Connect with us

VeChain

What is VeChain? VET beginner’s guide

Published

on

VeChain is a blockchain platform that aims to enhance supply chain management and business processes around the world. Established in 2015, VeChain is a company that leverages the power of its public blockchain VeChainThor to provide distributed ledger-based solutions for firms.

The blockchain aims to empower its individual members while committing to providing a stable and predictable transaction cost for users to facilitate a better financial service.

What is VeChain?

VeChain aims to build a trust-free and distributed business ecosystem that allows for transparent information flow, efficient collaboration and high-speed value transfers.

Advertisement

VeChain was created as part of a Chinese-based blockchain-as-a-service company, BitSE. The blockchain platform is designed to be used by both small firms and large enterprises.

Founded in Singapore, the VeChain Foundation oversees the development, governance and advancement of the blockchain’s ecosystem.

According to the official VeChain whitepaper, real-world business applications that exist on the public blockchain have been tested and discussed with over 700 enterprises and implemented for over 100 fortune-level enterprises.

Advertisement

What are VeChain tokens used for?

The enterprise blockchain platform has two types of tokens, including the VeChain token (VET) as a value layer, and VeChain Thor Energy (VTHO) as its smart contract layer.

The VeChain token is used for financial transactions that occur on the public blockchain and acts as a crypto asset that can be traded on the open market.

Are VeChain and VeThor the same? VET vs. VeThor

The VeThor token is known as the “energy token” that is used to conduct transactions on the VeChainThor blockchain. Holders of the VET token can generate VTHO for use on the public blockchain.

Advertisement

VTHO is used to pay for writing data on the blockchain, where every transaction, including sending tokens or sending data to a smart contract requires payment in the VeThor token.

The amount of VTHO needed for a transaction depends on the size of the data being sent.

Both VET and VTHO tokens are essential for the VeChain ecosystem, which helps to separate the cost of using the blockchain from market speculation. The VeChain Foundation’s governance mechanism stabilizes the cost of transactions, and VTHO supply and demand are constantly monitored.

Advertisement

Since VET generates VTHO tokens, users who hold the VeChain token will earn VTHO, which could then be used to pay for transactions. Each VET will create 0.00000005 VTHO with every block that is generated, translating to a generation rate of 0.000432 VeThor each day.

Transaction fees on the VeChain blockchain remain relatively stable, compared to a system like Ethereum, which only has one coin.

What are VeChain clauses?

The clauses on the VeChain blockchain are a part of the transaction model. Each transaction on the VeChainThor blockchain contains a ChainTag, BlockRef, clauses, gas, gas price coefficient, TxNonce, expiration, DependsOn, reserved and signature.

Advertisement

While every transaction can contain multiple clauses, each clause contains “to,” “value” and “data” as fields that are used to kickstart different tasks, including payment or smart contracts. This allows the sender to use a single transaction to carry multiple tasks.

Clauses can contain any number of transactions bundled together. A specific address on the VeChain blockchain receiving the majority of clauses reportedly belongs to Walmart.

Who uses VeChain?

Walmart has been using VeChain’s technology for food tracking purposes. The company initially only used the blockchain to account for mushrooms sold by the retailer.

Advertisement

The Chinese arm of the American retailer announced in 2019 that it had teamed up with VeChain and PwC to launch a blockchain-based platform aimed to address food safety concerns in the country.

According to the official press release, VeChain is providing the blockchain technology needed for the Walmart Blockchain Traceability System. The announcement further stated that the traceability system will see “traceable fresh meat account for 50% of the total sales of packaged meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.”

This system will allow all parties involved to input data at specific points of the supply chain for greater visibility and trust. The smart contracts used by Walmart have been growing consistently since.

Advertisement

Since the blockchain platform was developed in China, VeChain has had a growing presence in the country. A few notable companies that have partnered with VeChain include IT consulting company National Research Consulting Center (NRCC), major Chinese real-estate developer Yida China, China Unicom, LVMH, BMW, Renault and many others.

Who are VeChain competitors?

One of VeChain’s largest competitors in the supply chain industry is Blockverify, a startup focusing on improving anti-counterfeit measures.

Other smaller firms also include Everledger, which tracks the provenance of luxury items, while reducing fraud and risks, and Origintrial, a blockchain-based data exchange protocol for interconnected supply chains.

Advertisement

A growing number of companies are focusing on solving supply chain-related issues and improving transparency in the industry. SyncFab is a company that uses blockchain to enable transparent order tracking and purchase order management. Provenance, a distributed ledger firm, is making information open and accessible along the supply chain at the point of sale.

What are Vechain nodes?

