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VET crypto price prediction: Will VeChain rise in value?

VET crypto price prediction: Will VeChain rise in value?

VeChain demonstrates the continuing advancement of the blockchain sector.

VeChain is a fully programmable smart contract platform that utilises distributed ledger technology to provide retailers and consumers with the ability to determine a product’s quality and authenticity. In a sense, this enhances supply chain and product lifecycle management processes, while connecting blockchain technology to the real-world.

Founded in 2015 by Sunny Lu, the project’s vision is to build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration and high speed value transfers.

More specifically, VeChain ToolChain offers a low-code blockchain-based software as a service (SaaS) platform that allows enterprise clients to build and drive digital transformation on a global scale. Solutions are suited to an enterprise’s specific business needs. VeChain has secured high-profile partnerships with the likes of PwC, Walmart China and BMW Group.

What the VeChain project excels at is enabling businesses to track their products and conduct quality assurance through a unique blockchain-as-a-Service (BaaS) model. This has the potential to both reduce the costs between parties, as well as making business cooperation simpler and more efficient.

In particular, global supply chain suppliers stand to benefit from the integration of blockchain technology since their systems often rely on tracking physical paperwork between siloed parts of a multinational network.

In 2019, multinational retail corporation Walmart announced that it would be partnering with VeChain to streamline product management between its suppliers, stores and customers in China through a traceability strategy.

Earlier this year, the Republic of San Marino approved VeChain’s NFT-based vaccination passport which contains a record of past infections, negative test results and also provides a digital vaccination certificate.

In other VeChain news, the company has worked with the Chinese government to introduce a risk self-assessment application called VeTrust, which is built on the VeChainThor blockchain and combines DNV’s – the classification society and a recognised advisor for the maritime industry – infection risk management methodology.

What is VeChain (VET)?

From product source materials to servicing history, every single piece of information about the supply chain movement of a product can be recorded and verified. VeChain offers a product traceability strategy which covers the life cycle of products from manufacturing, logistics, supply chain, retail and wholesale.

By utilising VeChain’s blockchain-powered platform, businesses can assign products with unique IDs and then track goods and services by embedding this ID in a QR code. This allows manufacturers, supply chain partners and consumers to track the movement of products through their supply chain.

On the VeChainThor platform, there are five main types of participants:

  • Business owners, which includes all kinds of entities such as enterprises, individuals, organizations, departments of governments and regulators
  • Application service providers that help business owners who do not have the individual adequate capabilities to build necessary applicational development and services on the VeChainThor blockchain
  • Enterprises or individuals that are capable of providing technical services to build and run smart contracts for business owners who wish to develop blockchain applications
  • Infrastructure service providers who ensure the integrity of the VeChainThor blockchain network by generating and verifying blocks
  • Members of the VeChain Foundation

The VeChain token (VET) is used to carry value from smart contracts which means that transactions on decentralised applications occurring on VeChain’s blockchain use VET.

The VeChain Foundation has distributed more than 70% of VET tokens (including a portion of burnt tokens) through different processes including private sale, public sale, promotions, business collaborations and marketing activities.

VET price analysis: Technical view

The VET coin started its journey in August 2018, and achieved an all-time high of $0.2782 on 17 April 2021. Only a week earlier, on 10 April 2021, VET had been trading at $0.1335.

However, the price retreated to $0.1589 on 25 April, dropping to as low as $0.07553 on 23 May. This is somewhat of a sharp drop considering that the coin had hit its all-time high just 37 days earlier.

The VET price then consolidated, trading within the $0.06 to $0.09 range until 7 August 2021, when it climbed to $0.1031, hitting $0.1556 on 6 September 2021. The rally was short lived, and the trend reversed when the price dropped to $0.08642 on 29 September 2021.

It’s currently (2 December) trading at around $0.116202. A decisive close above $0.12 would confirm a rally and clearing this crucial barrier could reverse VET’s downward trend.

VET ranks 27th in the list of cryptocurrencies by market capitalisation at $7.6bn. There are more than 64.32bn VET coins in circulation from a total supply of 86bn, according to CoinMarketCap.

Technical analysis provided by CoinCodex shows that short-term sentiment on VET is bearish, with eight indicators displaying bullish signals compared with 18 bearish.

