What Is VeChain (VET)?
VeChain (VET) is a self-developed blockchain platform built to boost supply chain management and streamline business processes. The platform was founded in 2015 by Sunny Lu, a former CIO of Louis Vuitton China. In its early days, the VET token functioned only as part of the Ethereum blockchain.
The founders, however, had some loftier goals in mind. In 2018, VeChain fully rebranded itself and transitioned onto its own public blockchain (VeChainThor), converting its VEN tokens to VET as well as adding the VeChain ‘gas’ token VTHO.
It has since evolved into an enterprise-focused, multi-coin IoT and supply chain management ecosystem and has successfully established a substantial customer base.
With the help of distributed ledger technology (DLT), the platform can organize and streamline information flow for complex supply chains. It uses two primary tokens: VeChainThor energy (a smart contract layer) and VeChain Token (or VET) for conveying value across the system.
According to VeChain’s white paper, the two-token system was curated to have a reliable model for decentralized application developers and ensure effective governance.
The VeChain white paper outlines the platform’s main aim, which is to make data transparent and actionable. It also aims to be an IoT (Internet of Things) intermediary and at the forefront of initial coin offerings made using VeChain.
By combining DLT with IoT aspects, the VeChain network is living up to its goal of making waves in the supply chain industry.
Is VeChain a Good Investment?
The crypto market is now way beyond the token value. Most investors are gradually looking for the use cases of the blockchain or cryptocurrency. With use cases, we can refer to what real-world problems a cryptocurrency or its blockchain is solving.
VeChain has real-world utility as it is trying to solve the supply chain problem of industries around the world. VeChain is positioning itself as a platform that will solve real-world economic problem with respect to security in delivery as well as providing technology to assist in the supply chain.
Due to its unique feature, big brands like BMW have associated themselves with VeChain.
However, one issue VeChain has is that it is not a well-known blockchain nor its cryptocurrency is known to a larger group of audiences. But looking at the utility of VeChain it is a good investment.
VeChain (VET) Price Prediction 2022-2027
VeChain Price Prediction 2022
It appears that by 2022,VeChain (VET) prices will have reached a level similar to their previous all-time high.By 2022, We may expect an average price of $0.026. If everything goes smoothly, we predicted the maximum price of VeChain could be up to $0.027 in 2022. Of course, there are chances that the market will dump after a long bull run and It is normal for cryptocurrency market.
VeChain Price Prediction 2023
As VeChain continues its journey towards making higher highs, our forecast states that in 2023, VeChain will achieve a maximum price of $0.054239 while the average price for the year stands at $0.048428. On the other hand, the minimum price for VET in 2023 stands at $0.042617.
VeChain Price Prediction 2024
In 2024, we expect VeChain to see impressive growth as crypto gains recognition across many business sectors. As a result, the price could reach as high as $0.073611, averaging around $0.067799. VeChain could see a minimum price of $0.061988.
VeChain Price Prediction 2025
The price of VeChain is predicted to reach at a minimum level of $0.059 in 2025. The VeChain price can reach a maximum level of $0.069 with the average price of $0.061 throughout 2025.
VeChain Price Prediction 2026
There are signs that the crypto market is about to enter a new age. Certain that the long-term price prediction for VET’s price will soar since there is still optimism that the currency will attract much more attention. The year 2026 can end with an average price of $0.106542 and a minimum price value of $0.10073. The maximum price is expected to be trading around $0.112353
VeChain Price Prediction 2027
In the year 2027, VeChain adoption will continue to rise, and with regulators gradually stepping in, investors might see VET at a maximum price of $0.131724 by 2027 followed by a minimum price of $0.120101. Moreover, the average price for the year is expected to be $0.125913.
Can the VeChain VET coin reach $1?
The cryptocurrency market is notoriously volatile, and predicting future prices is always a challenge. However, based on current trends, it seems possible that VeChain could reach $1 within the next year or two. The VeChain platform has been gaining popularity among businesses and developers, and its price had been steadily rising before the crypto winter began. With more companies adopting VeChain for supply chain management and other applications, demand is likely to continue to grow. If this trend lives on, VeChain could easily reach $1 or even higher within the next few years. Of course, anything can happen in the crypto market, so this is by no means a guarantee. However, VeChain appears to be positioned for long-term success, and $1 seems like a realistic goal in the near future. None of the content on Changelly, including the VET crypto price prediction, is investment advice, nor is it a replacement of advice from a certified financial planner. Before deciding to buy VeChain, we recommend you to do your own research.
VeChain Overview and History
Sunny Lu, a former CIO of Louis Vuitton China, founded VeChain in the year 2015. It originated as a Bitse subsidiary, one of China’s most well-known blockchain businesses, and is now one of the few blockchains to have a customer base. Initially, the VEN coin-operated on the Ethereum network. VeChain, on the other hand, changed its name and moved to its own blockchain in 2018. As part of the rebranding, the VEN blockchain was renamed VeChainThor (VET).
In order to achieve this goal, over the years, VeChain has built strategic collaborations with a number of companies. One of these is a partnership with PricewaterhouseCoopers (PwC) to employ VeChain’s blockchain-enabled solutions to help PwC’s clients improve product traceability and verification. BMW Group and Walmart China are two more companies.
VeChain is now ranked 23rd in terms of market value in the cryptocurrency rankings, with about $9 billion worth of VET in circulation. The abundance of features that VeChain crypto provides is one of the biggest reasons to acquire it. It works with smart contracts, initial coin offerings (ICOs), and decentralized apps, for example. It’s also not hard to find VeChain because it’s available for purchase by consumers. The coin is available for trading on sites like Coinbase and Binance.
Note: cryptootime collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.