VeChain: A Protected Blockchain Platform

VeChain is a blockchain platform founded in 2015 by Sunny Lu and Jay Zhang. Today, this project is known worldwide and has branches from the USA to China. Keep reading to learn more about the project itself and a VeChain price prediction.

What is VeChain?

VeChain is a smart contract blockchain project launched in Singapore in 2015. The goal of its developers was to build an ecosystem providing high-speed and protected value transfer. So, they developed a Blockchain-as-a-Service (BaaS) platform called ToolChain in 2019. This tool provides different services, such as:

• Supply chain process control;
• Product lifecycle management;
• Information and process certifications.

This product can be utilized not only by international corporations but also by startups, regardless of the business area.

At first, the VeChain project issued tokens on Ethereum and was only a supply chain. However, the platform announced its rebranding in December 2017. Since then, it utilizes two tokens:

• VET which is used for transaction costs;
• VTHO which is underlying the gas or energy used to power transactions.

A VeChain wallet is available for both Android and iOS devices. Except for VET and VTHO, it has other assets and provides access to DApps developed on the VeChainThor blockchain. This project also has a Syns wallet for laptops and PCs. A desktop version has a user-friendly interface and is available for Windows, macOS, and Linux devices.

These days, about 100 experts work on this project, and the company partners with NRCC, BitOcean, Groupe Renault, and other companies.

News 

The VeChain founders are doing their best to make the platform better for its customers. In September, it connected non-fungible tokens (NFTs) to the real world. NFTs are used to release unique digital tokens and crypto-collection items.

What’s more, on September 17, this project became a member of the China Animal Food Safety Alliance. The main aim of this joint was to provide blockchain technology to this organization and its members, including shops, manufacturers, and significant players in agriculture.

In October, they announced the launch of the first decentralized exchange on the platform.

As the owners mention in their Whitepaper, it’s only the beginning of the project. They are planning to partner with even more companies to build a trust-free ecosystem.

Price Prediction

An initial asset value was 0.014 USD, and on October 18, VET is traded for 0.0115 USD.

Although this project seems to be promising, experts have different price predictions for VeChain. According to the Digital Coin price prediction, VET will rise to 0.0333 USD at the end of 2021 and reach 1 USD after 7 years. Yet, the TradingBeasts experts believe that the VeChain price will be less than 0.0193 USD. Anyway, there aren’t any reasons which can cause its fall, and the Wallet Investor service proves that by forecasting that the price will reach 0.0473 USD in 5 years. 

Summary 

VeChain is a platform known worldwide and enclosed by the Chinese government. This project already provides its services to companies in different industries from fashion to car manufacturing and agriculture, and its founders expand the list of partners regularly. As for VET price, its dynamics aren’t explicit, but experts don’t see any reasons that will make it fall.

Disclaimer: Our team is not responsible for your choice of purchasing/selling assets according to our content. This article is aimed to inform users and doesn't call for any actions.