The daily simple and exponential moving averages are giving mostly sell signals, according to data from TradingView, while the relative strength index (RSI) is at 39, as of 2 December. An RSI reading of 30 or below indicates an oversold or undervalued condition. Generally, when the RSI surpasses the horizontal 30 reference level, it could be interpreted as a bullish signal.

The technical analyst at CoinText, Ansh Rathod told Capital.com:

“VET has fallen by over 40% from the highs that it hit last month, however it seems to be taking support from the lower trendline, which could be a reversal zone for the coin. VET has formed several bullish candles at the support level and a break from the $0.129 resistance zone could change this downward trend.”

Blockchain-powered solution focused on supply chain and logistics needs

Last month, VeChain marked a milestone in its seven-year history. The company launched the first phase of its Proof-of-Authority (PoA) 2.0 consensus mechanism, which aims to improve the scalability of the network.

The upgrade allows VeChain transactions to be authorised without the use of mining, thus reducing environmental impact and providing a boost to the project.

According to VeChain, PoA 2.0 combines the Byzantine Fault Tolerance and Nakamoto consensus mechanisms to offer a more secure system, which could lead to wider adoption for the project.

Anndy Lian, chairman of BigONE Exchange and chief digital advisor for Mongolia’s national productivity agenda, believes that the VET token has not yet reached its optimum potential.

“VeChain’s recent upgrade to a Proof-of-Authority (PoA) model is deemed to be more environmentally friendly and this is just the beginning. Many people in my circle are saying that VET’s price could go up during this bullish market but they are yet to invest in the project as they are waiting for the full-scale launch of the upgrade to materialise. I can only say that innovation takes time – let’s be patient.”

What are the risks for the VET token?

While VeChain is a cryptocurrency that powers a network with some revolutionary potential, it’s crucial to take key risks into account and consider the price yourself before you decide to proceed forward. VeChain was launched in 2015, making it a relatively new project.

Also, the PoA system used in VeChainThor lacks the open, permissionless and decentralised nature which is inherent to blockchains, thus posing centralisation risks.

VET token price prediction: Buy, sell or hold?

In terms of a VET coin prediction, algorithm-based forecasting service Wallet Investor gives a positive VET/USD forecast. Based on historical data, Wallet Investor sees the price rising to $0.224 by December 2022, $0.441 in December 2024 and hitting $0.549 by December 2025.

Digital Coin Price supports the bullish VET crypto forecast, expecting the token to grow to $0.2290027113 in 2022, $0.2898387094 in 2025 and hit $0.5757652097 in 2028.

Note that algorithm-based predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

Original Source: https://capital.com/vechain-vet-coin-prediction

 

What is VeChain?

VeChain is an enterprise blockchain platform that aims to solves some of the major problems with supply chain management. VeChain also plans to become a leading platform for conducting transactions between Internet of Things (IoT) connected devices.

Who invented VeChain?

VeChain was founded in 2015 by Sunny Lu. Lu was the former CIO of Louis Vuitton China.

What is Anndy Lian's view on VeChain now?

VeChain’s recent upgrade to a Proof-of-Authority (PoA) model is deemed to be more environmentally friendly and this is just the beginning. Many people in my circle are saying that VET's price could go up during this bullish market but they are yet to invest in the project as they are waiting for the full-scale launch of the upgrade to materialise. I can only say that innovation takes time - let's be patient.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Will Blockchain Technology Unlock the Metaverse’s True Value?

Will Blockchain Technology Unlock the Metaverse’s True Value?

The metaverse is made up of virtual worlds where people can do many things they do in real life. To paraphrase Meta CEO Mark Zuckerberg, it’s an “embodied internet”, where instead of just viewing content “you are in it”. And cryptocurrency will almost certainly become the primary payment method in the metaverse.

UK-based blockchain VC company Outlier Ventures confirmed: “The defining characteristic of a true Metaverse is that it needs its own economy and currencies native to it, where value can be earnt, spent, lent, borrowed or invested interchangeably in both a physical or virtual sense and most importantly without the need for a government.”

As a result, I recommend that you research metaverse and its related technologies before making any key investments.

 

What is the metaverse?

Metaverses are inter-connected virtual worlds where people can do things they can’t do in real life, such as work, entertainment, shopping, fitness, and socializing. In a virtual environment, people can start their businesses, buy land, create artwork, and attend concerts. Metaverses create spaces for people to kill time by utilizing virtual reality, augmented reality, social media, and blockchain technology including NFTs. Although the development of the metaverse is still in its infancy, in simple terms it’s easy to see that it will eventually become a virtual world with a virtual economic system.

