VeChain, previously VeChain Coin (VET), is an ERC20 token on the Ethereum blockchain built on smart contract technology that allows products to connect to the Internet and communicate with other devices. VeChain aims to provide customers and manufacturers with trust in products through their IoT (Internet of Things) technology, providing transparency and authenticity of data throughout the supply chain so that customers can verify the quality and authenticity of the products they have purchased with ease.
VeChain is one of the best performing cryptocurrencies in terms of growth and market capitalization. But, will VeChain continue this trend? That's what we'll see in this video.
So, as usual, watch this video all the way through because, after presenting to you in detail what VeChain is, we'll do technical analysis and then share with you our VeChain price predictions.
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VeChain is a blockchain designed to simplify supply chain management. It was originally designed as a way to determine whether or not an actual product is fake, thus preventing fraud and counterfeiting. Since then, it has been used by large companies to track everything from wine production to car manufacturing.
The way it does this is simple: give each product a unique identity, then use sensors to track what happens at each stage of the supply chain. That way, companies can be sure that products are handled correctly and consumers can verify that their purchases are legitimate.
The idea is to increase efficiency, traceability, and transparency while reducing costs and placing more control in the hands of individual users.
The Vechain platform contains two distinct tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). The former is used to transfer value on the VeChain network, and the latter is used as energy or "gas fees" to fuel smart contract transactions.
The concept is similar to Ethereum's ether and NEO's "gas" in that developers must budget for several underlying tokens that are not exposed to the public to conduct transactions for their decentralized applications. According to VeChain's white paper, the two-token system was designed for efficient governance and to have a predictable business model for decentralized application developers.
In its current form, Ethereum lacks such a model because the price of ether is volatile. As such, developers must estimate the amount of ether required for a transaction. The transaction fails if their estimate proves incorrect. VeChain's white paper describes several technical improvements its platform has made to overcome this problem.
So far, we've covered some of VeChain's features that could be double-edged swords. However, there is a differentiating factor here that can be interesting and purely beneficial.
What are we talking about? Well, the VeChain ecosystem doesn't use proof of participation or proof of work system like other cryptos do. Instead, it goes beyond these by using a "proof of authority" system.
Proof of Authority (PoA) is a reputation-based consensus algorithm that introduces a practical and efficient solution for blockchain networks and this applies especially to private networks.
The PoA consensus algorithm exploits the value of identities, which means that block validators are not staking out coins, but their reputation instead. Therefore, PoA blockchains are secured by validation nodes that are arbitrarily selected as trustworthy entities.
Some of the main advantages of this PoA system are high scalability, privacy protection, and an efficient and reasonable solution for business applications such as supply chains.
Now that you know more about what VeChain is, it's time to share with you our VeChain price predictions. But first, if you like to multiply your money in crypto let us know by leaving a "Like" and sharing this video with as many people as possible if you haven't already.
Now we'll move on to VeChain's price predictions. This is not investment advice, but just our observation based on a technical analysis that we decided to share with you.
Let's take a look at VeChain's current details and understand VeChain's pricing projections for the future.
According to CoinmarketCap, the price of VeChain today is $0.06 with a 24-hour trading volume of 285,472,442 Dollars. The VeChain has decreased by 3.48% in the last 24 hours. CoinmarketCap ranks it #33, with a market capitalization of $3,948,778,475 USD. Outstanding reserves are 64,315,576,989 VET tokens and a maximum. tokens in reserve.
Due to last year's pandemic, the VeChain crypto-currency had its best performance in the markets. However, it did not meet the expectations of digital asset investors in terms of price. This is mainly due to the uncertainty in the market; due to the effect of the pandemic, the investment scenario has seen a change and is expected to continue according to the VeChain 2022 price prediction. The volatility of the VeChain price has also affected its capitalization. As a result, the cost of VeChain price prediction has already reached its lowest level. Investors are pinning their hopes on the vaccine, which they believe would be the magic wand of an optimistic VeChain price prediction for next year so that the coin would be considered a good investment. To get the most out of this investment, it is advisable to sell when the price of VeChain reaches the resistance level.
As we mentioned earlier, the current price of EFP is around $0.06 on the crypto-currency market; a price correction after such a massive pump would be expected for the investment. However, according to our VeChain price forecast, the currency could recover in the short term, as the crypto market has marked a mixed trend at the moment, leading to rising prices for most altcoins. According to our VeChain price forecast and other VeChain price forecasts in the market, the coin is at the end of its short-term bullish cycle, and it could keep the rally intact.
The market seems to be bullish and it could reach around $0.1 by the end of 2022, which will give an attractive return by the end of the year. Our VeChain price forecast should not be construed as investment advice. It is recommended that investors do their research for price analysis, support, and resistance levels to minimize the risk of such a volatile market.
Given the growth in market capitalization, this prediction is very much likely.
The year 2023 could bring virtues to the EFP price projections if the network sees adoption by well-known companies. With blockchain transforming logistics and supply chain, the price could peak at $0.5. On the other hand, the protocol failing to meet its expectations may bring the price down to just under $0.08.
So, VeChain has a bright future ahead of it in 2022. With the ongoing developments within the VeChain ecosystem, as well as the crypto market as a whole, we could see VeChain reach new heights.
The bullish price forecast for EFP in 2022 could even reach over $0.2 if investors decide that VeChain is a good investment in 2022, adoption will be massive.
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