VeChain Price Prediction: Will it Take Off in 2022?
The challenges faced by global supply chains are well-known, with shipping costs soaring to all-time highs in the last year. Much of this is down to the extraordinary circumstances we all find ourselves in during the pandemic. However, supply chains have fallen behind in terms of innovation and tech. Could VeChain be a part of the solution? And how will it impact vechain price prediction? Let’s find out.
Vechain coin review
VeChain is an enterprise-grade blockchain platform focused on providing supply chain management solutions for micro, small, and medium enterprises (MSMEs). It aims to streamline these processes and flow of information with the aid of Internet of Things (IoT) enabled devices and distributed ledger technology.
Borne out of the simple idea to link products to consumers in a bid to fight against counterfeit goods in the luxury sector, VeChain has gone ahead to become an ecosystem that solves major data hurdles for multiple global industries by leveraging the power of trustless data.
The blockchain’s use case spans various sectors, from medical to energy, food, and beverage. With its application in quality control and combatting counterfeiting, along with its blockchain logistics solutions, VeChain is set to impact the way the end consumers will interact with products in the future.
The initial outlook looks promising. Companies like Microsoft, Renault, Hyperledger, Healthcare co, BMW, and many more already using the VeChain blockchain platform in their operations.
VeChain is building the digital backbone that will underpin the fourth industrial revolution. One that will demand real-time and trustless data sharing between multiple stakeholders. With these factors taken into consideration, vechain price prediction looks very promising.
It was launched as a ERC20 token on Ethereum named VEN in 2015 before launching its mainnet known as the VeChain Thor blockchain 2018. VeChain was created by IT executive and the former CIO of Louis Vuitton China, Sunny Lu.
How vechain coin is used
The VeChain Thor blockchain is a dual-token system using the vechain token (vet) and vethor power token (vtho). The vechain token is the store of value and currency in the VeChain ecosystem. The vethor token is utilized to pay transaction fees and power smart contracts as energy.
Because the VeChain Thor blockchain operates within a proof of stake economy that rewards vechain holders with vethor tokens, you’re entitled to vethor tokens depending on the amount of vechain tokens you hold.
With each vechain token you hold generating 0.000432 vethor tokens daily, this serves as an opportunity for many vethor holders and enthusiasts to earn even more passive income on their investment.
You can trade vechain or hold it as a store of value while earning vethors as interest in the meantime. With its growth over time, more practical uses might surface. Most vechain holders prefer storing their tokens in the official VeChain Thor wallet, but you can store yours in any other wallet of your choice.
History and vechain price prediction
Before we get to vechain price prediction, let’s take a look at its price history. While vechain price may have dropped over time, it’s still doing better than it’s done the last three years. Two years after launching as a token on the Ethereum blockchain in 2015, VeChain launched its ICO in late 2017 and raised approximately $20 million in eth to fund its 2018 VeChain Thor blockchain launch.
After it entered the market at $0.01, vechain dipped to $0.008 a few days later before hitting a high of $0.02 in September 2018. The price then fell until it hit its all-time low of $0.002 in March 2020. However, it hit the $0.02 mark again in August 2020.
Vechain seems to be making a comeback. It hit its all-time high of $0.28 in April 2021 after news of its partnership with the software company, Salesforce, following an NFT related collaboration with VIMWORLD in March 2021.
Today, the vechain coin price is $0.08. With a 24-hour trading volume of over $396.5 million on Coinmarketcap and a market cap of $5 billion, vechain coin currently ranks 33 on the most prominent cryptocurrencies ranking by market cap.
With VeChain having its best year since its launch, in addition to its recent partnerships emphasizing its real-world utility, it’s safe to say it’s achieving its aim to disrupt business processes. This is why it doesn’t look like vechain price is slowing down anytime soon.
We don’t know what the future holds or what your vechain price prediction for 2021 through 2025 is but we know one thing, VeChain adoption across industries is increasing globally.
VeChain’s counterfeiting and blockchain logistics solution
From poor data collection to falsified data and data isolation, the supply chain is plagued with problems. The standard operating procedures to ensure goods are delivered to the right place at the right time are currently flawed, leading to dissatisfied customers.
VeChain’s proprietary ToolChain platform, IoT technology, the VeChainThor blockchain, and the VeChain ID purchasing module, including QR codes, NFC chips, and RFID chips, work together to mitigate many of these data issues.
Enterprises on the VeChain blockchain using the ToolChain suite can attach IoT-based QR codes, NFC chips, and RFID chips to the products that have been registered on the ToolChain product management system. This gives the enterprises access to always-on and traceable information about their products.
They can track and authenticate the shipment any time and the end-users get access to important information about the authenticity of their products by scanning the barcode with the VeChain Pro App.
This is a win-win for both the companies and the consumers because it improves delivery times, product traceability, warehouse management, and product quality while mitigating potential theft and loss. This will then translate into more profit and a better customer experience.
The consumers also get to verify their purchases and ensure they’re getting the authentic products they ordered, preventing them from falling victim to counterfeiters. This also helps brands engage more with their consumers.
Vechain’s increasing real-world utility and its partnerships with the biggest global brands bolster its users’ confidence. If this investment trend continues, vechain might just be gearing up for its best year so far.
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