In the future, users may purchase clothing for their virtual characters rather than clothing for their real-life wardrobe. Rather than buying a piece of art to hang on the wall, it is preferable to purchase digital art to display in a virtual gallery.

 

The relationship between cryptocurrency and the metaverse

Cross-platform currency is a critical link in the virtual economic system. The emergence of cryptocurrency is as if it were tailor-made for the virtual world. It enables users to use cryptocurrency in metaverses in similar ways they would use cash in real life. Furthermore, transactions in metaverses are almost instantaneous, thanks to the blockchain technology underlying them, which aims to establish a trust mechanism for both parties to the transaction and ensure the transaction process’s safety.

In explaining the attraction of programmable crypto to metaverse developers expert Matthew Ball explained: “Most important is the fact that developers and users can invest their time and capital with confidence that a blockchain’s policies, incentives, or economics won’t change arbitrarily over time.”

Camilo Echeverri, Co-Founder of MGH DAO mentioned “Seeing all these developments of play-to-earn and metaverses is really motivating because Web3 is going to change everything, especially in the way we interact on the Internet.”

When asked what is metaverse to him. His answer was “The metaverse is a place on the Internet where you can watch your favourite movies, play your favourite games, listen to your favourite artist, and do everything you like with your friends and family.

Consider Decentraland, a decentralized 3D virtual reality platform. Users who want to buy items on the platform must use the platform’s token MANA as the transaction currency. Indeed, metaverse cryptocurrencies such as MANA, Sandbox (SAND), and Enjin (ENJ) have recently received a lot of attention. The popularity of various pet meme coins has also increased due to the popularity of metaverse’s cryptocurrency. Led by Dogecoin, especially in the US, and with celebrity backing from billionaire entrepreneurs Elon Musk and Mark Cuban, it’s not difficult to see the advantages of its payment-friendly features in terms of low fees and infinite supply for online communities and marketplaces.

Borget Sebastien, Co-Founder and COO, The Sandbox was also invited as a speaker at a Twitter Spaces session on metaverse said. “Imagine the metaverse as a digital parallel world where we can experience more social and immersive interactions from wherever we are in the world. We can choose our identity, play, collaborate, enjoy entertainment, and earn revenue. It will be fun and borderless.”

 

How to start participating in the metaverse

The metaverse is a concept that is still in its infancy. At the moment, there are many different ideas about how metaverses will look and what role they can play in our lives, both at work and at home. Meta (formerly Facebook) has ambitious plans for its future development as the pioneer of metaverses technology such as VR headsets. The plan calls for the introduction of virtual fitness equipment and space for virtual business meetings. And although VR technology has advanced significantly, there are still numerous technical issues that must be addressed before it reaches mass adoption.

However, we can participate in the metaverse today in a variety of ways as cryptocurrency investors. The simplest way to get started is to buy existing metaverse-related cryptocurrencies. These cryptocurrencies are available from major cryptocurrency exchanges. Simultaneously, you can purchase NFTs or even consider purchasing real estate and artwork in the metaverses world. However, I advise that if you want to join the metaverse, you should do a lot of research. Access to what’s happening in the existing metaverse, such as playing the online game Fortnite, is a good way to comprehend its potential and to start thinking about the expected value of your investments.

Do not join the metaverse based solely on celebrity endorsement and the current media hype, as you might with any other crypto investments. It is critical to devote as much time and effort as possible to understand how they work and which metaverse projects are most likely to survive and prosper in the long run. Similarly, buying NFTs at random simply because of the hype is not a reasonable investment strategy.

Before purchasing NFTs, you should investigate which NFTs are appropriate for your interests, which ones are likely to be profitable, and do the research to ensure a good experience in buying NFTs.

It should be noted that mature blockchain network projects should be chosen for investment as much as possible. Many metaverse projects that use crypto or blockchain technology are built on established ecosystems like Ethereum (ETH) or Solana (SOL), which will therefore benefit investors, and offer a lower-risk investment option. Because even if the more ambitious elements of an always-on metaverse are not realized, Ethereum or Solana will likely continue to prosper.

