Although there are many enthused developers and enthusiasts that are knee-deep into working to see why, how, and where blockchain could be integrated into their daily lives, big enterprises have yet to warm up to it.
But this might all change with VeChain, as its VET-powered blockchain aims to solve the issue of adoption in an industry where efficiency, robustness, security, and stability are a grave concern. Seeing how pivotal it is for legacy enterprises to get onboard the digitalization train, VeChain's solutions to bring blockchain transformation right onto the doorstep of businesses worldwide have our VeChain price prediction forecasting an auspicious outlook.
It's already making a strong impression, as VeChain was recently named by Germany's TÜV as the world's first 5-star blockchain services provider. VeChain is a platform that provides the resources for enterprises of all shapes and sizes with the ultimate goal of decentralizing, securing, and further improving both the efficiency and value of data flow for businesses through its distributed ledger.
VET is the native currency of VeChainThor, VeChain's powerfully versatile blockchain that focuses on setting the building blocks for low-cost, quick, easy, and valuable integration with blockchain, whether it's for multinational corporations, family-owned businesses, or garage-borne startups.
VeChain Historical Price Analysis
It is worth noting that VeChain adopts a two-token solution in the VeChainThor blockchain; one being VET, and the other is VTHO. You can read more of the differences below, but today's VeChain price prediction will focus on the ‘smart money' VET token that has been designed to transfer value across its network.
Historically, its price has been fairly stable, seeing a gradual upwards gain. According to data from Messari, VeChain was initially built on top of Ethereum, having issued its ERC-20 standard VEN tokens. But after VeChain released its own blockchain, all VEN tokens were swapped with the newer VET at a 1:100 ratio.
VeChain held an ICO for the earlier VEN tokens in August 2017. It sold 410-million VEN but was later asked by the Chinese government to refund approximately 133-million VEN to Chinese citizens that took part in the sale. These tokens were later burned, although the remaining 277-million VEN raised $20-million for VeChain's continued development.
Following historical trading data, VET bottomed out to an all-time low of $0.001678 on March 13th, 2020, coinciding with the wider cryptocurrency market crash at the time. But it has since picked up strong momentum and had risen to an all-time high of $0.032240 on January 6th, 2021.
Current Price, Market Cap, & Supply Details.
Currently, VET is still on a strong footing based on its trading and technical metrics. At the time of writing (January 18th, 2021), the price of VeChain's VET tokens are valued at $0.027514, which marks a 6.66% gain in 24-hour trading. By comparison, this is only a 14.67% drop from its all-time high price in early-2021, and a whopping 1,540% gain from its all-time low in March 2020.
Following the distribution ratio of 1:100, the 1-billion VEN tokens originally issued were subsequently converted to 100-billion VET, as its overall supply cap. However, after the burning of 13.3% of VEN's total supply (approx. 133-million VEN = 13.3-billion VET), VET's current total supply has gone down from 100,000,000,000 VET to 86,712,634,466 VET. With a circulating supply of 64,315,576,989 VET, this has given it a market capitalization value of $1,769,557,211, making it the 25th-largest cryptocurrency.
VeChain (VET) Future Price Forecast Predictions.
VeChain‘s innovative and unique solutions cater to a diverse group of large multi-billion dollar corporations, adept and flexible SMEs, and ambitious startups make it an up-and-coming project to look, and potentially invest into.
VeChain also offers its blockchain technology as a subscription to businesses, with its blockchain-as-a-service (BaaS) being a breakthrough push towards greater mass adoption. With the promise of optimizing steady on-chain governance, easy regulatory compliance, low transaction fees, and interoperability with non-blockchain networks, our VeChain price prediction aggregates a very bullish sentiment ahead.
VeChain Price Prediction 2021.
The algorithmic models that we've summarised have forecasted that we may begin to test VET's all-time highs very soon, with the strong possibility of breaking past it within 2021 alone. 2021 has seen massive institutional investors pile money into cryptocurrencies, and that could have a massive ripple effect of putting the spotlight on blockchain adoption, especially for businesses interested in optimizing their data management, such as supply chains of product lifecycles, with blockchain technology.
VeChain Price Prediction 2023.
VeChain is already providing the building blocks for major enterprises across various industries and professions to create their digital infrastructure on top of the blockchain.
Currently, VeChain has more than 30 large corporate partners. This roster will surely grow even larger by 2023, as we see more enterprises, both big and small, keen for a digital transformation that will better bring value, transparency, and innovation to both businesses and consumers. Consequently, we should see the VET tokens that power this grow organically along with it.
VeChain Price Prediction 2025.
By 2025, it is expected that most major businesses would have some blockchain integration within their ecosystem, whether it's for managing their employees, curating useful feedback from their customers, or optimizing their flow of goods and services. VeChain has plans to scale up the versatility of its blockchain in the coming future, allowing enterprises and developers greater connectivity and power over its already expansive Internet-of-Things (IoT) solutions.
They also plan to add network participants on VeChain to launch their own IPOs or build an extensive line of decentralized applications.
Is VeChain A Good Investment?
Blockchain adoption is rapidly making headway in the lives of many consumers and developers, including young businesses that have been built on top of the idea of decentralization from birth. However, most of the legacy businesses that exist today, and some that have already been around for centuries, do not have the resources, know-how, confidence, or justification to widely adopt blockchain. However, the innovation offered by VeChain aims to change that, to allow a quick, easy, and painless transition to a new digital age.
As such, our VeChain price prediction has a very optimistic forecast if you're planning to invest in VET as a part of your portfolio, although it may not have as much of a use-case from a regular consumer's point-of-view. As one of the earliest companies to offer a large-scale and scalable enterprise-grade blockchain, VeChain has been able to leverage its experiences and exposure in leading the way forward in this space.
