VeChain price prediction – what will it be in the future?
As a cryptocurrency investor, you might be checking the VeChain price predictions on the internet. After all, you should always keep an eye out for great new additions to your portfolio. If you’re just curious about crypto, perhaps VeChain is one of the coins you stumbled upon. Fortunately, you just found one of the most promising ones right now!
One of the major issues people have with crypto is that they can’t see how it benefits the real world. VeChain is one of the cryptocurrencies that stand out above the rest due to its use-cases. It may solve one of the most pressing issues the world has right now: supply chain disruption. Does this mean you should invest right now?
Before we get to the VeChain (VET) price predictions, we ha to make Thor Powerve talk more about the blockchain platform first. Then, we’ll provide some examples of VeChain working in real life and go through the many issues. These will provide an overview for those who are just curious about VeChain. Meanwhile, investors will see if VET is a good bet!
What is VeChain (VET)?
We often talk about networks and the internet as a “web.” Interestingly, a former executive of a luxury clothing company “weaved” the VeChain network: Sunny Lu.
He was the former CIO of Louis Vuitton China, and he founded VeChain in 2015. The crypto network is part of BitSE, a blockchain-as-a-service (SaaS) company based in Shanghai.
VeChain is a blockchain built for supply chain management and business processes. It uses the ToolChain system to provide a turnkey solution for businesses around the world.
The term “turnkey solution” means you can just “turn a key and go.” In other words, businesses can easily and quickly deploy these tools. The ToolChain platform has three versions:
- Standard – This was specifically made for small businesses to monitor products and maintain their supply chains.
- Partner – This one’s the choice for large companies. The partner version lets them use business gives them back practices (B2B2C).
- Developer – This was designed for software developers so they can make apps on the VeChainThor blockchain.
How do the VeChain tokens work?
With national adoption of our green tech underway, #VET is proud to be delivering UN SDGs.
To take our efforts to the next level, ex-Deloitte Global Blockchain CTO @Bacco1977Dublin has joined #VeChain as Head of Technology for #SDGs! https://t.co/BAExMoZDem pic.twitter.com/VUlAL0RFce
— VeChain Foundation (@vechainofficial) November 4, 2021
Blockchains use cryptocurrencies to provide a feature by encouraging people to run and fund the network. This often works using proof-of-work or proof-of-stake.
The former has miners confirming transactions to earn more cryptos. On the other hand, the latter has the coin holders setting aside funds to make more, similar to how a bank works.
The VET network is different because it uses proof-of-authority, and the VeChain Foundation chooses the people who will confirm transactions on the platform.
What’s more, VeChain maintains the costs of using the platform using a system they call “Thor Power.” Users need it to pay for network operations such as transaction fees.
To make Thor Power, they would need to either hold VET tokens or purchase them on the open market. If you look at the title of this section, you’ll notice the word “tokens”, not “token.”
That’s because the VeChain network has another token called VeChainThor Energy (VTHO). Developers need them to pay for smart contract transactions.
Read More: How COVID Caused Supply Chain Disruptions
What are some issues with VeChain?
This is a great choice for businesses that need to boost their supply chain management. VeChain’s turnkey solutions allow them to quickly benefit from blockchain technology.
What’s more, the platform just uses a fraction of the energy used by others like Ethereum. In turn, this maximizes the cost-efficiency of running apps on the network.
More importantly, several companies are already using VeChain, such as BMW and Renault. Unfortunately, crypto fans may not like the VET network.
Cryptocurrency is supposed to be a decentralized digital currency. In other words, it shouldn’t rely on a central figure to function, and that isn’t how the proof-of-authority model works though.
We said that the VeChain Foundation is in charge of choosing who confirms transactions on their network. This is not like other cryptos where anyone with the right tools can join.
People like cryptos because it takes the power away from big business and government and give it back to them. In other words, nobody else controls the exchanges.
What’s more, we don’t know so many things about VeChain.
This opens a lot of questions like:
- How will it deal with offline block producers?
- How does VeChain secure itself from attacks?
- What determines the blockchain fees?
- How will it control the supply of Thor Power?
You should always know all you can about your investments. Unlike VeChain, you can find these details for other cryptos, which might be a deal-breaker for most.
What does VeChain price prediction tell us?
With national adoption of our green tech underway, #VET is proud to be delivering UN SDGs.
To take our efforts to the next level, ex-Deloitte Global Blockchain CTO @Bacco1977Dublin has joined #VeChain as Head of Technology for #SDGs! https://t.co/BAExMoZDem pic.twitter.com/VUlAL0RFce
— VeChain Foundation (@vechainofficial) November 4, 2021
People have been looking forward to VeChain rising in value last year. This year, VeChain continued to please investors with an all-time high of $0.2782!
In November 2021, technical analysis suggests that it will rise to 63%. This is due to the price breaking through the resistance level of $0.15.
At the time of writing, the price of VET tokens was $0.1722. The circulating supply is 64,315,576,989 VET and the market cap was at $11,116,033,810.96.
Does this mean we will see this trend play out? Nobody is truly sure because the crypto market is highly unpredictable, and so many factors could launch or crash the price.
How do I use the VeChain price prediction?
The VeChain prediction and price analysis are more useful if you’re a short-term investor. These are people who profit from quick price bumps.
You can do this in various ways. For example, you could hold a few VET bucks, then place a sell order early. That way, you’ll catch profits once the price goes up.
Another way you can do this is by placing a long position for VeChain. If you’re not careful though, you can lose money within minutes.
You will need to stay tuned to the market regularly to pull these off. Otherwise, holding this coin might not be a good idea in the long run.
Long-term investors could wait months or years for their assets to grow in value. By then, we cannot say for sure if the price will increase.
If you’re still not sure about the VeChain price predictions, you might want to read more about them. The internet has so many resources, especially VeChain’s homepage.
After learning more, think about investing in VeChain again. If you still have doubts, just steer clear of it. You should be sure where you’ll invest.
If VeChain looks right for you, go to Binance, Huobi, or other cryptocurrency exchanges to buy your first VET tokens. Signing up is fast and easy, and you will find other cryptos in there too.
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Final Thoughts
The opinions expressed in this article are not intended as investment advice. Research by yourself first before pouring funds into an asset.
What’s more, you should create an investment plan that will help you choose the right assets. Never use the money you cannot afford to lose!
Read more Inquirer USA articles to learn more about investing and other assets. When it comes to the latest updates on worldwide trends, it’s your best bet!
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