The blockchain industry has continuously evolved with new technologies aiming to find solutions to traditional financial systems and real-world applications.
The pioneers of blockchain, the likes of Bitcoin (BTC) and Ethereum (ETH), were designed to make payment and store of value for money easy, but this has evolved past that with the breakout of technologies and applications in Gaming (such as play-to-earn P2E, move-to-earn M2E), IoT, Metaverse, NFT collections, DeFi, and more.
The immense contribution of Ethereum and its layer 1 technology has revolutionalized smart contracts and the way people interact with the blockchain; with the emergence of VeChain (VET) and VeChainThor (VTHO), many business processes and logistics tracking using QR codes by harnessing the power of blockchain technology to verify, track ingredients and shipment with the help of Internet Of Things (IoT) and Distributed Ledger Technology (DLT).
VeChain aims to streamline the supply chain management and business processes; we will discuss more extensively VeChain price prediction and help guide investors to understand the future of VET better.
What Is VeChain (VET)
VeChain, also known as VET, is a blockchain technology built on VeChainThor (VTHO).
VeChain pioneers itself as Blockchain-as-a-service technology that uses smart contracts to provide real-world solutions to businesses and related logistics that deal with the complexity of properly tracking their services.
VeChain sees itself as one of the foundations of the next generation of information technology alongside other great rising technologies such as 5G, IoT, VR, and AR.
With the technology's tamper-proof characteristics and immutability characteristics, infrastructure technology, and blockchain, it has uniquely positioned itself to enable unprecedented value and data transfer among a wide set of users in a trustless manner with high efficiency and authenticity of the information transfer.
VeChain vision is to bridge and solve the problems of enabling established businesses with access to blockchain technology to create lasting value and solve real-world economic problems has become intrinsic in their project vision.
A good example is tracking medicine packs or alcohol bottles from the manufacturing factory to the end consumer through Radio Frequency Identification (RFID).
To attain this vision and fully harness blockchain technology for mass adoption, VeChain is building the ecosystem through the involvement with the blockchain in three distinct ways - Technical Consensus, Business Consensus, and Governance Consensus.
These phases enable solutions and strategies to tackle problems uniquely while putting VeChainThor as the world's premier choice for the blockchain.
VeChainThor is a public blockchain designed to solve real-world problems by adopting blockchain technology for all business sizes. With existing and proven blockchain innovations and novel technologies, it has placed itself as a sustainable and scalable business solution for the blockchain ecosystem. Its native token is VTHO.
These innovative technologies include an on-chain governance mechanism, built-in smart contracts, Proof-Of-Authority (POA), and developers' tools.
VeChain native token VET has a maximum supply of 86,712,634,466 and a current circulating supply of 72,511,146,418 VET. It is ranked 34th on the list of cryptocurrencies by market capitalization and dominates at 0.197%. VeChain reached an all-time high of $0.283 and an all-time low of $0.0019 per VET.
VeChain Launch And Origin Story
VeChain is a smart contract enterprise focused on providing supply chain management and product tracking by integrating the Internet of Things (IoT) solution. With the help of distributed ledger technology, VeChain aims to streamline the complexity associated with the supply chain. VeChain token (VET) and VeChainThor (VTHO) are the two primary tokens on the VeChain network. VeChain uses relay value across VeChain’s network while VeChainThor uses smart contract transactions as energy or gas.
Sunny Lu founded VeChain in 2015. Sunny Lu was a former chief information officer at Louis Vuitton China. VeChain started as a secondary part of Bitse, a blockchain company in Chain with many customer fan bases.
VeChain was initially known as VEN, a fork of the Ethereum blockchain, but it gradually transitioned onto its blockchain in 2018 with a successful rebranding. After rebranding, it coined the name VET.
VeChain has always focused on disrupting the supply chain industry by making data transparent and actionable. It has also aimed to be a leader in dApps and initial coin offering (ICO) through the Internet of Things (IoT).
Over time, VeChain has formed strategic partnerships with PricewaterhouseCoopers (PWC), Microsoft, and Viseo, highlighting its seriousness in meeting their plans as written down in VeChain’s whitepaper.
What Protocol VeChain Uses
The VeChain network uses a Proof-Of-Authority (POA) consensus protocol. The consensus protocol used by VeChain allows for the community to vote. Votes are carried out based on two criteria. VET holders who have not carried out their know your customer (KYC) process or have credentials but have 1 million tokens are assigned 20% of community votes, while VET holders with KYC have 1 million tokens of VET assigned 30% of votes.
The Bitcoin network requires all nodes to vote before reaching a consensus; this is not the case with the VeChain network, which has over 101 master nodes responsible for reaching a consensus on transactions performed on the VeChain blockchain.
The use of anonymous nodes is not allowed; identity disclosure is an essential criterion for becoming an authority master node. In line with VeChain’s whitepaper, this system uses less power, and there are no limits to the number of validators.