Anndy Lian, Chairman, BigONE Exchange commented too that “The economy is growing in metaverses. Cryptocurrency is playing a very big part in this whole development. A lot of governments do not have a good way to regulate De-Fi products. If we’re going to add DAO or metaverse to the scenario, it will take them a long time to catch up. We have to exercise self-regulation and constantly communicate with regulators to provide updates on the progress in the space, in order to minimise misconceptions of the crypto world.”

We don’t know how the metaverse will evolve in the future. People have been discussing how to develop it for many years, and the term ‘metaverse’ is decades old, but progress until very recently has been slow on creating these persistent virtual worlds. Although there may be changes this time around, it is critical not to invest based solely on hype.

All cryptocurrency investments are risky, and you should only invest funds that you can afford to lose money. Don’t let the fear of missing out (FOMO) drive your investments. If the metaverse is a worthwhile investment project, it will be worth waiting to invest in once your research is completed. As a result, I remind all investors to choose investment projects with caution and not rush into a decision.

 

Original Source: https://hackernoon.com/will-blockchain-technology-unlock-the-metaverses-true-value

What is metaverse?

Metaverses are inter-connected virtual worlds where people can do things they can’t do in real life, such as work, entertainment, shopping, fitness, and socializing. In a virtual environment, people can start their businesses, buy land, create artwork, and attend concerts. Metaverses create spaces for people to kill time by utilizing virtual reality, augmented reality, social media, and blockchain technology including NFTs.

What is the relationship between cryptocurrency and the metaverse?

Cross-platform currency is a critical link in the virtual economic system. The emergence of cryptocurrency is as if it were tailor-made for the virtual world. It enables users to use cryptocurrency in metaverses in similar ways they would use cash in real life. Furthermore, transactions in metaverses are almost instantaneous, thanks to the blockchain technology underlying them, which aims to establish a trust mechanism for both parties to the transaction and ensure the transaction process’s safety

How to start participating in the metaverse?

We can participate in the metaverse today in a variety of ways as cryptocurrency investors. The simplest way to get started is to buy existing metaverse-related cryptocurrencies. These cryptocurrencies are available from major cryptocurrency exchanges. Simultaneously, you can purchase NFTs or even consider purchasing real estate and artwork in the metaverses world.

What is Anndy Lian's view on metaverse now?

The economy is growing in metaverses. Cryptocurrency is playing a very big part in this whole development. A lot of governments do not have a good way to regulate De-Fi products. If we’re going to add DAO or metaverse to the scenario, it will take them a long time to catch up. We have to exercise self-regulation and constantly communicate with regulators to provide updates on the progress in the space, in order to minimise misconceptions of the crypto world.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Why Understanding Token Utility Is Key to Finding Real Value

Why Understanding Token Utility Is Key to Finding Real Value

It feels a little like the heady days of the ICO boom of 2017/18 again with the rise of meme tokens, which have captured crypto investor’s attention following DogeCoin’s 14,000% rise in value in the first six months of 2021. Back in the ICO boom scores of crypto projects backed by little more than whitepapers and a compelling story pulled in newbie investors keen to benefit from the spectacular gains on offer. When the ICO market collapsed, and the lack of any real utility for most of these tokens became clear, as well as leaving people out of pocket it also left a question mark over the long-term value of crypto ventures.

 

With the rise of meme tokens the importance of establishing real utility is even more important in 2021, not just for meme coin projects, but also for the wider crypto and blockchain industry. For the crypto investor, faced with an overload of token listings, how do you find the hidden gem rather than fall for a dud, whether a new meme token or an innovative blockchain project? Billionaire entrepreneur, and head of Alameda Research and the FTX cryptocurrency derivatives exchange, Sam Bankman-Fried stated in a recent Vox article that some information are “clearly legitimate”, some information are “clearly bullshit”, and in-between that, there exists a plethora of information that are “a little bit confusing”. “In this financial environment”, he continued, even a token, stock, or asset with a meme can get “a $20 billion valuation”.

 

Projects like ChainLink, Cardano, BitcoinCash, Polkadot, XRP, EOS, Stellar, and many others have been backed by billions of dollars of market cap with billions of dollars in liquidity.” Luke Stokes, Managing Director for the Foundation for Interwallet Operability, pointed out the challenge in finding utility and thus getting in early on a crypto project. It is arguable in many ways that these projects are “innovative and providing solutions in ways investors (actual investors) believe bitcoin and second layer bitcoin solutions currently cannot.” Will these projects still be current in a decade? Is there a way to spot these projects before they reach the leaderboard?