They are currently partnered with well-known brands and major industry players such as PricewaterhouseCoopers (PWC), BMW, Groupe Renault, BYD, LVMH, Haier, DB Schenker, and more.
VeChain doesn't just provide its blockchain for use but also a wide business that offers consultations from experts worldwide and tailored hardware specific to a business' needs.
Its solutions have been used in real-time for the quick and secure transmission and storage of data – not just proofs-of-concept or trials – in a wide array of sectors; including emissions indexing and de-carbonization, consumer evaluations and support, automotive, retail, logistics, and large supply-chains, liquified natural gasses, digital content sharing, electronic documentation, and agriculture.
One of its newest and most popular services is ToolChain, a blockchain-as-a-service subscription offered to businesses and developers keen on integrating VeChain's network with their own or deploying it en masse across an entire corporate empire. It includes processing large bulks of information such as product lifecycle management, supply chain process control, data deposit, data certification, and process certification.
Not only does this increase a business' brand perception among tech-savvy and conscious consumers, but it also allows enterprises to expand into new business models with immutable data powered and secured by the VeChainThor blockchain.
ToolChain can scale quickly, with easy integration and needing little to no coding. It is cost-effective with a pay-as-you-go pricing model and provides additional tools to tap into alternate data streams – including non-blockchain data – with VeChain's powerful APIs and SDK kits.
ToolChain connects VeChain's blockchain within an enterprise suite not just with the software but also with hardware solutions. Its desktop and mobile apps can connect to IoT chips and sensors – NFC, RFID, and QR codes – and then relay information back such as monitoring goods transported across an enterprise network, all the way from material procurement, production and processing, logistics, warehousing, storage, distribution to the end consumer, and then throughout its entire lifespan.
As VET has been designed to be a more enterprise-friendly cryptocurrency, it is not as widely available on exchanges as some other large-cap tokens wide a more consumer-oriented focus. However, you can easily find them on marketplaces such as Binance, OceanEx, HitBTC, Bitcoin.com, KuCoin, Upbit, Huobi, Crypto.com, MXC, and so on. You can always use sites like CoinMarketCap, or CoinGecko to find a more comprehensive list.
More Information About VeChain
VeChain is a wider ecosystem of services that caters to providing blockchain technology, powered by VeChainThor, to enterprise clients. The blockchain runs on a Proof-of-Authority consensus algorithm through Authority Masternode Operators that have been verified and vetted by the VeChain Foundation, aligning with the network's goals.
This is better suited for a large organization that wants greater efficiency, as VeChain's PoF requires only low computational power to secure the blockchain. Moreover, those large organizations and enterprises don't have to worry about the instability of hardforks or chain attacks that could disrupt their workflow.
For an example of its use-case, an automotive company may use VeChainThor to keep track of their cars' manufacturing process, sale, deployment, and lifecycle management. The bare materials are molded into shape within the factory, and various componentry are assembled within its production lines.
Following the full assembly and quality control assurance checks, the car will leave to be sold through a dealership. After purchasing and driving the car, the car company can anonymously access and analyze the data stored securely within the car's blackbox, all collected by various IoT sensors.
As the car owner, you can easily check information such as whether the production process of the car is environmentally sustainable or whether it contains materials that are responsibly acquired. Meanwhile, the company can better use the data to optimize their business and ensure customer satisfaction, such as quickly informing owners of a recall, better-determining service intervals, knowing beforehand which parts are needed for servicing, and planning how their future cars can evolve.
Other examples of VeChain's use include combining IoT computation and the VeChainThor network to better inform you about the quality of grapes used in your wine, whether a bottle of medicine has been properly stored, or by keeping track of Covid-19 (Coronavirus) vaccinations.
To make sure that enterprises and network participants can more effectively adapt VeChainThor into their systems, VeChain has adopted a unique two token solution for running the blockchain and greater extract value without incurring the typical uncertainty nascent technology.
This led to the creation of two tokens; VeChain (VET) and VeChainThor Energy (VTHO). VET is the main token to exchange value across the VeChain network, including the powering of smart contracts or other transactions that occur within a VeChain-powered decentralized application (dAPP).
Meanwhile, VTHO is used for gas payments, to power and pay for transactions on the blockchain itself. This is done to separate the cost of running the VeChainThor blockchain away from the price volatility and market speculation that could ramp up the cost of simply verifying transactions.
This ensures a low-cost infrastructure, unlike the volatile gas fees incurred on the Ethereum network due to ether's skyrocketing cost (ETH). The cost of VTHO is more predictable, as VeChain has adopted a stablecoin-like algorithm to monitor and manage the price of VTHO through its supply and demand, ensuring that the price remains without wild fluctuations.
The future is bright for this young project, as our VeChain price prediction has shown. Although its utility is best extracted by the large corporations and entities that actively rely on VeChain's VeChainThor blockchain for their vast highway of data, it's also a good investment proposition if you're thinking of adding another token to your portfolio. As blockchain adoption continues to push deeper into more aspects of life, it's crucial that now more than ever, legacy enterprises adapt to a more digitalized environment.
What better way to start than using a distributed ledger to securely store and transmit high amounts of information between a business and the consumer, bringing a better experience to both? The major risk that stands ahead of VeChain is strong competition. IBM is expanding its well-established experiences and clients with its own blockchain technology, and companies such as IOTA grow and improve their IoT-focused blockchain.
Nonetheless, VeChain's USP is owed to its commitment to better prepare large-scale enterprises with a blockchain integration that is quick, easy, painless, and will yield bountiful rewards in long-term value creation. As such, VeChain and the VET that fuels its powerful blockchain will be quite an interesting project to look into.
See Also: Vechain VS Walton