own NFT and NFT Marketplace. Another feature is launching their VCS Mobile App where you will be updated for anything related to VeChain. The last feature is launching a Governance Token, where all of their loyal users will be rewarded.
VeChain (VET) Price Analysis
According to CoinMarketCap, VeChain (VET) was trading at an average price of $0.007 in 2018. In 2019 VET’s price was around $0.003.
This price remained the same with slight increases until 2020, when it reached its all-time low of $0.001. Right after this significant price decline, VET experienced a bullish run and reached its all-time high of $0.27 in mid-year 2021. Because cryptocurrencies are extremely volatile, the market and the price is never stable. As such, VeChain decreased slowly after its pique and is currently trading at $0.05. If we compare the current price with its all-time high, we can conclude that the price had an 81.04% decrease.
Rank: 43
VeChain has a market capitalization of $3,392 billion and a circulating supply of 64,315 billion VET coins.
Crypto Academy VeChain (VET) Price Prediction
VeChain (VET) coin has experienced rapid growth in the cryptocurrency industry since its launch. In 2021, VeChain provided a significant return to its early investors. In April 2021, the VeChain coin price reached an all-time high of $0.2782. Its future is promising because of its restricted token supply and IoT (Internet of Things) community support.
As per our prediction, VeChain pricing will continue to rise over the next 10 years, exceeding the $10 milestone by the end of this decade. The coin’s performance appears to be optimistic this year, despite the fact that all cryptos are showing slow growth. If the market recovers, there is a high chance that the VeChain coin (VET) will regain its position.
Below we are going to display our prediction for the next five years.
Crypto Academy VeChain (VET) Price Prediction 2022
The increase in the price of crypto assets can be slow in 2022. The current price of VET is around $0.03. We at Crypto Academy are very optimistic and predict a maximum trading price of VET to be around $0.18. The average price might be $0.15 with a minimum of $0.12. However, if the market sees a good bull run, by the end of the year, the price of VeChain can exceed $0.20.
Crypto Academy VeChain (VET) Price Prediction 2023
Forging new partnerships in 2023 will drive VET to new heights. Because of it, VeChain is on track for another great year. We predict that 2023 might start on a good note, with a price of around $0.25. However, the price will not be stable, and during the first quarter of the year, it might decline to $0.20. As per the maximum price, we suggest that VET could trade at $0.33. If there is a bearish trend and the market goes through a fall, the minimum price of the VeChain Coin can reach $0.22.
Crypto Academy VeChain (VET) Price Prediction 2024
The future of VeChain is promising and so it might be for 2024. This can be the year that the VET token reaches $1. We at Crypto Academy predict that the price of VET this year will start at around $0.57. During the second quarter, the price might decline slightly because of the market unpredictability. The average trading price can be $0.89, while the maximum may go as high as $1.18. The maximum price is likely to decline a little and, by the end of the year, dwell around $1.
Crypto Academy VeChain (VET) Price Prediction 2025
VeChain is expected to be a component of the crypto market’s DeFi sector by 2025. By the end of 2024, we predict that VeChain might rise by 201.94% from 2024’s price of $1 to $2.01. VET’s price might be worth at least $0.98, being its minimum price, up to an average trading price of $1.23. If the market experiences a fall, then the price of VeChain can decrease to approximately $1.67 or even less.
Crypto Academy VeChain (VET) Price Prediction 2026
Given how successfully VeChain’s aspirations in terms of market capitalization and blockchain network acceptance are satisfied in the future, the price prediction of VET for 2026 is quite bullish. Therefore, we suggest that the average price of VeChain this year can be $2.13. However, the price might break through $1.98, as such generating profit for investors. By the end of the year, Crypto Academy predicts that the maximum price might be real bullish, thus, reaching $3.70.
VeChain (VET) Market Price Prediction
After a thorough analysis of the market, we can see that predictions of VeChain’s price vary. Below we will show what some experts have to say about the future of the coin.
Wallet Investor
Wallet Investor predicts that the price of VeChain will decrease in the future. They give predictions for the next five years. According to them, from 2023, VET will experience a slight decline in price, followed by the next years where the price can be reduced by -32.01%. As such, compared to the current price of $0.05, by 2027, this price will reach $0.033.
