Did you know the project started at VeChain in 2007?
Although its crypto-monetary token was launched much later and since then the project has evolved considerably, VeChain is indeed one of the oldest projects.
Sunny Lu, former CIO of Louis Vuitton China, founded VeChain in 2015.
He combined his imagination in the supply chain management of luxury products with blockchain technology to create an IoT (Internet of Things) application.
He remains VeChain ‘s CEO through a VeChain Foundation, a nonprofit organization.
The aim of VeChain is to be an enterprise-driven blockchain ecosystem focused on governance and user-friendliness.
The project plans to operate a native blockchain that allows businesses to use various smart contract applications with ease.
VeChain primarily focuses on the exchange and storage of data through the blockchain and has run live applications in the supply chain space.
What is VeChain (VET)?
VeChain is a blockchain-enabled network designed to enhance processes in supply chain management.
VeChain provides retailers and customers with the opportunity to assess the validity and quality of the goods they purchase by using tamper-proof and distributed ledger technology (DLT).
From product origins to history of maintenance and replacement of spare parts, every single component.
Let’s have a look at a wine bottle to understand how VeChain works and what it’s being used for.
Data on the bottle are collected at any point of its development and stored on the distributed ledger thanks to the VeChain tracking system.
The wine bottle gets a specific product ID and a special monitoring device-it can be either a QR code or an NFC chip.
The transport company will send updated data from.
The following directions VeChain Foundation has decided to use its blockchain are:
Commerce in Retail.
It appears the crypto community is optimistic about VeChain ‘s future.
Binance.US’ decision to make this crypto-currency available to millions of retail investors has caused a demand increase.
In addition, VeChain Foundation ‘s work on developing Foodgates, a cross-continental logistics and trading network, helped drive VET even further.
VeChain is the hottest asset to buy right now, but once the excitement is over, will it hold the growth?
This is believed that it will, as the project operates other broad collaborations with such whales as PricewaterhouseCoopers, Walmart China, Fanghuwang, and BYD — one of the largest Chinese automakers.
VeChain is supported by the VeChain Foundation, a non-profit organization which is responsible for network and R&D development.
VeChain Foundation plays an important role in the development of partnerships with companies, such as those we have seen above.
Being backed by a strong foundation can help VeChain more effectively attain its goals.
VET Price Prediction 2020
Generally speaking, there is a balance of opinions and technical analysis which balances the potential future price of VET between two extremities; the very bearish feeling and calculations according to Wallet Investor (WI), and the Crypto land bullish equivalent.
Our prediction leans to none of the extremes but to balance at a midpoint of $0.5, where we think it is reasonable.
VET Price Prediction 2023
Despite a first mover advantage in one of blockchain’s most practical applications-supply chain management, VET is optimally placed to make a jump into the top 10 cryptocurrencies by 2023.
With a potentially bitcoin-induced bull run, it’s possible to reach $5.
VET Price Prediction 2025
A multiplicity of algorithms and experts predict that VET could hit as high as $80 in 5 years from now.
But taking the sides of a more realistic future around an exponential growth to about $20 by the end of the year 2025 is more rational though.
VET Price Prediction 2030
Vechain ‘s prediction is as much a speculation as any other coin’s.
There is therefore a difference between an estimation and a guess.
An educated calculation indicates its worth may be as high as $300.
We often see abundant bullish predictions about various coins. While most of them don’t come true, they still have a short-term impact on the value.
VET Price Verdict
It ‘s obvious that VeChain is one of the few projects that have a real use-case.
The credibility of VeChain has been demonstrated by its wide variety of partners and top stories with major crypto media outlets.
The coin news often causes purchasing signals, but many are puzzled by the centralisation problem in the crypto world.
Everybody accepts, one way or the other, that a project at this stage with these partners is destined for greatness.