VeChain, generally abbreviated as VET, began as a private consortium chain in 2015. It started working with a host of enterprises to explore the application of blockchain in supply chain management and the food industry. VeChain began its transition to the public blockchain in 2017 with the ERC-20 token VEN, before launching its own mainnet in 2018 using the ticker VET.
VET aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem. This is aimed at solving major data hurdles for multiple global industries, from medical to energy, food and beverage to sustainability, and SDG goals. VeChain is supporting the fourth industrial revolution, which demands real-time and trustless data sharing among its participants.
VeChain Foundation is a non-profit organization established in July 2017 in Singapore. The Foundation is liable for the construction of the community and technological research and development. Additionally, the foundation plays an essential position in commercial enterprise development. The Foundation encourages and supports partnerships with enterprises that are interested in utilizing blockchain technology as a service provider. This includes payment services, private key management, smart contract development, and wallet development.
The team behind the development of VeChain
Sunny Lu is the CEO of the VeChain Foundation and has already become a renowned member of the blockchain space. Before establishing VeChain, he co-founded Qtum, a Chinese Internet start-up. Apart from this, he has served as CIO and COO of Louis Vuitton China.
The team consists of more than 90 developers. Gu Jianliang is the Chief Technology Officer and has more than 18 years of experience in the fields of mobile devices and the IoT field. He has created over 100 patents in several technology fields.
The Chief Operations Officer of the VeChain Foundation is Kevin Feng. He has been actively involved in many technology projects. He has 12 years of experience working for VeChain’s partner, PWC, as a consultant and assurance advisor.
Tokens of VeChain
VeChain has invented two different tokens, VET and VTHO. The VeChain (VET) token is subjected to value transfer across the VeChain network and acts as a value player. VeChainThor Energy (VTHO) acts as a transaction fuel for smart contracts, promoting sustainability while simultaneously creating a smart contract layer. Moreover, it offers a full view of how an organization processes its information flow by extracting it from data installations.
Characteristics of VeChain
The main focus of VeChain is to enhance transparency, traceability, and efficiency.
Dual Token System: VeChain operates on a dual-token system. VET serves as a store of value, whereas VTHO is used for transaction fees and contract execution.
Real-world Applications: VeChain is designed for real-world applications in supply-chain management. It utilizes blockchain technology to provide a transparent and immutable ledger for tracking the production, shipment, and delivery of products.
Thor Power: Holding VeChain tokens generates Thor Power and is used to interact with the VeChainThor blockchain. It contributes to the stability of the network and incentivizes long-term VET holders.
Unique features of VeChain
Focus on Supply Chain: VeChain’s primary focus on supply chain management differentiates it. VeChain uses blockchain to improve supply chain transparency. VeChain helps consumers and businesses track the origin and journey of products, enhancing trust and accountability.
Toolchain for Developers: It offers an inclusive suite of developer tools known as Toolchain, supporting the creation of decentralized applications (dApps) and smart contracts on the VeChainThor blockchain. This helps developers build solutions specific to various industries.
Partnerships and Integrations: It has created partnerships with leading companies to increase its global presence. The ranking for VeChain’s commitment to real-world impact has improved as a result of successful collaborations with industry leaders in logistics, automotive, and healthcare.
VeChain’s Price Analysis
Various factors, such as market sentiment, adoption rates, and the ongoing development of the VeChain ecosystem, influence the prices of VeChain. Closely monitoring these factors can help investors make informed investment decisions and successful picks.
Charting the Future: VeChain’s Price Prediction
2024: Predicting precise prices is speculative, but industry experts suggest that VeChain will experience continued growth in the coming year. The factors that will contribute to the positive price trajectory are an increase in adoption, ongoing technological developments, and improved integration into global supply chains.
2025: The value of VeChain may further appreciate in 2025 if the platform successfully improves its user experience and continues to rule its position in supply chain management and its solutions.
2030 and beyond: Long-term price predictions for VeChain are based on its ability to adapt to the continuously evolving blockchain space. The factors and forces that are to be considered in the long term are advancements in supply chain technology, continued partnerships, and sustained innovations. If VeChain is successful in managing these factors, then it can support sustained long-term growth.
VeChain Crypto: A Significant Player in the Blockchain World
VeChain’s role extends beyond being a digital asset in the broader cryptocurrency ecosystem. It contributes to the maturation and adoption of blockchain technology with a focus on real-world applications. It will also support the ongoing revolution in the blockchain space.
VeChain on Coinbase: A Sign of Recognition
VeChain’s being available on Coinbase, one of the largest cryptocurrency exchanges, is a significant milestone for VeChain. The decision by Coinbase to list VeChain proves the credibility, liquidity, and relevance of VeChain in the broader crypto market.
Considerations for Buying VeChain
Research and due diligence: Before buying VeChain or any other cryptocurrencies, thorough research about the project’s fundamentals, goals, and partnerships should be done before making any investment decision.
Security Measures: To safeguard investments in VeChain, users should use secure wallets and exchanges. The wallets that enhance security by keeping assets offline are hard wallets.
Diversification: Investment in VeChain should be done as part of a portfolio. Diversification helps mitigate risks and enhance potential growth opportunities.
Conclusion: VeChain’s Journey Forward
VeChain stands as a testament to the transformative potential of blockchain technology when applied to real-world challenges. Its focus on supply chain management, unique features, and strategic partnerships helps it establish an important place in the crypto market. The availability of VeChain on Coinbase and considerations for buying VeChain help it recognize and appeal to a broader user base. Its future is dynamic and innovative in the evolving blockchain space.