CRYPTO NEWS AGREGATOR
Tue, Sep 14, 2021 7:35 AM by Max E.

Rolling Stocks: VeChain News and Recent Updates

Vechain News

Significant price surges are amusing. Everyone wants to hop on and have a ride to the moon: some people are driven by FOMO, some HODL for the blind faith, the others believe in DYOR. In the “Rolling Stocks'' series, we overview the hottest outbreaks and find out the reasons for such successes.

This time we’ll dive into VeChain News and explore its basics, key features, and recent updates!

What Is VeChain?

VeChain is a blockchain platform for creating and managing product and merchandise data in supply chains. VeChain is already used by several well-known companies and brands in the logistics, pharmaceuticals, automotive, luxury, fashion, and wine and spirits industries. The project has established partnerships with such enterprises as Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group, etc.

Who Created VeChain And When? 

The Chinese and Singaporean blockchain company VeChain was founded in 2015 by Sunny Lu, ex-CIO of Louis Vuitton China, and Jen Zhang, former financial manager of Deloitte and PricewaterhouseCoopers. The eponymous decentralized platform VeChain was launched in 2016.

What Problems Does VeChain solve?

VeChain's mission is to help companies solve problems with the supply of goods and optimize logistics processes, reduce costs, and speed up delivery to destinations. 

How Does VeChain Function?

On the VeChain platform, a product is assigned a unique identifier, which is simultaneously stored in the blockchain and placed on the product with an NFC chip, RFID tag, or QR code. Through these devices, VeChain allows you to manage supply chains and track goods at any stage of their life cycle, solving the problem of counterfeiting.

The VeChainThor decentralized network is based on the Proof-of-Authority consensus mechanism. PoA is an advanced Proof-of-Stake (PoS) algorithm. The mainnet VechainThor was launched on June 30, 2018.

The PoA algorithm provides that every node in the VechainThor network is validated. The Vechain Foundation assigns nodes that will then extract new blocks and add them to the VeChainThor blockchain. This approach eliminates the risks arising from the presence of anonymous block producers in the blockchain network, which serves as an obstacle to the use of blockchain technology by companies. The Vechain Foundation acts as a supernode that has enhanced masternode powers. 

VeChain (VET) And VTHO

The native coin of the VeChainThor blockchain is VET (VeChain Token), but due to the peculiarities of this blockchain, the network commission is paid not by the native coin, but by the native VeChainThor Token (VTHO). Therefore, to pay the commission when making transactions, VTHO tokens must be available at your address.

Although the name VET contains the word “token”, it is a cryptocurrency as it uses its own blockchain. VET is used for transfers, payment for goods and services, exchange, voting, and staking. Staking calculations can be made through the VeChain VTHO calculator

What Wallets Can You Store VeChain In?

Storage and management of VET and VTHO cryptocurrencies are supported by the official VeChainThor Walle, and such mobile and hardware wallets as Atomic Wallet, Exodus, MyEtherWallet, MetaMask, Ledger Nano S, Trezor. You can also store VeChain in a paper wallet, which involves printing private keys on paper and storing them offline in a secure physical place.

Where To Buy VET Cryptocurrency

VET and VTHO coins are traded on many major crypto exchanges. A complete list of platforms where you can buy Vechain cryptocurrencies can be found on the CoinMarketCap website. Also, you can buy VeChain with credit cards – MasterCard and Visa.

Latest Vechain News

In May 2021, officials from three of the most important areas in China visited the company's offices in Singapore. During the meeting, they praised the VeChain technology. Official approval from the Chinese government may be of great value for the future development of VeChain.

Currently, VeChain wants to make use of its NFT tracking for the Chinese pet food industry which faces problems with counterfeits, the inability to track and source ingredients This would allow VeChain to enter a billion-dollar industry and help companies, cutting down on the number of counterfeit ingredients in this market.

The same NFT tracking could also have a use for vaccine passports. VeChain could enter the space to provide those services.

Recent VeChain News tells us that it has launched a $1 million grant program that provides developers with funds to create projects for its VeChainThor platform. Companies that the crypto has teamed up with include Walmart (NYSE:WMT) China, Bayer (OTCMKTS:BAYRY) China, and more.

You can find out about the latest news of the project via VeChain Reddit.

VeChain Price Prediction

The Longoforecast service made a forecast of the VeChain cryptocurrency for 2021: analysts believe that in December the VeChain cryptocurrency rate will be $0.70, and at the end of the month – $0.56.

Capital publishers also adhere to the positive scenario. In their opinion, the price of the VeChain coin by the end of 2021 could reach $0.62, and in 2025 – $ 0.99. The most positive VeChain forecast for 2025 was given by Paybis experts, who believe that the cryptocurrency rate by that time may reach $10, and in 2021 the price will reach $1.

The prospects for the VeChain cryptocurrency in 2021 depending on the situation in the crypto market, the activity of developers, the regularity of updates, and the availability of new partnerships.

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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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