There are lots of projects in the crypto and blockchain ocean, but VeChain is definitely one of the more interesting ones. There are quite a few compelling reasons why this particular project should draw your interest.
Ten Reasons To Buy VeChain
1. VeChain helps businesses to track enormous amounts of data in different fields. They use IoT sensors to collect data such as temperature, humidity, and acceleration. By using this platform, anyone can scan a product’s QR code and get the desired product’s details from manufacturing to packaging.
2. TÜV Saarland has certified Vechain as a 5-Star Blockchain Service Provider. It allows brands to digitize products on the blockchain by using unique blockchain identity smart tags.
#VeChain has been certified as the first & only approved 5-Star Blockchain Service Provider by TÜV Saarland!
TÜV Saarland is accredited & trusted by governments worldwide. This certification further solidifies our leadership in the blockchain industry.https://t.co/rR3KqqoPuG
— VeChain Foundation (@vechainofficial) December 22, 2020
3. VeChain’s digital vehicle solution stores critical data of automobiles on its blockchain. It secures the manufacturing details, service details, insurance information, and banking details. The world’s top vehicle makers are adopting this technology.
4. The VET Superior Platform enables a flourishing NFT ecosystem. Anyone can migrate and build their own Project on VeChainThor. VeChain is one of the pioneers of connecting NFTs with the real world. VeChain integrates both the DeFi (decentralized finance) and CeFi (centralized finance) sectors. This strategy creates a balanced platform and high-speed value transfers.
5. VeChain uses various types of radio frequency tags and sensors to collect important data during shipment. This creates a powerful and sustainable ecosystem for the business.
6. Mobile Wallet: Users can stake their VET to earn some passive income. The longer you stake VET, the more you earn. Anyone can download Thor Wallet from Android and IOS applications. It secures the mobile wallet by using secure 2-factor authentication (2FA). The interface is simple to use and intuitive. It also allows viewing transactions held outside your mobile wallet.
7. Because of projects like Vechain, blockchain is more than just a cryptocurrency now. Furthermore, it has upgraded the blockchain efficiency and provides efficient alternatives.
8. VeChain also introduced the VeVote platform. This is a transparent platform where stakeholders can cast their votes.
9. VeChain Team: Sunny Lu is the CEO of VeChain and one of the founding members of VeChain. He also worked as a CIO at Louis Vuitton China. Moreover, he has great experience working for Fortune 500 companies.
10. Token Economics:
- VET follows the proof-of-authority (PoA) model. Such a consensus mechanism increases the number of transactions per second and the scalability of the network. It uses a dual token model to avoid an increase in the cost of transactions when the token price rises.
- VET token is used for trading on exchanges and is also used for staking and the generation of VTHO tokens.
- VeChainThor Energy (VTHO) – This token helps to enhance smart contract transactions. Only developers use these tokens to cover their contract execution costs.
Following our success in digital healthcare transformation, we’re announcing the latest E-HCert App – a Digital Lab Test Wallet!
It offers a new suite of services, while onboarding another hospital! Welcome Aretaeio Hospital to the #VeChain ecosystem!https://t.co/lFEv8ZlSM6
— VeChain Foundation (@vechainofficial) December 3, 2020
Top Partnerships
- VeChain enables the E-HCert App to record COVID-19 cases. They also work with the China Animal Health And Food Safety Alliance (CAFA).
- They have partnered With Travala.com to use VET as a payment mode for millions of hotels worldwide.
- VeChain, with the University of Oxford, proposed an evaluation framework for blockchain consensus protocols.
- VET, Renji Hospital, and DNV GL together launched the world’s first Blockchain Intelligent Tumor Treatment Center.
- They are also working with Walmart China to empower a food traceability platform.
- They have a partnership with Chinese automaker BYD. VET is building a dApp that will track and record the emission data of different vehicles.
- VeChain partnered with PwC to increase the utility of blockchain technology in Asia.
Technical Analysis
At the time of writing, according to Coingecko, VET price is $0.02367419, with a circulating supply of 64.8 billion VET coins and a maximum supply of 86.7 billion. Some of the leading exchanges on which VET is listed are Binance, Huobi Global, Binance.KR, VCC Exchange, and Upbit.
With the above fundamental news and according to the daily chart below, it has created a new all-time high in 2021 of $0.032. It is getting support around the $0.021 level, which is a 50% level on Fibonacci. If it will breakout above, it can make another all-time high of around the $0.041 level.
Conclusion
VeChain is one of the most successful projects in generating partnerships. VET is solving supply chain and medical field challenges. In 2021, we can expect excellent growth and new partnerships from VeChain.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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