Another type of node on the VeChain network is the economic master node; this does not produce blocks or kedger records to check on the power. Based on the VET holdings of the master nodes, they are assigned votes. For example, every economic master node gets one vote for every 10,000 VET holdings.
The founders of VeChain have a plan and vision to design a protocol that bridges the gap between centralization and decentralization.
What Makes VeChain Different From Other Cryptocurrencies
Because of the design and how VeChain is designed, some features set it far apart from other cryptocurrencies. One key feature that distinguishes VeChain from other cryptocurrencies is the use case for tracking goods and data. Many businesses that require a verified chain of ownership through delivery, production, shipping, and other means could readily use VeChain to proffer a solution.
With the help of VeChain smart contract features, users can track ownership and have complete control of goods. For example, the tobacco industry can easily track its products from production to the end-to-end consumer with the help of VeChain technologies.
VeChainThor also supports new currencies and other smart contracts. Like ERC-20, VeChain network currencies follow the VIP180 standard, created uniquely on VeChain. This means, unlike the Proof-Of-Work (POW) employed by Ethereum (ETH) and Bitcoin (BTC), VeChain uses Proof-Of-Authority (POA), and it is less intensive in terms of energy usage.
Important Factors Influencing VeChain Price Predictions Explained
Several factors drive the adoption and volatility of crypto assets in the blockchain industry, with many crypto projects aiming to solve real-world problems affecting the financial system. Altcoins like VeChain are no exception, especially with the use case to easily track products using smart contracts from production down to distribution to the end-to-end user. Here are key factors that can influence the price prediction for VeChain.
VeChain is constantly in high demand for many businesses and has continued enjoying social media popularity as many see the project with huge potential. The low cost per coin is a huge differentiating factor for many, coupled with its smart contract feature to bridge the gap between centralization and decentralization. VeChain is currently ranked 34th on cryptocurrency market capitalization.
Despite its popularity in the crypto market and on decentralized exchanges, there has been a downtrend in the crypto market lately, and many altcoins have fallen out of favor with most investors in the mainstream. The price of VeChain on the purchase now is a steal, as it has so much backing from investors and community support.
With market relief, demand could return for most DeFi, NFTs, Metaverse, and other smart contract decentralized projects. VeChain smart contract features could be a game changer in the long term.
VeChain works as part of the VeChainThor blockchain and, as a result, supports two unique smart contracts. VeChain has been built with the focus on building more interaction with data, logistics, and tracking of goods. As a result, it has gained so much attention from shipping, retail, manufacturing, and other industries that require these services.
VeChain uses a smart contract that is Proof-Of-Stake (POA) which is different from ERC-20 tokens like Ethereum uses Proof-Of-Work (POW). As a result, VeChain works on a reputation-based consensus algorithm that provides a practical and efficient solution for blockchain networks. Some advantages of using POA include scalability, privacy protection, and an effective and robust solution for businesses and supply chains.
Partnerships And Visions
In the crypto and blockchain space, the vision of a project has a significant impact on the project having a good ecosystem, partnerships, and funding. VeChain has created a platform that accommodates and enables businesses to access the blockchain and solve real-world economic problems. VeChain is more about open finance rather than decentralized finance (DeFi). VeChain offers the ecosystem several opportunities for builders, communities, startups, enterprises, institutions, and more.
With an innovative and promising use case, VeChain has attracted attention from the likes of Microsoft, Renault, and BMW.
VeChain Past Performance: A Complete Price History Of VETUSD
VeChain and VeChainThor platform has become a big influencer when it comes to providing a real-world use case solution that addresses the problems faced by supply chain management. To help power the ecosystem and provide a more robust protocol for the growth of the community, builders, and other businesses, there was a need to produce VET and VTHO.
VeChain started trading in 2017; the price peaked at $0.28 before making a low of $0.032 due to the market downtrend in recent times.
VeChain has received many partnership deals from well-known companies such as Microsoft, Renault, BMW, and others. They are working extensively to provide seamless integration of smart contract features into the supply chain management of businesses for an uncomplicated track of goods and services.
The chart above shows VeChain performance in relation to price, volume, circulating supply, and market cap dominance.
How Is VeChain Doing Now?
The price of VeChain and other cryptocurrencies has experienced a drastic decline for so many months now, with VeChain down by over 85% from its all-time high of $0.28. But the fact remains, the bear market gives you so many opportunities you would have wished for. Buying here or what seems to be the bottom would be the best investment as prices will rise in the next few months or beyond.
Bear markets are usually tough and challenging but present the best investment opportunities.
VeChain is currently trading around $0.01595 per VET token; VeChain presents so many investment opportunities, but we need to be aware of a prolonged bear market, but the risk-to-reward ratio is better for a long time.
The chart shows the price of VeChain falling by over 85% against Tether (USDT) from a high of $0.28.