A VeChain node is created when a user starts to hold a certain amount of VET. Nodes on the VeChain network would be rewarded additional VTHO tokens for their contributions.

VeChain Thor uses a consensus mechanism known as proof of authority (PoA). There are two types of nodes on the VeChain network, authority nodes and economic nodes.

Advertisement

Authority nodes validate, group and add transactions on the blockchain. Authority nodes can become the validators on the network and require special hardware to support it.

To become an Authority Masternode who can verify and add transactions, users must stake a minimum of 25 million VET. Individuals who are interested in operating authority nodes need to apply and get approved prior to running the node.

Economic nodes play an essential role in stabilizing the VeChain ecosystem and do not require special hardware or application.

Advertisement

Which wallets support VeChain?

There is a wide range of wallets that support VeChain, including hardware wallets such as Ledger Nano X, KeepKey, Ledger Nano S and Trezor. Users can also choose to store VET on the VeChainThor wallet on desktop computers.

Atomic Wallet, a decentralized wallet platform for cryptocurrency trading also supports VET, as well as Trust Wallet, which is a mobile wallet for storage of the VeChain token.

Which platforms support VeChain?

Users can buy VET on popular cryptocurrency exchange platforms such as BitFinex, Binance, KuCoin, BitMart and many others. VeChain is one of the top 50 cryptocurrencies by market capitalization and is supported by many of the large exchanges.

Advertisement

VeChain vs. Ethereum

One of the largest differences between VeChain and Ethereum is the payment of transaction costs, gas. While the VeChainThor network has two types of tokens, VET for value and market speculation and VTHO for transaction fees, Ethereum only has one coin, ETH.

Ethereum gas fees are paid in ETH, the native currency of the blockchain, and due to the growing popularity and rising price of Ethereum, users have had to pay high gas fees. VeChain on the other hand solves this problem by having two separate tokens for different utilities.

Gas fees help to keep the blockchain network secure, as the requirement of a fee for every transaction executed on the network prevents actors from spamming.

Advertisement

While Ethereum is anticipating its transition to a proof-of-stake consensus algorithm, it currently runs on the same consensus mechanism as Bitcoin, known as mining or proof-of-work.

The potential for VET appreciation comes from a variety of mechanisms, including the fact that VTHO must be purchased from holders by businesses to utilize the blockchain. As the demand for VTHO increases, the return on investment on VET also rises.

News Source

Advertisement

Polkadot

Top Crypto Analyst Unveils Massive Polkadot Prediction, Issues Cardano, Solana and VeChain Price Alert

Published

on

Crypto strategist Michaël van de Poppe is extremely bullish on Polkadot (DOT), while warning several popular altcoins may face further corrections.

The trader and analyst tells his 442,000 Twitter followers that DOT appears “programmed” to rise above $100 in the current market cycle.

Using a Fibonacci extension model, he outlines $75 and $115 as potential targets.

Advertisement

“If we assume that the area around $37 is going to hold as we are into a bull cycle, you could wonder whether you could be getting into the markets already or whether there’s a retest. So you derive a potential scenario of potential lows and potential gains. So for you, the [upside] targets are $75 to $115…

If you analyze the fact that we are going to sustain at around $38, then the potential loss and invalidation is this previous low at $32.”

As for Cardano (ADA), Van de Poppe says the fifth-largest crypto asset by market cap is sending bearish signals on the Bitcoin (BTC) chart.

Advertisement

“Cardano against Bitcoin is showing heavy run-up, bearish divergence here, and currently showing weakness resulting in overall downwards momentum.”

The cryptocurrency analyst says that a buying opportunity may present itself if support around 0.00002930 BTC holds, which is worth about at $1.75 at time of publishing.

“The crucial area that I want to see sustained is overall this level [at $1.75]. If that is going to hold here, which I might find tricky, then I’m looking for anything in these regions for potential long entries.

Advertisement

If that one is lost, I think we’re going to look at the area around 0.0000150 BTC [$0.90] and 0.00002 [$1.19] BTC before we’re going to get bullish all over again.”

Next up, Van de Poppe says he expects Solana (SOL) to experience “heavy correction.” According to the crypto analyst, the ideal opportunity would be after Solana corrects by about 67%, falling to around the 0.00135 BTC level on the SOL/BTC chart, which is currently valued at $80.40.

“Solana, same picture. Heavy correction most likely going to take place.

Advertisement

I practically have one area that I’m looking at to buy Solana at this point. It’s this region (0.00135 BTC). I’m not interested in Solana until there. That’s a corrective move of 67%.”

The cryptocurrency analyst also looks at supply chain management blockchain VeChain (VET), which he says is trending downwards.

