What is VET coin?
[TL; DR]
- Vechain uses Proof-of-Authority (POA) consensus algorithm, which does not support mining.
- The Chinese government is also one of Vechain‘s strong partners.
- Cryptocurrency analysts predict that the value of the VET token will rise to $0.0729 in 2025.
Introduction
VET Vechain, with a market value of $1.1 billion, has served many well-known enterprises with its blockchain technology, and even the Chinese government is one of its partners. How will this Vechain VET token, which rose nearly 11 times in 2021, perform in 2023?
What Are VET Tokens?
Vechain blockchain platform is a public blockchain aimed at “large-scale enterprise adoption”. It has two tokens: VET-vet “VET”) and VTHO. VET is a cryptocurrency subordinate to Vechain, which is used as a value layer to transmit value on the VeChain. In other words, the decentralized application transactions on the Vechain blockchain will use VET. You can buy VET coin, lend or borrow it on Gate.io.
What Is Vechain Blockchain?
Vechain is an innovative blockchain. It uses the Proof of Authority (POA) mechanism to define itself as a supply chain optimizer, aiming to enhance supply chain management and business processes. The goal is to simplify these processes and information flows in complex supply chains through the use of distributed ledger technology (DLT).
According to the deion of VeChain’s white paper.com/vechainthor_development_plan_and_whitepaper_en_v1.0.pdf “Vechain‘s white paper”), Vechain blockchain technology can break the problem of information asymmetry. For example, the supply chain data is separated among multiple stakeholders and is divided into islands. The information flow will not only be affected but also distributed among stakeholders. Vechain can return the ownership of data and empower its owners to achieve transparent information flow, efficient collaboration, and high-speed value transfer.
For example, Vechain can be used for product tracking or the quality, authenticity, integrity, transportation media, and last-mile delivery of products from the manufacturing plant to the final delivery to the final customer. To achieve this goal, Vechain uses smart chips or radio frequency identification (RFID) tags and sensors to broadcast key information to the blockchain network. Authorized stakeholders can access this information in real-time on the chain, so as to understand the complete situation of their products.
The application of sensors means that all parameters related to the product can be continuously monitored and problems can be fed back to relevant stakeholders. If the product is stored outside the specified scope or the quality is damaged, the manufacturer and the customer will be notified, so as to improve the service and better control the quality.
Source: watcher.guru
Where Does the Vechain Blockchain Derive From?
Vechain blockchain was founded in 2015 by Sunny Lu, former Chief Information Officer (CIO) of Louis Vuitton China. It was once a subsidiary of Bitse, one of the largest blockchain companies in China, and has become a strong partnership with the Chinese government.
At first, the VEN token was established and operated on the Ethereum blockchain. After Vechain raised funds through the first token issuance (ICO) in 2017, in 2018, Vechain used Ethereum VEN tokens to exchange VET tokens at 1:100 to transfer them to its own blockchain and renamed them VET. As a result, the Vechain VET blockchain network officially began to operate.
The existence of Vechain is to make the mobile phone and storage of enterprise data more convenient through blockchain technology. It provides a unique ID for each item in the entire supply chain so that its processes can be controlled and managed more safely and efficiently.
Vechain Partners
So far, Vechain has become a partnership with many well-known enterprises, many of which are familiar to everyone. These are just a few examples of the most prominent Vechain partnerships:
The accounting giant PricewaterhouseCoopers cooperates with Vechain to provide blockchain solutions for customers.
Walmart Inc cooperated with Vechain in 2019 to track packaged meat, vegetables, and seafood.
Louis Vuitton and several brands under it have cooperated with Vechain to use its blockchain technology as a product anti-counterfeiting measure.
BMW Automobile Company stores vehicle data on the blockchain through cooperation with Vechain.
French automobile manufacturer Renault Group has cooperated with Vechain to create a digital automobile maintenance manual.
Not only the above partners but also the Chinese government is one of Vechain‘s strong partners. However, as we all know, China’s attitude towards the cryptocurrency market also has many users worried that the other party will terminate the cooperation with Vechain, because if so, it may have a huge negative impact on the future of Vechain. However, it is undeniable that China currently recognizes blockchain technology and cooperation with Vechain.
How To Mine VET Tokens?
Unlike Bitcoin, VET does not support mining. Vechain uses Proof-of-Authority (POA) consensus algorithm rather than the Proof-of-Work algorithm adopted by most minable tokens.
The total amount of VET issuance is $86.7 billion. Many investors earn income by storing their VET tokens in the VeChainThor wallet. You can accumulate VTHO every day by simply storing your VET tokens in the wallet. You can also stake VeChain (VET) token on Gate.io or use it to borrow another cryptocurrency. By doing VET staking, users can earn up to 1.22% in annual yield.
Vechain price Forecast 2023-2026
The Vechain VET token reached its recent peak of $0.243 in April 2021, nearly 11 times higher than that in January. Until May 2022, the VET price will fluctuate, but many people believe VET is not the best choice for short-term investment.
However, some investors have ignored the application and future development of Vechain, and the value and convenience of its blockchain technology for the real industry is incalculable. It combines DeFi and centralized finance, and most companies that use blockchain to operate nodes. The scope of application may be more extensive in the future.
The current market value of Vechain VET token is $1.1 billion, and it is also one of the top 50 cryptocurrencies. As the project continues to attract more investment, enhance utility and improve user adoption, its popularity will continue to grow.
Some analysts believe that the cryptocurrency is expected to remain below $1 in the next five years. Although it is not the best investment in cryptocurrencies at present, it is conducive to long-term investment.
Source: Gate.io
Trading Beasts experts predict that the value of the token will rise to $0.0729 in 2025. However, the VeChain price forecast given by DigitalCoinPrice is much lower — $0.048, but the highest possible price given by Gov Capital is $0.5497. Different analysts have different price forecasts for VET, but the same thing is that the token will rise.
Source: softwaretestinghelp.com
According to Vechain, they will continue to put blockchain technology into more complex practical problems, including reducing VTHO gas fees and expanding its eco. Not only that but also blockchain applications and games will be expanded and deployed on Vechain.
As Vechain has attracted more and more corporate investors’ attention in recent years, its new partnership is also one of the factors affecting the VET market price. However, compared with the leading cryptocurrency, Vechain VET seems to have a long way to go before it becomes the mainstream token.
FAQs about Vechain VET
How Does VET Coin Work?
VET is a crypto token used for purchase, sale, investment, and value transfer in the crypto market under Vechain‘s dual currency .
Is VET Coin worth investing in?
Although the blockchain technology of VET has a wide range of applications, it is still on the rise, and the market price fluctuates greatly, so it is not suitable for short-term investment. However, it is one of the 50 cryptocurrencies with the highest market value and is a potential token.
What Is the Purpose of Vechain Coin?
VET can be used for tokens traded, stacked, and held on the secondary market, cryptocurrency exchanges, and cryptocurrency wallets. The VTHO energy token can be used to ute transactions on the blockchain.
What Is the Market Value of VET Coin?
The market value of Vechain (VET) = total amount of tokens in circulation x current market price of VET
Market value of Vechain (VET) = 72.511B VET x $0.0155585 = $1.128 billion
Button: buy VET - link to https://www.gate.io/trade/VET_USDT
