The VeChain platform provides users with blockchain as a service that helps create “a robust distributed business ecosystem that enables seamless communication, efficient collaboration, and high-speed valuation.” Several industries and government organizations are already using the VeChain blockchain technology.
Ultimately, VET uses a combination of blockchain technology and its own smart chip for logistics supply chain components. Other advantages of VeChain include the Proof-of-Authority algorithm for storing the details of each transaction on the network, high scalability and the ability to create sidechains. VET offers high-speed transactions and also has the backup capability.
The platform is designed to interact with all market sectors, both B2B and B2C:
- Manufacturers can track sales channels in real-time by tagging each product with a unique numeric identifier.
- Consumers are able to verify the quality and authenticity of a product and receive all information about it by scanning a numeric ID through a mobile application.
By the way, did you know that the VeChain project was created back in 2007? Despite the fact that its cryptocurrency token was issued much later, the project itself continued to develop systematically, which allows us to call VeChain one of the pioneers of the cryptocurrency world.
2017 was the starting point for WiChain’s success as it managed to rank 16th as the most valuable cryptocurrency with a market cap of $ 1.9 billion. This brings us to another topic – what other surprises can Ven cryptocurrency bring us in the future?
Vechain Coin Fundamental Value
The VeChain ecosystem consists of three tiers:
- Blockchain (Network);
The transition to our own platform opened up new opportunities. Today, the VeChain cryptocurrency has its own characteristics that dramatically distinguish it from other blockchains.
Partnerships with various organizations are an important component of any cryptocurrency project. VeChain is actively developing, including through partnerships – for example, at the moment it is known about the development of projects with BMW and Renault.
At the same time, the largest VeChain partnership is actually at the state level. In February 2020, it became known that the media holding China Media Group is taking part in promoting VeChain, including through advertising in its own application.
VeChain attended a conference on artificial intelligence co-hosted by Amazon and Microsoft in the summer of 2020. The market value of VeChain tokens is up 73% in the five days following the announcement of the conference. Various conferences completely dedicated to crypto projects or those that affect the development of technologies help the spread of the blockchain
According to analysts, VeChain cryptocurrency is a promising long-term investment. In January 2025, its rate maybe $ 0.12, and by December it will rise to $ 0.15.
VeChain already has partnerships with giant companies including BMW, Walmart China and many more. The platform operates on a unique consensus algorithm that helps make important decisions in the community since voting and fast transactions are the features of this blockchain. Thanks to the work of developers and community members, VET cryptocurrency may show tremendous growth in popularity and value in the future.