Short-Term VeChain Price Prediction 2023
VeChain has had a rosy start after launching; it gained so much attention and speculation from its dual smart contract tokens of VET and VTHO. It is currently facing an ongoing crypto winter that has affected other cryptocurrencies that will be over soon. The chart below shows a monthly VeChain price prediction for 2023.
Long-Term VeChain Price Prediction 2023, 2024, & 2025
VeChain (VET) is a token built on the VeChainThor network with a good use case that applies to the real world. The chart below displays automated VeChain price predictions quarterly for 2023-2025.
Long-Term VET Price Prediction 2026 - 2030
The future is promising for blockchain technologies and communities in the next five to ten years. The price of VET and other altcoins with great potential will continue to flourish despite the decline in market price due to the bear run. Below is a chart that displays automated VET price predictions yearly from 2026, 2027, 2028, 2029, and 2030.
Long-Term VET Price Predictions From Experts
Having a wide range of related opinions from an industry expert before making a decision can influence your conclusion and reduce your risk of investing in crypto assets.
It is also important to note these experts are humans, predictions can be flawed as they can't exactly predict the future of the financial market, but they can only speculate based on some fundamentals that influence the asset. Always do your due research and diligence on these crypto assets.
According to experts on Priceprediction, who predicts the price of VET based on fundamental analysis, use cases, and previous price performance, the price of VET would see a peak price of $0.9 by 2030.
According to experts on Paybis, who predict the price of VET based on fundamental analysis, strategic partnerships with the likes of Amazon, BMW, and others, and previous price performance, the price of VET would see a peak price of over $5 by 2030.
They have a strong belief that by 2030 humanity will be linked with AI giving more opportunities for VeChain products to thrive.
According to cryptocurrency experts on Changelly, who predict the price of VET based on fundamental analysis and other factors, the price would peak at around $0.99 by 2030. Still, it could be traded at an average of $0.77.
Price Prediction By Margex Technical Analysts
The Margex trading platform has a robust on-chain and technical analyst with sound technical knowledge to forecast and compare with automated price predictions offered by other AI technologies used for asset predictions. You must do your research and due diligence before you invest in a crypto asset, and when you always trade with what you can afford to lose.
After a massive decline from a region of $0.28, VeChain seemed to be at a bottom around $0.0022 and proper support for a bounce. With the current market state and relief bounce for all crypto assets, we could see the price of VET retesting $0.020, which could prove to be strong resistance.
Fundamentally the price of VeChain will keep appreciating as it has a proper use case for the supply chain industry, data, and a good partnership on board.
Crypto As A Financial Instrument Today
Cryptocurrencies are virtual currencies linked to cryptographic systems. They have enabled secure online payment without third parties as a financial instrument.
Because of the blockchain's security, there are no issues related to duplicates of transactions, and all transactions are traceable. It is very important to note that you can carry out transactions with any cryptocurrencies of your choice on an exchange.
Margex as a secure derivative exchange gives you access to tokens that are verified with a good fundamental use case. Most cryptocurrencies are exposed to pump-and-dump, but the Margex AI system has been built to tackle the issues associated with pump-and-dump coins.
VET Price Prediction Crypto FAQ: Commonly Asked Questions About VeChain Cryptocurrency.
VET, VTHO, Thor, and VeChain Thor are terms you hear associated with VeChain and VeChainThor, with so many expectations for the tokens to explode.
These FAQs will answer some commonly asked questions about the vet coin price prediction for VeChain.
What Will VeChain Be Worth In 2025?
Cryptocurrency experts on Changelly forecast the price of VeChain based on technical analysis of the financial market with present price fluctuations to be around $0.13 peak by 2025. VET could still trade at a minimum price of $0.11 on average come 2025. It is always advisable to do your own research as VET price predictions can be flawed.
Can VeChain Reach $10?
The possibility of VeChain reaching $10 is opened by most crypto experts considering the use case and partnership. With a big breakthrough in VeChain, the price reaching the $10 mark is possible.
How High Will VET Go?
According to the DigitalCoinPrice forecast for VET coin, the price could go as high as $0.12 by 2030. When you compare price forecast and analysis it is important to know that this analysis could be wrong and crypto assets are highly volatile. Do not invest more than what you can afford to lose.
Is VeChain A Good Investment In 2022?
VeChain is a popular cryptocurrency with a real-world use case, VET price to be seen as a good investment depends more on you and your appetite for risk. Always do your own research before you invest in crypto assets
Does VET Coin have a future?
There is no doubt about the future of the VET coin as it provides solutions to real-world problems and has backing from top partners.
Is Vet Coin Worth Buying?
VET coin performed well in the last bull run but is down by over 85% from its all-time high of $0.28. Cryptocurrencies are highly volatile, you need to do your due diligence to invest, and don’t invest more than what you can afford to lose.
Can VeChain Hit $1?
There is a possibility, but not at the present moment, based on an automated forecast.
Always do your own research as this forecast can be wrong.