“What we can see in this cycle too is that we are making lower highs [and] lower lows. And we are also rejecting previous support for resistance all the time.”

Advertisement

According to Van de Poppe, the “best potential entry point” on the VET/BTC chart is either the 0.00000110 BTC level or at 0.00000150 BTC, worth $0.066 and $0.089, respectively.

“Best potential entry point for me is around 0.00000110 BTC [$0.066]. I’m looking at an entry point in this region. If we get there in November and December, that would be absolutely amazing if that is going to be hit.

Second one – that’s this entire zone that we have here. We dipped in it already and that is the zone around 0.00000150 BTC [$0.089].”

Advertisement

News Source

Continue Reading

VeChain

VeChain Price Analysis: VET spike back to $0.123, will the resistance hold?

Published

on

  • VeChain price analysis is bearish today.
  • VET/USD spiked back to $0.123 major resistance.
  • Bullish momentum has slowed down over the past hours.

VeChain price analysis is bearish today as the $0.123 major resistance was reached after a very strong rally over the last 24 hours. Therefore, we expect VET/USD bulls to be exhausted and a retracement is needed next.

VeChain Price Analysis: VET spike back to $0.123, will the resistance hold? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with Bitcoin up by 4.91 percent. Meanwhile, Ethereum is up by 5.42 percent, while VeChain (VET) is in the middle of the pack, with a gain of 13.6 percent.

VeChain price movement in the last 24 hours: VeChain spikes back to $0.123

VET/USD traded in a range of $0.1053 – $0.1224, indicating strong volatility over the last 24 hours. Trading volume has increased by 73.5 percent and totals $762.68 billion, while the total market cap trades around $7.73 billion, ranking the coin in 24th place overall.

VET/USD 4-hour chart: VET to retrace next?

On the 4-hour chart, we can see the VeChain price slowing down after reaching the $0.123 resistance, indicating an upcoming reversal.

VeChain Price Analysis: VET spike snack to $0.123, will the resistance hold?
VET/USD 4-hour chart. Source: TradingView

VeChain price saw a strong beginning of October. A sharp rally from the previous major swing high of $0.082 was seen on the 1st of October, leading to a new high at $0.116.

From there, VET/USD consolidated for several days until another spike higher was seen on the 9th of October, reaching the $0.123 mark this time. What followed was a swift retracement of around 18 percent to the $0.101 mark.

Advertisement

Further downside was rejected on Tuesday, reversing VET/USD back to the upside after some consolidation. Since then, the VeChain price has seen a strong rally higher as the $0.123 major swing high is tested again.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish for the next 24 hours as bullish momentum is exhausted after a strong rally back to the $0.123 mark over the last 24 hours. Therefore, we expect VET/USD to retrace some of the gains and look to set a higher low. 

While waiting for VeChain to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

Advertisement

News Source

Continue Reading

VeChain

VeChain (VET) Could Rally 2,600%

Published

on

The crypto market looks excellent today, with most of the essential coins trading in the green.

There are all kinds of optimistic predictions about Bitcoin, especially since the king coin managed to hit essential levels. Analsyst are expecting to see the king coin racing towards new ATHs soon

But there are also optimistic predictions about the prices of some altcoins these days. One of them is VeChain (VET). Check out the latest price predictions.

Advertisement

VET price prediciton

The online publication the Daily Hodl notes that crypto analyst Justin Bennett said that decentralized supply chain management network VeChain (VET) could be ready to see $1.60 under one condition.

Bennett said that if BTC can make new highs above $65,000, “VET should be able to pull off a 1335% rally in the next two months.”

The online publication mentioned above also noted that if the crypto markets end up going on an extended market cycle that lasts well into 2022, VET may even be able to make it as high as $3.00, which is a 2627% rally from current prices.

Advertisement

“Bitcoin above $65,000 = $1.60 $VET by December, [in my opinion]. If December peaks short of that and the cycle runs until March 2022, #VET is likely in the $2 – $3 range.”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $57,659.86.

VET is also trading in the green as well and the digital asset is currently priced at $0.1207.

Bitcoin supply shortage

The other day, we were addressing analyst Nicholas Merten who is looking at one key metric to explain what’s fueling Bitcoin’s bull run.

Advertisement

He recently said that investors are holding Bitcoin (BTC) for longer and longer periods of time. This is why he believes that BTC can hit $100k by the end of 2021.

“The reason market prices generally go up or generally go down is inflows and outflows, and if we can know there are more people eager to market sell or market buy, we can generally know the direction the price is going to go, and we’re able to spot the trend much, much simpler.”

News Source

Advertisement
Continue Reading