As a cryptocurrency investor, you might check VeChain price predictions on the internet. After all, you should always be on the lookout for great new additions to your portfolio. If you’re just curious about crypto, VeChain might be one of the coins you stumbled upon. Fortunately, you’ve just found one of the most promising ones!
One of the main problems people face with crypto is that they cannot see how it benefits the real world. VeChain is one of the cryptocurrencies that stands out from the others due to its use cases. It could solve one of the most pressing problems the world has right now: the disruption of the supply chain. Does that mean you should invest now?
Before we get to VeChain (VET) price predictions, we need to get Thor Powerve to talk more about the blockchain platform first. Then we will share some examples of VeChain’s work in real life and go over the many problems. These provide an overview for those who are just curious about VeChain. In the meantime, investors will see if VET is a good choice!
What is VeChain (VET)?
We often refer to networks and the Internet as the “web”. Interestingly, a former executive of a luxury clothing company “wove” the VeChain network: Sunny Lu.
He was the former CIO of Louis Vuitton China and 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 for supply chain management and business processes. It uses the ToolChain system to provide a turnkey solution for companies around the world.
The term “turnkey solution” means that you can simply “turn the key and go”. In other words, companies can easily and quickly deploy these tools. The ToolChain platform has three versions:
- default – This is specially designed for small businesses to monitor products and keep their supply chains going.
- partner – This is the choice for large companies. With the partner version you can use business back practices (B2B2C).
- developer – This is designed for software developers so that they can create apps on the VeChainThor blockchain.
How do the VeChain tokens work?
With the national rollout of our green technology, #VET is proud to achieve the United Nations SDGs.
To take our efforts to the next level, former 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 function by encouraging people to run and fund the network. This often works with proof-of-work or proof-of-stake.
The former has miners confirming transactions to earn more cryptos. On the flip side, the latter has the coin holders who put funds aside to earn more, much like a bank does.
The vocational training network differs in that it uses a proof of authority and the VeChain Foundation selects the people to confirm transactions on the platform.
In addition, VeChain keeps the cost of using the platform through a system they call “Thor power.“Users need it to pay for network operations like transaction fees.
To make Thor Power, they would either have to own VET tokens or buy them on the open market. If you look at the title of this section, you will notice the word “token” instead of “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 Disrupted the Supply Chain
What are some problems with VeChain?
This is a great choice for companies that need to improve their supply chain management. VeChain’s turnkey solutions allow you to quickly benefit from blockchain technology.
In addition, the platform only uses a fraction of the energy that others like Ethereum use. This, in turn, maximizes the cost-effectiveness of running apps on the network.
More importantly, several companies are already using VeChain, such as BMW and Renault. Unfortunately, crypto fans don’t like the VET network.
Cryptocurrency is said to be a decentralized digital currency. In other words, it shouldn’t rely on a central figure to work, and that’s not how the proof-of-authority model works.
We said that the VeChain Foundation is responsible for choosing who confirms transactions on their network. This is not like other cryptos that anyone with the right tools can participate in.
People like cryptos because it takes power and gives back to big corporations and government. In other words, no one else controls the exchange.
Besides, we don’t know that much about VeChain.
This raises many questions such as:
- How will it deal with offline block producers?
- How does VeChain protect itself against attacks?
- What determines the blockchain fees?
- How will it control the supply of Thor Power?
You should always know all about your investments. Unlike VeChain, you can find these details for other cryptos, which could be a deal breaker for most.
What does the VeChain price prediction tell us?
With the national rollout of our green technology, #VET is proud to achieve the United Nations SDGs.
To take our efforts to the next level, former 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 gaining in value over the past year. Also this year VeChain pleased investors with an all-time high of $ 0.2782!
As of November 2021, technical analysis suggests that it Increase to 63%. This is because the price breaks the $ 0.15 resistance level.
At the time of writing, the price of VET tokens was $ 0.1722. The circulating supply is 64,315,576,989 Vocational Training and the market cap was $ 11,116,033,810.96.
Does this mean this trend will continue? Nobody is really sure as the crypto market is very unpredictable and so many factors can trigger or crash the price.
How do I use VeChain price prediction?
VeChain’s prediction and price analysis are more useful if you are a short term investor. These are people who benefit from quick price increases.
You can do this in a number of ways. For example, you could hold a few dollars in VET and then place a sell order early on. This way you will start making a profit as soon as the price goes up.
Another way to do this is to take a long position on VeChain. However, if you are not careful, you can lose money in minutes.
You need to stay in the market regularly to achieve this. Otherwise, holding this coin may not be a good idea in the long run.
Long-term investors could wait months or years for their assets to appreciate. Until then, we can’t say for sure whether the price will go up.
If you are still not sure about VeChain price predictions, you may want to read more about it. The internet has so many resources, in particular VeChain homepage.
Now that you have learned more, it is time to reconsider investing in VeChain. If you still have doubts, just avoid it. You should be sure where you are investing.
If VeChain is right for you, head to Binance, Huobi, or other cryptocurrency exchanges to buy your first VET tokens. Signing up is quick and easy, and you will find other cryptos there too.
Final thoughts
The opinions expressed in this article are not intended as investment advice. Before investing any money in any asset, do your own research.
Additionally, you should create an investment plan that will help you choose the right assets. Never Use The Money You Can’t Afford To Lose!
Read more articles from Inquirer USA to learn more about investing and other assets. When it comes to the latest updates on global trends, this is your best bet!
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