What Is VeChain (VET)?
VeChain (VET) is a versatile enterprise-grade L1 smart contract platform.
VeChain began in 2015 as a private consoritium chain, working with a host of enterprises to explore applications of blockchain. VeChain would begin their transition to public blockchain in 2017 with the ERC-20 token VEN, before launching a mainnet of their own in 2018 using the ticker VET.
VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem which solves major data hurdles for multiple global industries from medical to energy, food & beverage to sustainability and SDG goals. By leveraging the power of trustless data, VeChain is building the digital backbone that will underpin the fourth industrial revolution, which demands real-time and trustless data sharing between many participants.
The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. VET generates VTHO and acts as the store of value and value transfer medium. VTHO is used to pay for GAS costs, separating the need to expend VET when writing data. This has the additional benefit of ensuring costs of using the network can be kept stable by tweaking certain variables such as the amount of VTHO required to service a transaction, or by increasing the VTHO geneation rate. Such actions first require all-stakeholder community votes.
VeChain has been able to demonstrate massively boosted efficiency, traceability and transparency across data trails, supply chains and within novel kinds of ecosystems, such as those in San Marino targeting UN SDGs, among others.
Who Are the Founders of VeChain (VET)?
VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China.
Lu has since become a well-known name within the cryptocurrency industry. He has drawn attention to the ability of blockchain technology to solve transparency in particular, arguing that it can create “trust-free” enterprise/business structures that do not suffer from information corruption thanks to close working collaborations with key auditing/certification consultants such as PriceWaterhouseCoopers and DNV who verify data quality and certify industrial processes.
Fellow co-founder Jay Zhang, who directs VeChain’s global corporate structure, governance, and financial management, previously worked for both Deloitte and PriceWaterhouseCoopers in the finance and risk management sphere.
Having originally begun life in 2015, VeChain is one of the oldest dedicated smart contract platforms on the market, with reflected prestige among enterprise clients.
VeChain Price Prediction
If you’re looking for VeChain price predictions for 2022, 2023, 2024, 2025, 2030 and want to know where the prices of VeChain (VET) will go in the future? We will analyze the past prices of VeChain (VET) and will found out what experts are saying about its future price actions.
Please keep that in mind you need to take this prediction and every other prediction with the intention that this is only the suggestion of some market expert/analysts.
Not to mention predicting something so perfect is completely impossible. But we will try our best. Let’s start.
|USD Price||$ 0.084|
|24h Volume||$ 247,438,191|
VeChain (VET) Price Prediction
At reconshell.com we predict future VeChain price predictions/VET forecast by applying deep artificial intelligence-assisted technical Analysis on the past price data of VeChain. We do our best to collect maximum historical data for the VET coin which include multiple parameters like past price, VeChain marketcap, VeChain volume and few more. If you are looking to invest in digital cryptocurrencies and want good return on your investments, make sure to read our predictions.
VeChain Price Prediction 2021
According to our deep technical analysis on past price data of VET, In 2021 the price of VeChain is predicted to reach at a minimum level of $0.081. The VET price can reach a maximum level of $0.092 with the average trading price of $0.089.
VeChain Price Prediction 2022
The price of VeChain is predicted to reach at a minimum level of $0.13 in 2022. The VeChain price can reach a maximum level of $0.15 with the average price of $0.13 throughout 2022.
VET Price Forecast for 2023-2024
As per the forecast price and technical analysis, In 2023 the price of VeChain is predicted to reach at a minimum level of $0.18. The VET price can reach a maximum level of $0.22 with the average trading price of $0.18.
The price of 1 VeChain is expected to reach at a minimum level of $0.25 in 2024. The VET price can reach a maximum level of $0.31 with the average price of $0.26 throughout 2024.
VeChain Price Prediction 2025
VeChain price is forecast to reach a lowest possible level of $0.35 in 2025. As per our findings, the VET price could reach a maximum possible level of $0.44 with the average forecast price of $0.37.
VeChain Price Prediction 2026
According to our deep technical analysis on past price data of VET, In 2026 the price of VeChain is forecasted to be at around a minimum value of $0.51. The VeChain price value can reach a maximum of $0.62 with the average trading value of $0.53 in USD.
VeChain (VET) Price Prediction 2027
The price of VeChain is predicted to reach at a minimum value of $0.76 in 2027. The VeChain price could reach a maximum value of $0.90 with the average trading price of $0.78 throughout 2027.
VeChain Price Prediction/Forecast 2028
As per the forecast and technical analysis, In 2028 the price of VeChain is expected to reach at a minimum price value of $1.16. The VET price can reach a maximum price value of $1.31 with the average value of $1.19.
VeChain (VET) Price Prediction 2029
The price of VeChain is predicted to reach at a minimum value of $1.74 in 2029. The VeChain price could reach a maximum value of $2.03 with the average trading price of $1.78 throughout 2029.
VeChain Price Prediction 2030
VeChain price is forecast to reach a lowest possible level of $2.58 in 2030. As per our findings, the VET price could reach a maximum possible level of $2.97 with the average forecast price of $2.67.
What Makes VeChain (VET) Unique?
VeChain exists to disrupt traditional business models, and is best known for its work in supply chain, an industry that has changed little over the decades. Its work in providing a decentralised trust layer for multi-party ecosystems has already seen major sucesses with high profile clientele and government bodies.
Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking for all kinds of data, while reducing costs through trustless automation via smart contracts. Carbon, supply chain, international logistics, incentivised ecosystems, automobile passports and more all greatly benefit from the digitisation of trust and colaboration it enables.
VeChain’s platform accordingly has very wide appeal to many different clients of clients and industries.
VeChain’s official literature notes that its unique proposition lies in its dual-token setup alongside transformative protocols such as ‘fee delegation’ and it’s one-stop ‘ToolChain’ platform that means crypto-wary companies can pay in fiat for VeChain’s Blockchain-as-a-service, while smart contracts handle gas payment costs, ensuring frictionless use of the network, even in strict jurisdictions.
How Many VeChain (VET) Coins Are There In Circulation?
VeChain has two in-house tokens: VeChain (VET) and VeThor (VTHO). Described as a unique offering for such a platform, the dual-token system is designed to avoid fee fluctuations and network congestion.
VET is the token used for transactions and other activities, while VTHO provides fee payments and thus functions as a “gas token,” similar to how gas functions for Ethereum (ETH) transactions.
VET holders automatically generate a small amount of passive income in VTHO, while 70% of the VTHO used in a VET payment is destroyed.
VTHO is generated based on VET holdings, while VET itself has a maximum fixed supply of 86,712,634,466 tokens.
At the time of writing (07/12/2021) – there are 66,760,741,299 tokens in circulation according to VeChainStats
How Is the VeChain (VET) Network Secured?
VeChain (VET) is a Proof of Authority (PoA) token, requiring relatively low computing power to achieve network security versus a protocol such as Bitcoin. A recent CTI report showed that VeChain’s annual carbon footprint is incredibly small at just 2.4% of the emissions of mining a single Bitcoin, thus making PoA an incredibly efficient consensus mechanism for securing the network.
Proof-of-authority, is a process wherein authority masternode operators are selected by an independent Steering Committee, thus giving them ‘authority’ to run a masternode. This model is particularly attractive for enterprises who want assurances about the integrity and quality of validators running the network, and assurances bad actors can be ejected if needed.
Where Can You Buy VeChain (VET)?
VET is a freely-tradable token available on major exchanges, while markets also exist for VTHO.
VET had major markets on Binance and Huobi Global among other platforms, with pairs for cryptocurrencies, stablecoins and fiat currencies.