PricePrediction.net
PricePrediction.net is a very reliable source of information regarding the crypto market and currency predictions. For VeChain, they predict the coin will have a bright future, meaning that the price will increase even though at a slower pace. They suggest that 2022 will end with a maximum price of $0.074. By 2026, the coin might reach $0.34. According to them, VET will not reach $1 until the end of 2029. As of 2031, the maximum trading price might reach and exceed $2.15.
Digital Coin Price
Digital Coin Price is one of the most realistic crypto sources. Their predictions are different from any others. They predict the price of VeChain to increase in real slow steps for the next nine years. For this year, 2022, they expect the price to reach $0.072. By 2027, the price can increase a little bit and end the year with a trading price of $0.14. Following the slow increasing pace trend, Digital Coin Price suggests that VET will have a price of $0.29 by the end of 2031. As we can see from the graph, it is obvious these crypto experts do not expect VET to reach $1 in the near future.
Conclusion: Can VeChain Reach $1?
The VeChain coin launched in mid-2017 at roughly $0.26, and the price fluctuated until October 2017. It did, however, skyrocket during the overall crypto bull run from late 2017 to early 2018. VET increased from $0.04 to $0.28 during this period. Moreover, aside from the bull run, the price increase was caused by the introduction of VeChainTHOR and more partnerships.
Prices fell from $0.28 to $0.10 in late 2018, and they have since dropped lower, with the current price trading at $0.03. Looking back and seeing the past of VeChain, we are very optimistic that the coin will increase further and even exceed the prices met previously.
We expect that VeChain (VET) can reach $1 by the end of 2024. From then forward, it will continue to rise and potentially reach around $200 by the end of the decade.
How To Buy VeChain (VET)?
If you want to purchase VET, follow these steps:
Step 1: Open an Exchange Account
The first step to do if you want to buy VET is to open an exchange account. We suggest doing so in Binance or Coinbase. After you choose your platform and open the account, you are required to verify it. You can do so by using a valid ID and uploading an image of you along with the ID.
Step 2: Deposit Funds
After you open the account and verify if, the next step is to deposit funds. In Binance, there are three deposit options available:
- Bank Card (Visa/MC)
- Advcash Account Balance
- P2P Bank Transfer.
Choose your preferred option and deposit your funds.
Note: If you choose to deposit via credit & debit card the minimum deposit should be $20.
Step 3: Buy VeChain
Now we’ve come to the last step. With your account funded, you can now purchase the VET coin. To do so, click on the ‘Trade’ button and choose ‘VET/USDT’ if you want to use USD trading. After that, put the amount of VET you want to trade and press ‘BUY.’
Congratulations! Now you own VET coins.
Frequently Asked Questions (FAQ)
Is VeChain legit?
Yes, VeChain is legit. It has a lot of potential because it has provided seamless solutions for organizational effectiveness.
Do I Need A Crypto Wallet?
Yes, you will need a cryptocurrency wallet to purchase VeChain. Most crypto trading sites provide a crypto wallet. On the other side, you might use a third-party wallet to store your assets. However, using a cryptocurrency exchange platform is an ideal way to purchase VET coins.
VET or VTHO?
The more VET a user has, the greater the priority given to the user. The VTHO currency is used as a gas fee to confirm decentralized applications (DApps). It should be noted that VTHO tokens are obtained through the usage of VET tokens. Therefore, the more VET tokens a user owns, the more VTHO tokens he receives.
Will VET Increase?
Yes, the VET coin has a lot of potential and community support. As such, it is expected to increase significantly in both short and long term.
Takeaways
- VeChain is a blockchain-based network aiming to provide real-world businesses with transparency, traceability, and enhanced blockchain functionality.
- VeChain was originally designed as a supply chain solution operating on the Ethereum blockchain.
- In 2018 it launched its own blockchain – VeChainThor.
- The founders of VeChain are Jay Zhang and Sunny Lu.
- VeChain uses Proof-of-Authority and the Two Token Design.
- It has a maximum supply of 86 billion VET coins.
- VET is expected to reach $1 by the end of 2024.