Here we will analyse VeChain’s current system and main goals and from this, we will present a VeChain price prediction. Not only for 2020, but also for the years after.
What is VeChain?
VeChain began with a focus on providing supply chain solutions. However, they are an incredibly adaptive blockchain. They have since realised that their blockchain could in fact provide solutions to real world economic problems, which is the tag line on their website. They now provide services to a wide range of industries; goods, automotive, logistics, retail and the energy sector.
Like Ethereum, VeChain has created a platform for developers, called VeChain Thor. On this platform, developers can build smart contracts and decentralised apps (DApps).
Proof of Authority
VeChain runs a proof of authority (PoA) consensus model. This is very different from the most common systems, Proof of Stake and Proof of Work. In PoA a node must become authorised before they can participate in consensus. One major positive of PoA is that it reduces the impact that the rich can have on the network, preventing the rich from getting richer, unlike PoS.
Another major positive is that because of the PoA system has excellent bandwidth efficiency, it leads to a much greater number of transactions per second. This is obviously a big positive because it needs to be accessible and fast to the industries it is helping.
VeChain Partnerships
The VeChain partnerships list is extensive, to say the least. Partnering with some titans of industry, we are simply going to provide a small list of the major partnerships held with Vechain. Here we go: the Chinese National Government, PWC, BMW Group, DB Schenker, LVMH, etc. The complete list can be found here: https://vechaininsider.com/partnerships/a-complete-list-of-vechain-partnerships/
These partnerships range enormously in terms of the different industries that VeChain is working with. The fact they are already working on providing real world, industry solutions shows the power and reach of their blockchain.
Is VeChain a good investment?
There are a few significant positive signs for VeChain. The first is that their blockchain is already working within a number of current industries. This puts it ahead of a number of its rivals, as many of them, are still in planning phases.
VeChain is truly decentralised and as we move towards a greater decentralisation. This puts it ahead of many centralised currencies, like Bitcoin Cash and Ripple.
There are, however, a couple of negatives regarding VeChain. Firstly, VeChain faces major competition from the likes of Waltonchain, Ethereum, Cardano and Neo, to name but a few.
In December 2019, approximately 1.1 billion VET were hacked. This hack was down to human error and not blockchain issues. Someone had simply mismanaged private keys.
This was noticed by the VeChain foundation who tracked and traced the accounts that had 749 million of the tokens in. The accounts were immediately blacklisted. This stopped the hacker(s) from being able to spend the VET. It was an impressive response and pleased many people within the community. VeChain made it clear that this was not a foundation to tackle again.
VECHAIN Future goals
Unlike most projects, there is no roadmap provided by VeChain. However, they are very active as a foundation and community so we can see what they are working towards. Their official blog and twitter channel are constantly providing updates on the VeChain project. They are working on ensuring blockchain interoperability as well as anonymous transactions. Both of which would certainly increase the use of VeChain.
VeChain Price Prediction 2020
Currently VeChain is trading at $0.004403 and is number 36 in the current market cap rankings. The all time high for VeChain was $0.019775. The question really is, what is the potential of VeChain? As the staking of VeChain pays poorly, very few people are taking part in VeChain staking compared to a number of other cryptocurrencies. What the staking is doing, however, is locking up a lot of the circulating tokens with many participating within the VeChain ecosystem.
There are a number of extended projects VeChain are participating in, from Plair to Safehaven. We currently do not feel overly enthused about VeChain as an investment. There are many positives about the project and the fact that their blockchain is market ready. But it has been in place with companies and governments for over 2 years now, we don’t feel that there will ever be a significant all time high. We predict that the maximum price it can reach would be approximately $0.04. This is still about a 10 times gain on it’s current price, but there are many cryptocurrency projects that we feel hold greater potential. We are simply not overly optimistic about our VeChain price prediction at the moment.
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