 

As a shorthand for how to spot a coin with real utility and real value, there are several common characteristics worth paying attention to, Stokes. The first is to look at the team, what is their track record, do they have much experience or is their first venture. In such a new sector as meme coins this may not be easy to assess, but it’s still worth looking out for. Secondly, to review the product or service the crypto startup is looking to solve. In the case of meme coin DogeCola, the team not only took the initiative in launching the first crypto-backed cola drink, but has also followed up with its first GameFi product, MoonAlley. “This is a great example of how meme coins are maturity, as they see the need to demonstrate real utility to users, and not some ‘pump and dump’ token. I think it’s just the start of an exciting phase of development in the crypto space, which harnesses the power of the meme community to real world projects, from consumer products to eco campaigns,” said BigONE chairman Anndy Lian. BigONE exchange was the first central exchange (CEX) to list DogeCola, in large part down to its understanding of the value of utility to its long term prospects, confirms Lian.

 

DogeCola has entered the cryptocurrency gaming industry with the intention to bring cryptocurrency into the current traditional economy of the world. “DogeCola is here to stay”, confirmed the DogeCola team last month. When reviewing token value, it’s also worth reading the fine print too when considering the impact that its perceived utility can have on token price. For example, as the DogeCola’s website states: “Even though DogeCola DeFi/Crypto project is related to the brand, the token and the soft drink are not to be considered the same legal entity. DogeCola Token is made, managed, and maintained by a community of Devs in a decentralized way. DogeCola Trademark will be used from a different company aiming to connect crypto and real worlds. BigONE Exchange will continue to find innovative projects to be part of our ecosystem.”

 

So, when looking for crypto projects worth investing in consider whether the token utility helps solve a real need for the customers, from consumer-facing gaming projects to more business to business propositions. In the rapidly emerging play-to-earn (GameFi) sector, the utility token often has value both as the crypto currency to reward the gaming community and to fund in-game transactions. Consider the rise of Axie Infinity, the hugely popular crypto gaming platform which runs on Ethereum, created by Vietnamese developer Sky Mavis. After generating more than $220 million in revenue in 30 days to the start of August, the play-to-earn game has its own in-game token, SLP, that can be sold on an exchange, with top players earning up to 1,500 SLPs a day. As a further revenue stream the game’s cute digital pets called Axies can be sold as a non-fungible token (NFT).

 

So where else should investors look for the long-term gains of utility, rather than a quick buck? Paddy Osborn, managing director of the London Academy of Trading, says it’s clear that the returns from crypto with utility are far superior to coins with no intrinsic value or function. Osborn pointed out that the true challenge, within this complex and fast-paced industry, is to identify these very “hidden gems” before their price skyrockets. A good starting point is that when looking at token utility, any evaluation must be set in a business context. CEO Mayande Walker, who’s blockchain startup OpenCT first emerged in the ICO boom days of 2017, agrees that explaining the role of token utility within the business is key to persuading investors. “When you look at the technical details of how our OpenCT protocol delivers data transport – it soon becomes clear just how dependent it is on a utility token to drive our VPN-killer product, the Private Crypto Network. But it’s also our experience working with governments and global carriers that goes a long way towards convincing would-be-investors and partners of the OCT token’s long-term value” he added.

 

For rising stars of the GameFi sector, or with fast-moving NFT projects it probably involves doing more in-depth research into the sector, as much as an individual project. Attracting attention is Solana, which despite outage issues since the beginning of August, the price of Solana has risen by more than 100%, making it the tenth largest cryptocurrency by market capitalization.  In the recent Raconteur article Osborn highlights three other coins with real utility, he thinks are worth watching: Polkadot, Internet Computer, and Vechain. Polkadot is building a network with an aim to support a range of different blockchains, enabling them to work together. Internet Computer aims to disrupt the internet space through a decentralised web platform running on a blockchain. Vechain helps companies monitor and analyse their products through each stage of the supply chain in a safe and secure manner. Ultimately, it’s down to the individual investor to do their due diligence before parting with their hard earned cash, whether to back a popular meme coin or invest in a little-known crypto startup’s token.

 

Original Source: https://programminginsider.com/why-understanding-token-utility-is-key-to-finding-real-value/

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j