VeChain (VET) Review 2021
VeChain (VET) is in some way a unique cryptocurrency, given it originated as a token for VeChain, a blockchain-based supply chain designed to solve real-world business problems and challenges for enterprise and other sized companies.
VeChain (VET) is one of the cryptocurrencies/tokens that is integrated and provides value across the VeChain public blockchain. This blockchain is a decentralized enterprise-level application “that derives its value from activities created by members within the ecosystem solving real world economic problems”, according to the VeChain website.
In this article, we take a closer look at the VeChain (VET): the team, the roadmap, the network, and how all of this influences the price and future valuation predictions for the cryptocurrency VET.
#1: What is VeChain (VET)?
VeChain (VET) is the cryptocurrency that is used to transfer value across VeChain’s network.. VeChain itself has now rebranded as VeChain Thor, taking its name from the other token that operates on the network, VeChain Thor Energy (VTHO), which operates as a smart contract layer.
VET is a tradable and highly popular cryptocurrency that also has practical applications within the VeChain blockchain and ecosystem. In order to understand what this means, we will take a closer look at VeChain, the team, roadmap, and work the VeChain Foundation is doing for the wider blockchain ecosystem and big corporate clients they are working with.
VeChain was launched in 2015 by Sunny Lu, a former Chief Information Officer (CIO) of Louis Vuitton China. It began life as a subsidiary of Bitse, one of the largest blockchain companies in China, and was already being used to solve logistical and supply chain challenges for businesses.
Image from the VeChain website.
Following investment, numerous corporate clients coming on-board, and an ICO, VeChain has evolved into a strong, robust, and reliable ecosystem. Corporate partners and clients use VeChain blockchain to solve complex technical and logistical challenges. dApps can be built on the platform. VeChain works with academic partners too, as a way of furthering the development of blockchain technology.
Everything operates on a decentralized model, with the aim of making “development more user-friendly for enterprise adoption.” This means “multi-party payment, multi-task transaction, controllable transaction lifecycle, [and] transaction dependency”, are built-into meta-transactional features. Businesses benefit from this, and at the higher-level the 101 Master Node operators are fully vetted by the VeChain Foundation.
As far as networks go, this is one of the most secure and safe from manipulation on the market. Steering committees, a board of advisors, and a large team make all of that happen, which in itself strengthens the valuation and stability of the tokens that play a key role in the network, including VET.
#2: VeChain (VET) Team
Sunny Lu, a former Chief Information Officer (CIO) of Louis Vuitton China founded VeChain in 2015. Since then, as it has grown, the team has expanded rapidly. Overseeing the overall operations of VeChain is the VeChain Foundation.
Image from the VeChain website.
The VeChain Foundation has a steering committee, which is “community-elected” and “facilitates decision making and execution supported by the on-chain governance mechanism”, according to the VeChain website. This committee includes Sunny Lu, plus several Chinese and international senior business leaders and investors, all voted to sit on the committee by the community.
Alongside this committee is an Advisory Board, which serves as “the backbone that the Foundation can lean on to provide immense wisdom and experience in the design, implementation, and vision of VeChain.” On this committee is the CEO of Breyer Capital, a senior PwC Cybersecurity and Fintech Partner, the Global CTO Deloitte Blockchain Team, a former Japanese House of Representatives member, and several other noteworthy individuals.
#3: VeChain (VET) Roadmap
VeChain is a well-established organization and network, and is already several years into the roadmap it originally set out to accomplish since launching in 2015. The first phase was about achieving the “crucial first phase of blockchain technology adoption” in large companies and governments across the planet. Part of these aims are to play a role in the Digital Low Carbon Emission Initiative, as part of the United Nations Sustainable Development Goals.
Now VeChain is moving into the crucial second phase, “to achieve Business Consensus,” according to the VeChain Whitepaper 2.0.
Business consensus means working with a wider range of enterprise customers to ensure blockchain technology is used to solve a much larger number of business and operational challenges, beyond that of the more closely defined supply chain and logistical pain points.
VeChain expects and envisages blockchain solutions for the following challenges to be created using their network and technology: “custodian services, payment services, Blockchain-as-a-Service (“BaaS”), and privacy protections along with technology evolvements.” Many of these are already underway, with VeChain working alongside the likes of PwC and other corporate giants and governments across the world, such as China, Malta, Republic of San Marino, and Cyprus.
#4: VeChain (VET) Network
Joining the VeChain network is more complicated than in the case of other open-source blockchain-based projects. This involves being vetted by the steering committee, and generally members of the ecosystem fall into one of several categories: developers, academic partners, enterprise users, business and technical partners, and community contributors.
As part of this ecosystem, it usually involves buying and holding VET tokens, alongside VeChain Thor (VTHO) tokens.
#5: How to mine VeChain (VET)?
At the time of writing, there is no information about mining VET tokens. As the funding period ended several years ago, the total number of coins are in complete circulation.
#6: VeChain (VET) Value Data
At the time of writing, VeChain (VET) is trading around $0.1082, according to CoinMarketCap data, and has a current market cap in the $6,921,000,000 region. The 24-hour trading volume is approximately $800 million.
Since launching the price has stayed fairly steady, until a price spike during June and July 2021, where it reached an unexpected peak of over $0.24 USD, until coming back down to $0.06, before starting to climb back up to the current price.
#7: VeChain (VET) Price Prediction
As with any cryptocurrency, regardless of where it started or how well established the company and the network behind it is, the price is subject to market movements, investor interest, and a wide number of factors.
However, when VeChain (VET) did experience that surge in interest and the valuation increased, a number of investors and analysts took a more active interest. According to a Republic World article, “Crypto experts believe VeChain is one of the most underrated cryptocurrencies that have the potential to blow up in the future.”
On that we can wait and see, and if other mainstream cryptocurrencies recover and return to healthier prices and valuations, then we could witness a stronger resurgence of VET in the coming months.
#8: How can I buy and trade VeChain (VET)?
VET is a stable cryptocurrency, based on the VeChain Network and platform, and can be traded on a wide number of centralized (CEX) and decentralized exchanges (DEX).
VET can be stored in almost any wallet, and the network comes with the option of storing tokens on native wallets, for iOS and Android devices, both for VET and VTHO tokens.
VeChain (VET) Summary
VeChain (VET) is the cryptocurrency that “is used to transfer value across VeChain’s network”
VeChain is a complete ecosystem that solves business, enterprise and government technology challenges with blockchain-based solutions.
VeChain Foundation oversees and operates the VeChain Network, and key parts of that network include the two cryptocurrencies, the VET and VTHO tokens.
VET is trading around $0.1082, with the market cap in the $6,921,000,000 region, and 24-hour trading volume is approximately $800 million.
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